Bai Chu Electronics (688188) company in-depth research report: laser cutting control system segmentation champion China Beckhoff set sail?

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Bai Chu Electronics (688188) company in-depth research report: laser cutting control system segmentation champion “China Beckhoff” set sail?

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Founded in 2007, the company is the first private enterprise to develop a complete set of control systems for military fiber laser cutting in the country. It is committed to providing stable and efficient automatic control solutions for laser processing.

It has a market share of 55 in low and medium power laser cutting control systems.

63%.

Main point of view: More than half of the domestic low and medium power laser cutting control systems are made in China. It is expected that this experience will be replicated in the high power field in the future.

Laser cutting accounts for more than 40% of the industrial laser market. It is widely used in electronics, automotive, machinery manufacturing, aerospace and other industries, and has become one of the fastest growing industries.

Bai Chu Electronics has achieved more than half in the field of low and medium power laser cutting control systems, and is expected to further replicate this process in the high power field.

In the next three years, the revenue and gross profit growth of the laser cutting control system will reach 34%.

The board system and the servo system constitute a complete laser cutting control system.

We estimate that the revenue of the board system in 2019-2021 will be 1.

54/2.

06/2.

5.4 billion, with a compound annual growth rate of 34.

94%, the revenue of the servo system is 1.

73/2.

35/2.

9.4 billion, with a compound annual growth rate of 34.

86%.

Earnings forecast and estimate: It is estimated that the revenue for 2019-2021 will be 3 respectively.

61/4.

90/6.

2 ten percent, an increase of 47 per year.

25% / 35.

65% / 26.

64%, net profit attributable to mother is 2.

18/2.

94/3.

71 ppm, a 56-year increase of 56.

35% / 35.

11% / 26.

25%.

Covered for the first time, give “overweight” rating, target price 176.

40 yuan.

In the medium to long term, the company will implement localized substitution in the high-power field based on core technology, and 杭州夜生活网 successfully enter the field of brittle material cutting, becoming the champion of the industry’s subdivided industries.

The Chinese version of Beckhoff is on the way?

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If this goal is successfully achieved, long-term revenue and net profit will reach 2 / 1.2 billion, and the market value target will be 36-48 billion. Risks indicate the risk of falling gross profit margin caused by market competition, lower-than-expected risk of high-power market development, risk of decline in profitability, and systemic risk.