Han’s Laser (002008): the wind will rise from the laser industry leader
Han’s Laser: a leading company in the industry, creating a high-end equipment platform enterpriseGrow and maintain excellent financial quality, and global competitiveness continues to emerge.
The company achieved revenue of 110 in 2018.
300 million US dollars and net profit attributable to mother 17.
200 million, 10-year compound growth rate of 21% and 29%.
In 2020, the three major businesses may meet the boom resonance again, and growth is expected to accelerate consumer electronics. In 2020, the iPhone or the new year, the rapid growth of non-mobile phone terminals and the rise of domestic terminal forces will promote the acceleration of IT equipmentIn terms of industrial lasers, the industry’s long-term growth space is still broad, and the macro potential recovery of industrial laser equipment business is expected to return to growth, while profit margins are also expected to return. In terms of PCB equipment, 2019H2 downstream demand is expected to expand production recovery.The improvement will also help the company’s business margins to stabilize.
Creating high-end intelligent equipment platform enterprises, opening up new space in the application market The company integrates the advantages of platformization, and continues to open up new space in the application market.
New energy battery equipment, related business has broken through large customers and has been supplied in large quantities; panel equipment business is expected to 重庆耍耍网 benefit from the growth of domestic OLED industry; semiconductor equipment may usher in accelerated breakthroughs following the progress of chip localization.
Profit forecast and rating We are optimistic about the company’s long-term growth and recognize its development path of “from 0 to 1, from 1 to N”. It is expected that the company’s EPS in 19-21 will be 0.
87 yuan, corresponding PE is 49/26/21 times, we start from the company’s operating scale, investor structure, comparable companies and the characteristics of step-type growth, with reference to the current 2020 level of alternative listed companies, 29 times PE corresponding to 2020The annual profit is considered to be 44.
4 yuan / share, maintain “Buy” rating.
Risks suggest that the macroeconomic recovery is less than expected; the improvement in downstream demand is less than expected.