\u3000\u3 Shengda Resources Co.Ltd(000603) 267 Beijing Yuanliu Hongyuan Electronic Technology Co.Ltd(603267) )
Main points:
High reliability electronic component technology leader Beijing Yuanliu Hongyuan Electronic Technology Co.Ltd(603267) is an enterprise mainly engaged in the technical research and development, product production and sales of electronic components based on ceramic capacitors and filters. Over the years, through independent innovation, we have gradually mastered the technology of the whole process of ceramic capacitor from material development, product design, production process to quality judgment and reliability guarantee. At present, it is an important supplier of many military industrial groups. Benefiting from the high outlook of the electronic components industry, the company has entered the fast lane of growth.
The prosperity of the civil electronic components industry is high, and the four advantages are expected to help the steady growth of the company's agency business. The total output value of China's electronic components industry accounts for about one fifth of the electronic information industry, which has become an important foundation to support the development of China's electronic information industry. Resistance, capacitance and inductance are the three main passive components, of which capacitor is the most widely used. From the global market share of various capacitors in recent years, ceramic capacitors account for about half of the market share. Among ceramic capacitors, MLCC is the most widely used, and its market share accounts for about 90% of the whole ceramic capacitor. Therefore, the market scale of MLCC can reflect the prosperity of electronic components industry to a certain extent.
According to the data of Zhiduoxing consultant, in 2020, the application proportion of MLCC in the field of mobile terminal and automobile was 33.3% and 13.8% respectively, accounting for about 47.2% in total. Looking to the future of the industry, in terms of smart phones, the arrival of 5g has pushed up the demand for high-end MLCC with smaller size, larger capacity and lower power consumption. Compared with 4G era mobile phones, the consumption of single MLCC of 5g mobile phones is expected to increase by 30% - 50%; In terms of 5g base stations, the increase in the number of base station antenna channels and the activation of antennas have greatly increased the MLCC consumption of 5g single base stations to 15000; In terms of automobile, the close connection between automobile and cloud computing and 5g communication requires various sensors to be configured in all parts of the automobile. The power end of new energy vehicles is changed from fuel to motor system, and the consumption of MLCC single vehicle has increased by more than 2000. Based on the surge of MLCC consumption in the above two application scenarios, China Electronic Components Industry Association (CECA) predicts that the global MLCC market will reach 149 billion yuan in 2025, with a five-year compound growth rate of 7.9%. After years of operation, Beijing Yuanliu Hongyuan Electronic Technology Co.Ltd(603267) has built a marketing team with high technical level, strong sense of responsibility, good service awareness and high stability. At the same time, through the construction of fund-raising projects, it has further improved the layout and upgrading of marketing network. In the future, the company will continue to boost the steady growth of agency business with established product advantages, customer advantages, channel advantages and marketing advantages.
The construction of national defense informatization releases the demand, arranges the whole process, widens the product types, and enters the leading position. While the rapid application of information technology in war brings the modernization of weapons and equipment, it will also promote the development of combat effectiveness generation mode from the summation mode with single platform weapon strike as the basic form to the multiplication mode with missile weapon strike chain as the basic form, and the electromagnetic weapon strike chain The information weapon strike chain is the basic mode of exponential growth. Considering that the United States has integrated informatization into national defense construction, it has created the cyber space combat capability architecture. Based on the development of national security strategy, China attaches great importance to the construction of military informatization, and has continuously issued policies to promote the development of the industry. At the same time, the steady growth of military expenditure and the inclination of military expenditure to equipment expenditure year by year over the years, China's national defense informatization construction has come to a period of rapid growth. As an essential and widely used basic electronic component, electronic components are used on a large scale in the military electronic industry, and the demand continues to grow.
The company has successfully developed a series of highly reliable electronic component products by virtue of the "nano powder dispersion technology", "dielectric film thin-layer technology", "multi-layer chip capacitor miniaturization technology", "full band power application evaluation technology of RF microwave capacitor", "design and assembly technology of filter miniaturization" and other process technologies, which have become Aerospace Hi-Tech Holding Group Co.Ltd(000901) , aerospace science and industry, AVIC The main suppliers of CETC, ordnance industry and China Cssc Holdings Limited(600150) and other units. With the continuous derivation of new types of highly reliable electronic components by the company's technology and the gradual release of the production capacity of the superimposed raised investment projects, we believe that the company is expected to gradually grow into the leader of highly reliable electronic components in China.
The establishment of two-phase equity investment funds is expected to open the third growth curve in the future
In the past two years, the company has reached cooperation with professional investment management institutions in the industry, participated in the establishment of Beijing Cuihu original innovation No. 1 venture capital fund and Beijing Cuihu original innovation No. 2 venture capital fund, and has invested in many enterprises such as Internet of things, cloud computing and artificial intelligence, which is conducive to the company to obtain investment opportunities in the industrial development process of the field to be invested by the fund.
Investment advice
Based on the high outlook of the downstream industry and the company's position in the military electronic components industry, with the gradual release of raised investment capacity and the company's gradual development of civilian high reliability fields, the company will fully enjoy the boom dividend. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1104, 1501 and 1962 million, with corresponding P / E ratios of 26.57, 19.54 and 14.95 times, maintaining the "buy" rating of the company.
Risk tips
5g construction is not as expected, the agent business supplier stops production due to the epidemic, the production capacity of raised investment projects is released slowly, and the MLCC of military products may be reduced.
