\u3000\u3000 Han’S Laser Technology Industry Group Co.Ltd(002008) (002008)
Event: the company recently released the performance forecast for 21 years. In 2021, the company realized the net profit attributable to the parent company of RMB 1.95-2.05 billion, yoy + 99.20% – 109.41%; The net profit deducted from non parent company is RMB 1.685-1.785 billion, yoy + 149.64% – 164.45%.
Comments: all businesses were carried out in an orderly manner in 21 years, and the performance exceeded market expectations. In 2021, the company realized a net profit attributable to the parent company of RMB 1.95-2.05 billion, yoy + 99.20% – 109.41%; The net profit deducted from non parent company is RMB 1.685-1.785 billion, yoy + 149.64% – 164.45%. In a single quarter, the net profit attributable to the parent company in 2021q4 was 450-550 million yuan, the net profit attributable to the parent company after deduction was 418-518 million yuan, the net profit attributable to the parent company in 20q4 and the net profit attributable to the parent company after deduction were – 41 million yuan and – 123 million yuan respectively, turning losses into profits year-on-year, the net profit attributable to the parent company QoQ – 26.5% ～ – 10.2%, and the net profit attributable to the parent company QoQ – 16.2% ～ + 4%. The rapid growth of the company’s performance in the past 21 years benefited from: 1) stable growth of traditional business: strong demand for equipment in downstream consumer electronics, high-power laser processing and other fields, and stable growth of product orders compared with the previous year; 2) The prosperity of multi downstream is strong, the company’s platform advantages are prominent, and the orders and shipments of special equipment in the industry have increased significantly. Through deepening reform, we implemented the company’s development strategy of “leading basic device technology and deep application of industrial equipment”, and continued to increase the R & D and investment in industrial special equipment business. The orders and shipments of PCB industry special equipment, new energy power battery industry special equipment, miniled special equipment, LED packaging equipment and other business increased significantly compared with the previous year. Continue to be optimistic about the long-term growth of the company under Han’S Laser Technology Industry Group Co.Ltd(002008) management optimization + high-power / lithium equipment:
The management optimized the reform, and the grass-roots incentive was sufficient. The company is the platform laser processing equipment manufacturer with the largest variety and performance in China. It has long adhered to the “laser + X” strategy, horizontal and vertical integration, covering upstream core components such as lasers and laser marking / cutting / welding equipment, and has accumulated product lines in PCB, lithium battery, LED, photovoltaic, panel and semiconductor. The core structure of the company is transferred from level 3 to level 2, and the bottom decision-making power + incentive are sufficient to ensure the long-term development of the company.
High power + lithium battery contributes to performance increment and profitability continues to improve. Lithium battery: the company is the first tier supplier in Ningde, and has introduced a large number of second-line power battery manufacturers (AVIC lithium battery, honeycomb energy, Sunwoda Electronic Co.Ltd(300207) ), which has the power battery line supply capacity + the expansion of production in Zhangjiagang and Yibin, and fully benefits from the lithium battery processing equipment market expansion opportunities brought by this round of power battery expansion. High power: under the triple logic of high-end application expansion (replacing plasma cutting) + recovery of medium and low-end customer share + improvement of laser self-sufficiency rate, high-power performance is flexible and profitability is expected to be improved.
The emerging track has broad growth space, and the growth of panel, semiconductor and photovoltaic can be expected. Multi brand layout has been accelerated, mini / micro LED has entered the stage of accelerated penetration, and the company’s Mini led cutting, splitting, stripping and repair technology has achieved mass sales, which is expected to benefit from the upgrading of display technology. China’s semiconductor packaging and testing equipment manufacturers have successfully entered the first echelon, and the packaging and testing equipment welcomes the opportunity of domestic substitution. As a few mass production enterprises in the packaging and testing track, the company has sufficient growth potential. The cost of photovoltaic has decreased, and affordable Internet access has become a scale. The company’s film opener and other equipment are expected to benefit from the upward prosperity of the photovoltaic industry and usher in rapid development.
Investment suggestion: with reference to the performance range of the company’s performance forecast for 21 years, the net profit attributable to the parent company in 21 years will be increased from RMB 1.673 billion to RMB 2.010 billion. It is estimated that the net profit attributable to the parent company in 2021-2023 will be RMB 2.010/24.04/2.956 billion, and the target stock price will be RMB 79.84, giving a “buy” rating.
Risk warning: capacity release, customers’ progress is less than expected, downstream demand is less than expected, and the company’s performance forecast is taken as the preliminary calculation, which shall be subject to the 21-year annual report issued by the company
