\u3000\u3000 Robotechnik Intelligent Technology Co.Ltd(300757) (300757)
Event: on the evening of January 18, the equity incentive plan of the company was officially granted. The first grant date was January 18, 2022, the first grant price was 29.81 yuan / share, and the closing price on the grant date was 66.46 yuan / share.
The equity incentive scheme is officially granted, covering a wide range, which is conducive to the long-term development of the company
The company will grant 2.545 million shares to incentive objects, accounting for 83.99% of the draft incentive plan and 2.308% of the total share capital of the company. This grant covers a wide range, covering 51 senior executives, middle managers and core technical / business personnel, accounting for 7.5% of the total number of employees. We believe that the formal grant of equity incentive will help to improve the enthusiasm of employees and contribute to the long-term development of the company.
Taking the revenue as the assessment target, the revenue (target value) is expected to maintain a compound growth rate of 41% from 2022 to 2024
The exercise conditions shall take the operating income as the assessment index. Based on the revenue of RMB 1 billion in 2021, the company’s revenue (trigger value) from 2022 to 2024 increased by 25% / 38% / 33% (2021-2024cagr32%) respectively year-on-year. The year-on-year growth rate of target value revenue is 54% / 31% / 38% (2021-2024cagr41%).
17% stake in ficontec, Germany, which is expected to touch the world’s top high-precision photoelectric semiconductor technology
The company’s participation in ficontec17% shares is expected to touch the world’s top photoelectric semiconductor technology and benefit from the development of silicon optical technology. Ficontec, a joint-stock company, is one of the leading equipment manufacturers in the field of optoelectronic and semiconductor automatic packaging and testing in the world. Its products in the optical communication and industrial laser market mainly cover high-precision and fully automated production equipment for coupling, chip mounting, detection and testing. The main customers are Intel, Cisco, IBM, dILAS and Huawei.
Photovoltaic, semiconductor, optical communication and other fields blossom at many points, and the medium and long-term performance and valuation are expected to improve
The company’s future business is expected to blossom in many fields, which is expected to make the company’s performance and valuation more attractive: 1) photovoltaic: the leader of automation equipment, and the main business is reversed. Extending from photovoltaic cell automation equipment to silicon end automation equipment; Hjt battery chip has great technical reserves and potential; 2) Optical communication and lidar: ficontec, a joint-stock company, is a global leader in the field of optoelectronic and semiconductor automatic sealing and testing equipment. The company’s technology is expected to cooperate and continue to benefit from the development of silicon optics, lidar, semiconductor and other industries; 3) Semiconductor: the German subsidiary Robotechnik Intelligent Technology Co.Ltd(300757) (Europe) sells products such as gluing system, wafer cleaning and wafer detection software, which is expected to be further coordinated in the future.
Profit forecast
From 2022 to 2024, the company’s equity incentive expenses were 55.87 million yuan / 27.58 million yuan / 13.16 million yuan respectively, with a total cost of about 96.6 million yuan. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 73 / 103 / 142 million respectively, with a year-on-year increase of 41% / 39% from 2022 to 2023, corresponding to pe95 / 67 / 49x. As the leader of high-end automation equipment, the company is expected to blossom in the fields of photovoltaic, semiconductor and optical communication equipment in the future and maintain the “buy” rating.
Risk tips
1) photovoltaic demand is less than expected; 2) The development progress of semiconductor equipment is lower than expected; 3) The price of silicon material has increased significantly
