â–¡Japan Securities Research Institute
We believe that the electronics industry will last for at least two years. Han's Laser (002008) products benefit from increased demand in the electronic and non-electronic industries, expansion of product applications, and demand for laser products to replace imports. The two-year revenue will continue to grow rapidly. It is estimated that the company will realize net profit of 264 million yuan, 390 million yuan and 486 million yuan respectively in 2010-2012, EPS is 0.38 yuan, 0.56 yuan and 0.70 yuan respectively, corresponding to PE 28 times, 19 times and 15 times respectively, with electronics Compared with similar companies, the components have obvious valuation advantages and give the company a “buy†investment rating.
The company is a leading company in China's laser equipment industry. Its main products include laser marking machine series, laser welding machine series, laser cutting machine series, green laser demonstration series, PCB laser drilling machine series, CTP laser plate making machine series, etc. Laser equipment and its ancillary products are widely used in the fields of electronics and non-electronics. The company's competitiveness in the field of laser processing equipment industry, product performance, research and development capabilities, etc., has increased year by year. Compared with the international Luofensina, related, IPG, etc., the company's market share is expanding year by year.
The breakthrough in self-produced laser components has increased the space for gross margin increase. The core component of the laser equipment is the laser. In the past, the company assembled and produced complete sets of equipment through purchased lasers. Due to the high cost of laser outsourcing, the company's product profits were eroded. The company expanded its application fields by introducing high-end talents for independent production of lasers and developing UV lasers and green lasers. In addition, the company has also made breakthroughs in high-power lasers. The technical barriers of this product are high, and in the case of the same price of the complete set of products, the cost can be reduced by about 60% compared with the outsourcing, and the gross profit margin has a large room for improvement. In addition to being widely used in silicon wafers, wafer cutting, and high-density PCB cutting, these products can also be used in traditional fields such as furniture and sheet metal, and the market has a large room for growth.
The new business expansion effect appears, and the performance flexibility space is huge. In addition to traditional laser equipment, the company is also actively involved in the field of LED and photovoltaic. At present, the company is gradually completing the layout of the LED back-end industry chain, which mainly includes the whole set of LED packaging equipment (solid crystal machine, spectrometer, glue filling machine, wire bonding machine, loading machine, etc.), LED packaging and LED application. A layer of mutual connection. Through the integration of the above three companies' corresponding subsidiaries, Yexing, Lusheng and Yuanheng Optoelectronics, the internal synergy of the company is further enhanced. Since LEDs are a fast-growing industry and are less affected by cyclical changes in the economy, the LED business will become an important driver of the company's performance growth. In addition, the company currently has a laser dicing machine for polycrystalline silicon wafers, cutting machine can be used for laser marking and sweeping of thin film batteries, it can be expected that photovoltaic will become another driving force for the company's business growth.
The company's business has recovered rapidly since the second half of 2009, benefiting from the economic boom, especially in the electronic industry. The demand for laser machinery and equipment has increased unprecedentedly. The company also showed a low season in the first quarter of this year. promotion of. The company's accumulated net profit in the first four months exceeded 70 million yuan, and historical experience shows that the company's sales peak season is concentrated in the second half of the year. It is estimated that the company will realize a net profit of 260 million yuan in 2010. The market is worried about whether the prosperity of the electronics industry will continue. We judge the degree of prosperity of the electronics industry for at least two years from corporate orders, inventory sales and industry demand. The company's products benefit from the increased demand in the electronic and non-electronic industries, the expansion of product applications and the replacement of imported laser products. The company's revenue will continue to grow rapidly in the next two years.
Rating date research institute researcher latest rating target price range
2010-5-4 Donghai Securities Yuan Hao bought 19.95
2010-5-3 Huatai United Lushan increased holding 17.75
2010-4-28 Guotai Junan Wei Xingyu increased holding 15.87
2010-4-27 Essence Securities Hou Li buys 20
2010-2-2 China Merchants Securities (600999, stocks) Zhang Liangyong strongly recommended 14
2010-1-28 CITIC Jiantou Dong Zhiqiang buys 15
Diluted EPS (yuan) 2007A 2008A 2009A 2010E 2011E 2012E
Forecasting number -- -- -- 8 8 5
Average 0.4500 0.1944 0.0043 0.4232 0.5735 0.7338
Median --- -- -- 0.3925 0.5556 0.6969
Maximum --- -- -- 0.5452 0.7086 0.9206
Minimum --- -- -- 0.3605 0.4567 0.5716
Standard deviation -- -- -- 0.0679 0.0928 0.1699
Industry average 0.5678 0.3957 0.3970 0.5923 0.6769 1.0446
Shanghai and Shenzhen 300 average 0.7512 0.6013 0.6099 0.8270 1.0116 1.2567
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