\u3000\u3000 Hebei Sinopack Electronic Technology Co.Ltd(003031) (003031)
Event: the company announced on January 16 that it planned to purchase the operating assets and liabilities related to the RF chip business of gallium nitride communication base stations of CETC 13 by issuing a shares, as well as some or all of the equity of Hebei Bowei integrated circuit Co., Ltd. and Beijing Guolian Wanzhong Semiconductor Technology Co., Ltd. held by shareholders such as CETC 13. Due to the large number of shareholders of Bowei company and Guolian Wanzhong, the scope of counterparties of this transaction has not been finalized, and the relevant scheme has not been finalized.
Key investment points:
The first mover advantage is obvious, and the domestic substitution is accelerated. As a leader in the field of electronic ceramic shells in China, the company has independently developed three key core technologies: key core materials of electronic ceramics and metallization system, semiconductor shell design simulation technology and multi-layer ceramic co firing at high temperature, filling the gap in the field of electronic ceramic shells in China and breaking the technical blockade and product monopoly of foreign industry giants, The import substitution of ceramic shell products of optical communication devices is realized, and the first mover advantage is obvious. The electronic ceramic shell for communication devices is the cornerstone of the company’s performance. In 2021h1, the revenue increased by 44% year-on-year, accounting for 75.8% of the total revenue. The gross profit margin increased by 1.7 percentage points over the previous year, reaching 31.2%, higher than the overall gross profit margin of the company. At the same time, the company accelerated the development of new fields, and the revenue of consumer electronics ceramic shell and substrate in 2021h1 increased by 300% year-on-year. In the first three quarters of 2021, the company achieved an operating revenue of 796 million yuan, a year-on-year increase of 31.27%; The net profit attributable to the parent company was 100 million yuan, a year-on-year increase of 24.47%; The gross profit margin was 29.07%, a slight decrease of 0.73 PCT year-on-year; The net interest rate was 12.55%, a slight decrease of 0.68 PCT year-on-year. In the first three quarters, the total R & D expenditure was 103 million yuan, a year-on-year increase of 47.08%.
Backed by CLP No. 13 Institute, we are optimistic about the long-term growth space. The actual controller of the company is China Electronics Technology Group Co., Ltd. China Electronics Technology Group has a complete scientific research and innovation system in the field of electronic information. It occupies a leading position in the field of military electronics and online information. It is the only military industry group in China that can provide all-round information equipment for all services and arms at the same time. In December 2021, the company elected Bu Aimin as the chairman of the board of directors, and bu Aimin served as the director of institute 13 of CETC. Backed by China Electronics Technology Group and the 13th Institute of China Electronics Technology, the company has strong technical strength and rich talent reserves. It has great first mover advantages in process technology, equipment manufacturing and market sales. It has the expectation of asset injection and is optimistic about the long-term growth space in the future.
Investment suggestions:
We estimate that the net profit attributable to the parent company from 2021 to 2023 will be 134 million yuan, 179 million yuan and 235 million yuan respectively, corresponding to EPS of 0.90/1.20/1.57 and PE of 88 / 66 / 50 times. We will continue to focus on recommendation. (not included in the company’s asset injection)
Risk tip: the risk of intensified competition in the electronic ceramic industry, the risk of deviation and lag in technology R & D, international trade friction and other related risks.
