Science and technology board military equipment company series research： Platinum (688333)： 3D printing leading companies are about to sail
Science and technology board military equipment company series research: Platinum (688333): 3D printing leading companies are about to sail
Core views: 1. The company’s main business.The company’s business scope covers R & D and production of metal 3D printing raw materials, R & D and production of metal 3D printing equipment, metal 3D printing customized product services, metal 3D printing process design and development, and related technical services to build a complete metal 3D printing industry ecosystem.Chain, can provide customers with “one-stop” service for product design, material supply, and equipment production. 2. Core technology and R & D investment.In terms of MLF technology, the company has successfully developed more than ten models of high-efficiency, high-precision, high-stability, metal additive manufacturing equipment covering various sizes from 100mm to 1500mm to achieve the domestic production of industrial-grade high-end laser selective melting equipment;In terms of LSF technology, the company conducted research on the design and manufacturing technology of LSF laser three-dimensional forming equipment, formed the design and manufacturing technology of laser three-dimensional forming equipment, and developed various types of laser rapid rapid forming equipment.The company is always good at independent innovation. From 2016 to 2018, the company’s R & D expenditure continued to increase, being 1514.710,000 yuan, 2325.250,000 yuan and 25.61 million yuan, accounting for 9% of current operating income.11%, 10.57%, 8.79%. 3. The position and advantages of the industrial chain.The company can provide customers with complete solutions from design to production, belonging to the entire industry chain operation.From the perspective of the international market, the global 3D printing market is mainly concentrated in North America, Europe and Asia Pacific.The 3D equipment installed capacity of these three regions gradually accounts for 95% of the world’s total, of which 40% are in North America (mainly in the United States), and Europe and Asia Pacific each account for nearly 30%.Therefore, the company’s main competitors include the international giants Germany EOS, Germany SLM Solutions, the United States GE Additives, the United States 3D Systems, and the domestic company Hangzhou Xianlin 3D. 4. The actual controller and important shareholders.The company chooses the applicable listing criteria of “market value of not less than 1 billion & net profit of not less than 50 million in the past two years” or “market value of not less than 1 billion & positive net profit and revenue of not less than 1 billion”.Polytech’s largest shareholder is Western Engineering 杭州桑拿 University alumnus Sheng Shengyang, as a strategic investor, holds Polytech29.07% stake.The second largest shareholder is Pingxiang Jinggan, which is held by Huang Weidong’s team and holds the company15.12% stake.The third largest shareholder is Western Industrial University Asset Management Corporation, which holds the company14.49% stake.Based on the actual issuance, based on the issuance cap of 20 million shares, after this issuance, Orsun will directly and indirectly hold a total share of the company’s shares to replace 21.80%. 5. Profit forecast and estimation: According to the assumptions, the company’s revenue from 2019 to 2021 is expected to be 3 respectively.80 billion, 4.7.4 billion and 5.8.1 billion, net profit attributable to mother is about 0.6.8 billion, 0.8.5 billion and 0.9.8 billion, corresponding to 0 EPS.85 杭州桑拿网 yuan, 1.06 yuan and 1.23 yuan.We use the PE relative estimation method to price the company.By selecting 5 comparable listed companies for comparative analysis, we find that the average PE of comparable companies in 2019 is 37.45 times, corresponding company can last about 37.45 * 0.85 = 31.83 yuan.The company’s products are mainly aimed at high-end military use, and as the first listed company in the domestic 3D printing field, the technological advantage is obvious. We believe that an estimated premium of about 10% should be given. Therefore, the reasonable expectation range of Platinum is expected to be 31 to 35 yuan. 6. Risk reminder: The company may face the risks of technological upgrading and reorganization, the risk of high customer concentration, and the potential risks of government subsidies.