\u3000\u3000 Robotechnik Intelligent Technology Co.Ltd(300757) (300757)
Determined to forge ahead, the company officially granted equity incentive
On January 18, 2022, the company issued the announcement on the first granting of restricted shares to incentive objects, with a total number of 2545000 shares granted for the first time, accounting for 83.99% of the total 3.03 million shares to be granted in this incentive plan. The first grant date is January 18, 2022, and the first grant price is 29.81 yuan / share. The incentive objects granted by the incentive plan for the first time are 51 people, including directors, senior managers, core managers and core technical (business) personnel who worked in the company (including subsidiaries, the same below) when the company announced the incentive plan. The incentive plan is for the employees of the company and subsidiaries at the same time.
The assessment performance returns to the form of high growth and is rebuilt in two years Robotechnik Intelligent Technology Co.Ltd(300757)
According to the performance assessment requirements of the incentive plan, the target values of the company's operating revenue in the three years from 2022 to 2024 are RMB 1.6 billion, RMB 2.1 billion and RMB 2.9 billion respectively, and the trigger values are RMB 1.3 billion, RMB 1.8 billion and RMB 2.4 billion respectively. We expect the company's revenue to exceed 1 billion yuan this year. Based on this calculation, the target value CAGR of 2021-2024 is about 43%, and the trigger value CAGR is about 34%. In two years, the company's revenue almost doubled, and the company worked together to rebuild Robotechnik Intelligent Technology Co.Ltd(300757) .
The leader of automation equipment in photovoltaic cell link is expected to benefit from battery technology iteration and equipment update
With the promotion of the company's intelligent manufacturing equipment and system solutions in the photovoltaic field, more and more successful experience has been obtained, which has been recognized by well-known large photovoltaic manufacturers at home and abroad, such as aixu, Tongwei, Jingao, Jingke, recsolar and so on. On this basis, with the market introduction and popularization of various large-size and high-efficiency batteries in the downstream photovoltaic industry, the company timely grasped the market pain point and relying on the long-term accumulated core technology, newly developed the high-capacity intelligent manufacturing ark platform and the new second-generation intelligent manufacturing system R2 Fab based on 5g. With the accelerated implementation of TOPCON and hjt, the company's intelligent manufacturing equipment is expected to benefit.
The acquisition of ficontec is expected to accelerate the integration and deepen the global optoelectronic semiconductor market
Ficontec is a global leader in optoelectronic and semiconductor automatic packaging and testing. Previously, Robotechnik Intelligent Technology Co.Ltd(300757) led the consortium to win 80% equity of ficontec (the company currently shares 16.85%). Its products and services are mainly used in optical chips, optical communications, high-power semiconductor laser exciters, lidar, etc. its main customers are distributed in Europe, America, Asia and other markets, Including Intel, IBM, Cisco, dILAS, Huawei and other customers. With its extensive market application fields and its leading technical level, the company has a wide market space.
Based on the above, we are optimistic about the long-term development of the company.
Investment advice
It is estimated that the net profit attributable to the parent company in 2022 and 2023 will be 126 million yuan and 173 million yuan respectively, corresponding to the current PE of 58x / 42x respectively, which will continue to be recommended.
Risk tips
Macroeconomic downturn and market demand decline; The price of raw materials fluctuates greatly; Risk of changes in photovoltaic and semiconductor policies, etc.
