\u3000\u3 Guocheng Mining Co.Ltd(000688) 518 Shenzhen United Winners Laser Co.Ltd(688518) )
Events
On May 20, 2022, the company issued the fixed increase plan for 2022, which plans to raise no more than 990 million yuan to invest in the expansion of production and the construction of Technology Center in East China base, the capacity construction of high-precision laser and laser welding complete equipment in Shenzhen base and the construction of digital operation Center; At the same time, the company announced that it plans to invest 10 million yuan to subscribe for the new capital of Huihong laser, and will hold 10% equity of Huihong laser after the capital increase.
Comments
The fixed increase project will strengthen the production capacity of laser and laser welding equipment and ensure the delivery capacity: facing the strong demand of the industry, the company’s existing production site can not meet the needs of business growth. This fixed increase will expand the production capacity of complete sets of laser and laser welding automation equipment and worktable. The company expects that the production capacity of the three bases in East China, South China and southwest China will be more than three times that of the end of 2020. At the same time, the layout of East China base will also improve the response speed to customer needs and customer service quality, and be closer to customers to provide supporting R & D, production, sales and services.
Increase the capital of Huihong laser, layout the disc laser and strengthen the laser layout: the company currently has a certain self-made ability of laser, which ensures the performance and competitiveness of the company’s laser welding equipment. Huihong laser has the talents and core technology to develop and produce high-power pulse disc laser and its core devices. The company hopes to use this new laser to expand the new laser processing market. Disc laser has obvious advantages in subdivision application with high pulse energy and average power. If this technology makes a breakthrough, the company’s laser welding ability will be significantly strengthened, and the competitiveness of laser welding equipment is expected to be further improved.
The new orders signed by the company increased significantly in 2021 and are expected to increase further in 2022. In 2021, the company signed 3.599 billion yuan of new orders (including tax), a year-on-year increase of 138.66%, of which 3.07 billion yuan came from the power battery industry. According to our estimation, the cumulative market share of the company’s power battery laser welding equipment from 2018 to 2021 is about 25%, which is in a leading position in the industry. We expect that the company’s power battery industry is expected to sign new orders of 4.3 billion yuan in 2022, an increase of 40% year-on-year.
Profit forecast and investment suggestions
It is estimated that the net profit attributable to the parent company will be RMB 324 / 520 / 742 million respectively from 2022 to 2024, corresponding to the current PE of 25 x / 16 x / 11 x respectively. Considering the growth space of power battery laser welding equipment and the high market share of the company, the subsequent newly signed orders are expected to maintain growth and maintain the “buy” rating.
Risk tips
The promotion of fixed value-added projects was less than expected, the R & D of Huihong laser technology was less than expected, the inventory balance was large, and the ban on restricted shares was lifted.
