Hanchuan Intelligent (688022): Leading automotive electronics manufacturing equipment company will benefit from high industry prosperity for a long time-Hanchuan Intelligent Pricing Report

Hanchuan Intelligent (688022): Leading automotive electronics manufacturing equipment company will benefit from high industry prosperity for a long time-Hanchuan Intelligent Pricing Report

Hanchuan Intelligent (688022): Leading automotive electronics manufacturing equipment company will benefit from high industry prosperity for a long time-Hanchuan Intelligent Pricing Report

Report evaluation: Taking into account the rapid growth of the company’s industry and the valuation of comparable companies, we believe that the maximum PE valuation of Hanchuan Intelligent in 2019 is 43 times, and its PE in 2019 is estimated to exceed that of 3 non-standard automation companies.The average valuation is 33 times, so the company’s 2019 PE estimate is (33, 43) times, corresponding to a market value of (32.

67,42.

57) billion yuan, based on 108 million shares, the pricing price is (30.

25, 39.

4) Yuan.

(1) A rapidly growing provider of intelligent manufacturing equipment, focusing on the automotive electronics sector.

Master a variety of core “universal” technologies, focusing on automotive electronics intelligent manufacturing equipment, and gradually develop new energy equipment and medical intelligent manufacturing equipment in various fields.

Most of the company’s downstream customers are leading companies in the industry, and they have been recognized by leading companies in various fields, demonstrating that the company’s technological strength belongs to the leading level in the industry.Seven are corporate customers.

The top five customers are mostly concentrated in the field of automotive electronics, and most of them show a rapid growth trend. Automotive electronics follows the functional classification into four major categories. The company involved, mainly based on connector intelligent manufacturing equipment, converted into customer initial approval.The single amount of orders received by the company has gradually increased.

(2) The company will fully benefit from the rapid growth of the automotive electronics industry.

The automotive electronics manufacturing equipment industry will be in a rapid development trend for a long period of time in the future, mainly benefiting from two aspects: globally and in high value-added areas, it is divided up by leading players.

The company has entered the supplier system of many manufacturers in the field of automotive electronics. Among these customers, the company’s products occupy a relatively low amount of similar equipment in the customer and can improve the space.

Estimate analysis and investment recommendations: The company’s overall revenue for 杭州桑拿网 2019-2021 is expected to be 6 respectively.

00, 8.

37 and 11.

600 million, net profit attributable to mothers is 0.

99, 1.

41 and 2.

US $ 0.5 billion. Taking into account the estimates of comparable companies and the growth rate of the industry, we believe that the company’s 2019 PE estimate is (33,43) times, corresponding to a market value of (32).

67,42.

57) billion yuan, based on 108 million shares, the pricing price is (30.

25, 39.

4) Yuan.
Risk warning: the growth rate of new energy vehicle sales declines; the expansion of capital expenditure in the automotive electronics industry.