After two years of adjustment, the company is expected to enter a new round of growth. 1) Sub-new services such as PCB equipment will enter the scale growth period; 2) Involvement in LED business will bring new growth points; 3) If the electronics industry recovers faster, performance recovery will exceed expectations. The current valuation of 29x PE in 2010 has not fully reflected the company's high growth potential, reiterating the “Recommended†rating.
Sub-new services such as PCB will enter the scale of growth. 1) PCB equipment has been leading the industry's strong recovery due to import substitution. Among them, PCB laser drilling machines with gross profit margins of 45%-55% have been ordered in bulk, breaking the monopoly of two foreign companies. PCB equipment is expected to maintain a growth rate of around 50% in the next 2-3 years. 2) High-power laser cutting machine is expected to start profiting in 2010: It is expected that sales revenue will increase by 30-40%, and the increase in laser self-sufficiency rate will significantly improve gross margin. 3) Laser plate-making equipment is at the peak of the replacement of traditional printing equipment by small and medium-sized printing houses in the downstream, and still maintains a 10%-15% growth in the economic downturn in 2009. It is expected to maintain a steady growth of 20%-30% in the next 2-3 years.
Enter the LED industry and cultivate new growth points. The company has been involved in three aspects of LED packaging, packaging equipment and terminal product applications, and has a scale advantage. The LED industry is in the early stage of development, the industry is scattered, and large enterprises generally adopt the rapid expansion mode of mergers and acquisitions to integrate SMEs. Dazu Laser has accumulated rich experience and industry cohesion in integrating high-tech small and medium-sized enterprises. If the company further increases the investment in the LED industry and adopts the universal model of extension expansion, it will have obvious advantages. We expect to contribute 450 million yuan and 650 million yuan in 2010-2011, contributing profits of about 25 million yuan and 35 million yuan. Aggressive investors can actively focus on the company's potential in the LED industry.
The normalization of the expense rate also contributes to the growth of performance. The rapid expansion of the company in the past few years has led to high expense ratios. With the completion of the construction of sales networks, new factories and office buildings, the company's future expense ratio will gradually return to normal, and office rentals (about 45,000 square meters) will bring stability. Additional rental income.
Due to the signs of heavy volume such as PCB, the LED business has brought new growth points. We have raised the company's 2010/2011 EPS by 31%, 35% to 0.37 yuan and 0.54 yuan respectively. The current stock price is 09x, 29x and 20x for 09~11.
Focusing on the development and production of Wireless Charging products that make life easier.
Supply various wireless charger including multifunctional Wireless Charger, Car Wireless Charger, Magnetic Wireless Chargin, Wireless Charging Mouse Pad, etc.
We help 200+ customers create custom wireless charging products design for various industries.
Manufacturing high quality products for customers according to international standards, such as CE ROHS FCC REACH UL SGS BQB etc.
Wireless Charging Pad,Wireless Phone Charger,Wireless Car Charger,Bluetooth Charger
TOPNOTCH INTERNATIONAL GROUP LIMITED , https://www.mic11.com