Huaxing Yuanchuang (688001): Leading domestic testing equipment supplier fully benefits industry growth
Report Summary: The company is a leading domestic supplier of testing equipment and systems.
The company’s testing products are mainly testing equipment in the field of flat panel display and integrated circuit. The flat panel display field is the company’s main source of income at this stage, and its revenue in 16-18 years is 5/13.
7 yuan, after the smooth growth of 39.
In the integrated circuit field, the revenue for the 16-18 years was 850/113/385 million yuan, with a compound growth rate of 110%. In the 18 years, the automotive electronics field achieved 11.08 million yuan in revenue, which was the revenue of the new field.
The company has been cultivating in the field of detection for many years, has core technology in the field of detection signals and image algorithms, and has both design and manufacturing capabilities of supporting precision components. It is a leading domestic supplier of detection equipment and systems.
The flat-panel display sector benefiting from the capital expenditure of downstream panel companies will still maintain a high growth rate.
According to the statistics of the commencement of production of our downstream production lines, the investment amount of high-generation LCD and OLED production lines in 18 years was 197.5 billion yuan, the investment amount in 19 years was 2258 trillion, and the corresponding testing equipment space was 132/154 trillion for 14 years.
High-generation LCD production lines, especially the new OLED production lines, are more stringent in their production processes, achieve 南京夜生活网 high-yield production defects, and benefit excellent equipment manufacturers with rich detection technology reserves and strong product strength.
Broad market space in semiconductor testing.
From the perspective of the semiconductor industry market size, the overall development of the global market has become stable, while the corresponding Chinese semiconductor industry market size has shown an explosive growth trend, which will bring a broad market space to the equipment side.
According to statistics, the number of global semiconductor equipment reached USD 64.5 billion in 2018, of which domestic semiconductor equipment was set at USD 13.1 billion, occupying 20% of the global market space.
The company actively researches and develops detection technology in the field of integrated circuits, and some products have 重庆耍耍网 been sold in batches. It is expected to seize the opportunity of domestic equipment demand explosion and bring long-term development to the company.
Earnings forecast: We expect the company to achieve operating revenues of 12 in 19-21.
6.3 billion yuan; net profit attributable to mothers is 2.
1.6 billion, based on total shares after issuance 4.
Measured at 01 billion shares, EPS is 0.
73 yuan, 0.
97 yuan and 1.
29 yuan, at the issue price of 24.
Calculated at 26 yuan, the corresponding PE is 33X, 25X and 19X.
Covered for the first time and given a “Recommended” rating.
Risk warning: the competition in the testing equipment market is intensifying, and the progress of semiconductor equipment exceeds expectations.