Hanchuan Intelligent (688022) Science and Technology Board-High-end Equipment Series Research新闻
Hanchuan Intelligent (688022) “Science and Technology Board-High-end Equipment” Series Research
The investment logic is deeply cultivating automotive electronics automation, and Biao Kelai Electromechanical.
The company is a leading automotive electronics automation company in China. Its downstream markets are automotive electronics, medical and health, new energy lithium batteries, covering Tyco Electronics, Continental, Lead Group, Molex Group, Medtronic, Everlite Lithium, Xinwangda, etcGlobal premium customers, the automotive electronics business accounts for more than 80%.
The company’s revenue in 2018 was 1.
5 trillion increased to 4.
3.6 billion, CAGR = 70%, net profit increased from 2.42 million yuan to 71.11 million yuan, and the scale of revenue is comparable to that of KLE.
The company’s gross sales margin is 36% and its net profit margin is 16.
3%, ROE 38%, is in a rapid growth stage.
Demand for automotive electronics continues to expand, with engineer dividends driving domestic substitution.
The increase in the proportion of bicycles and the promotion of new energy vehicles will drive the demand for automotive electronic automation.
It is estimated that by 2019, the domestic automotive electronics automation market will reach USD 18 billion and maintain a compound growth rate of about 12% in the next three years.
Global automotive electronics components companies present an oligopoly situation, extending the certification cycle for downstream automation equipment suppliers and building natural barriers.
Domestic automotive electronics and automation companies include Kolai Mechatronics and Hanchuan Intelligent, etc., with some revenues totaling US $ 1 billion and localization rates of less than 10%. Domestic engineer dividends continue to drive import substitution.
In the next three years, Hanchuan Intelligent will benefit from the accelerated capital expansion of Tyco Electronics and the expansion and expansion of Continental Group. At the same time, the medical and lithium battery businesses are expected to contribute new performance growth points for the company.
Focusing on technical layout will gradually promote per capita improvement.
The company’s core technologies for testing and assembly are independently developed and innovated. Through the construction of a technology platform to achieve conversion and output, rich product line applications and improve productivity.
① Classification with foreign 天津夜网 competitors, the company’s competitive advantage lies in high product assembly, fast production efficiency, and engineers have rapid response capabilities; ② Classification with Kelemec, the company’s competitive advantage lies in its strong expansion ability.
Non-standard is an important attribute of the industry, and per capita substitution is an important factor that limits the size of the company. The per capita conversion rate of the company with overseas benchmark companies is 165 million US dollars.
Industry trends, import substitution overlap is expected to grow per capita, and the company is expected to grow into a company like Kumais (three billion in revenue) in the future.
Profit forecast predicts the company’s net profit for 2019-2021.
8 ‰, a year increase of 48% / 36% / 26%, CAGR = 38%, EPS is 0.
65 yuan, with reference to the valuation of CLA, and give 35?
45 times PE valuation, reasonable market value corresponding price.
Risks indicate that the penetration rate of automotive electronics is lower than expected; the expansion of new lithium battery and medical health services is lower than expected; the construction of own plants is lower than expected.