Han's Laser: Sub-sectors benefit from downstream recovery (research report)
Enter the Hanzu Laser (002008) stocks, check the Hanzu Laser (002008) stock market
Investment points:
1. The company's main business includes the following four aspects: laser equipment, PCB equipment, plate making and printing business equipment, and upstream packaging equipment and applications on the LED industry chain.
2, the company's laser equipment production and sales are booming. Laser equipment includes laser marking equipment, laser welding equipment and laser cutting equipment. Marking equipment and welding equipment are mainly used in the downstream electronic information industry and are the company's main source of income. The lasers used in the company's marking and welding equipment are all self-made, and the gross profit margin of these two types of products is higher. With the recovery of the downstream electronic information industry market, sales of marking and welding equipment have increased on a quarter-on-quarter since the third quarter of 2009. In the first quarter of 2010, the downstream continued to recover, and these two types of equipment continued to sell strongly. This partly explains why the company's revenue growth in the first quarter was large. In addition, laser cutting equipment is mainly used in the processing of the metal industry and the hard board industry. Compared to the traditional metal mold punching process, the use of laser cutting equipment will improve the processing accuracy. With the successful development of the company's high-power lasers, such products in the future will greatly reduce production costs and increase product gross margin. Under the background of strong import substitution, the company's cutting equipment has a broad market prospect in the future.
3. PCB equipment benefited from the overall recovery of the semiconductor industry. According to IPC data, as of April 2010, the BB value of the North American PCB industry has stood at an industry boom of more than 1.0 for 11 consecutive months. The absolute number of shipments and order values ​​also returned to the level before the 2008 financial crisis, showing signs of good recovery. The company mainly produces PCB drilling equipment. In the first quarter of 2010, the company's capacity utilization rate reached 100%, and the products were in short supply.
4. The company's laser plate making and printing equipment business is mainly operated by the controlling subsidiary Liaoning Daguan Guanhua, and at the same time forms a relatively complete industrial chain with the Dazu image and the Dazu Derun. In 2009, this part of the business sales revenue was 346 million yuan, an increase of 3.94% over 2008. Due to the leading edge of the laser technology and the experience of the subsidiary management team, this segment of the business is in a leading position in the country and will continue to grow steadily in the future.
5. The company's LED business back-end industry chain is perfect, mainly based on equipment production. The LED business mainly includes the production of LED package equipment (solid crystal machine, beam splitter, glue filling machine, wire bonding machine, tape loading machine, etc.), LED packaging and LED application. In 2009, the sales of four LED business subsidiaries, Dazu Optoelectronics, Guoyexing, Lusheng and Yuanheng, totaled about 400 million yuan. The LED industry is a fast-growing industry. It is expected that the revenue of this business will continue to grow rapidly in the past 10 years.
6. The change of business model ensures the long-term development of the company. In recent years, the company's turnover has maintained rapid growth. However, as the company only used extensive development mode to pursue market share in the early stage, the company's marketing cost has remained high for a long time. It is directly reflected in the company's sales expense ratio and management expense rate has been high. In the future, the company will draw on the business model of the subsidiary Dazu CNC focusing on the PCB industry, and use the industry demand orientation to sell equipment. At the same time, in the future, we will shift from an objective of increasing sales revenue and expanding market share to a profit-oriented extensive development model to an intensive development model that aims to control costs and increase profitability. Turn.
7. The company is in the domestic leading position in the field of laser segmentation, and its market share is very high. In the context of economic recovery, the company will greatly benefit from the downstream electronic information industry, the rapid development of the LED industry, and broad prospects for future development. We expect the company's earnings per share to be 0.4 yuan and 0.58 yuan in 10-11 years, the company's current share price is 11.35 yuan, corresponding to 10 years, 11 years PE is 28 times, 19.5 times. Compared with the average price-earnings ratio of other electronic components industry of SW of 66.62 times, the company has a relative valuation advantage and is given an “overweight†rating.
(Founder Securities)
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