\u3000\u3 Guocheng Mining Co.Ltd(000688) 518 Shenzhen United Winners Laser Co.Ltd(688518) )
Event: the company plans to raise no more than 990 million yuan for Shenzhen United Winners Laser Co.Ltd(688518) East China base expansion and technology center construction project, Shenzhen United Winners Laser Co.Ltd(688518) Shenzhen base construction project and supplementary working capital.
The East China base expanded production to solve the bottleneck of production capacity, and the technology center enhanced the level of technology research and development
The total investment of the East China base expansion and technology center construction project is 502 million yuan, and the investment of the raised funds is 360 million yuan. The construction period is 2 years. It is mainly used to purchase the plant leased by Jiangsu Lianying to obtain stable production land and improve the company’s production capacity; The technology center mainly strengthens the construction of relevant R & D laboratories. ① With the rapid growth of business scale in East China, the company’s capacity bottleneck began to highlight. The implementation of this project is expected to improve the production and delivery capacity of laser welding complete sets of equipment and further improve the market share of products. ② The company’s East China Technology Center will build DOE laboratory, proofing and welding material verification laboratory and supporting office space for technicians based on customers’ future products, which will help to attract and condense excellent technical and process talents in the Yangtze River Delta, improve the technology and process development capacity of the company’s East China base, better serve customers in East China and enhance the market competitiveness of the company’s products.
High precision laser production capacity construction to further improve the self-made ability of core lasers
The construction of Shenzhen base is divided into two sub projects: the capacity construction project of high-precision laser and laser welding complete equipment and the construction project of digital operation center. Specifically: ① the capacity construction project of high-precision laser and laser welding complete equipment is expected to improve the capacity level of the company’s headquarters in Shenzhen. As the core component of laser welding equipment, laser has a great impact on welding quality and product performance. Self manufacturing of core laser is an important competitiveness of the company, but the company’s existing laser capacity can not fully meet the business needs of rapid development, The company needs to further improve the independent production capacity of the laser, so as to ensure the supporting and delivery capacity of the company’s welding equipment, and improve the customer service capacity and market competitiveness. ② Under the background of the transformation and upgrading from traditional manufacturing industry to intelligent manufacturing, the role of digital technology is becoming more and more important. The construction project of digital operation center will comprehensively improve the company’s digital level, so as to promote the company’s equipment to be more intelligent, the company’s decision-making to be more scientific and the operation to be more efficient.
Sufficient orders ensure the rapid growth of short-term performance, and horizontal expansion opens up room for growth
Considering the high-speed growth of the company’s revenue in 2021 (including the high-speed increase of 3.82 billion yuan of new orders), the company’s per capita revenue is expected to increase by 13.8 billion yuan in 2022, and the high-speed growth of new orders is expected to bring us a significant increase of 3.52 billion yuan in 2022. In the medium and long term, while fully benefiting from the large-scale production expansion of the power battery industry, the company continues to expand to the fields of automobile and consumer electronics, and further opens up the growth space of the company: ① the trend of automobile development towards lightweight and intelligence appears, and the advantages of laser welding technology will become increasingly prominent. Relying on the technology and customer resources accumulated in the power battery field, the company has a certain first mover advantage; ② Laser processing is in the golden rising period in the consumer electronics industry. The company is actively carrying out R & D layout, and there is a large growth space in the follow-up.
Profit forecast and investment rating: considering the order demand brought by the continuous expansion of the power battery industry, we maintain the company’s net profit attributable to the parent company from 2022 to 2024 at RMB 327 million, RMB 614 million and RMB 890 million respectively, and the corresponding dynamic PE of the current stock price is 25, 13 and 9 times respectively, maintaining the “buy” rating.
Risk tip: the expansion of power battery industry is less than expected, the increase of net interest rate is less than expected, and the delivery of orders is less than expected.
