2020 Apr 02 By admin 0 comment

Platinum (688333): Leading technology and brand advantages in aerospace metal 3D printing
The company is a leader in A-share scarce metal 3D printing.The company was hatched by Western Engineering University, 62.2% of its revenue comes from aerospace customers, and its products have passed Airbus certification, demonstrating the company’s technical strength. The large market has high growth, and the commercialization of metal 3D printing has accelerated.The global 3D printing market is close to tens of billions of dollars, and composite injection molding is expected to be 19-24 in 23 years.6%, and China is one of the regions with the most potential, and the growth rate is expected to remain above 30% in the next 5 years.1) Bullish on the professional 3D printing market.American 杭州桑拿网 metal 3D printing companies grew 41 in 2018.9%, the average growth rate over the past 5 years exceeds 40%; 2) aerospace and automotive applications accelerated, from prototype production to direct manufacturing.Industrial machinery, aerospace, and automotive are the three main areas of demand, and then they have risen in the past few years; 3) “Powder laser selective melting” and “directional energy deposition” are the main technical paths. Metal powder material technologyThe barriers are high and import dependence is high. The influx of forces from all sides, “technology + service” is the key to competition.1) The global 3D printing market giants co-exist with startups, and the giants are desperately buying to establish 3D printing service capabilities in the entire industry chain; while foreign startups are good at technological innovation, and domestic companies are taking the road of service first and then self-development.This path is possible because 3D printing needs to be combined with technology and has strong service attributes; Polytech has achieved fruitful results in both technology and brand.1) The SLM and LSF technologies adopted by the company are international mainstream technologies, which have been overturned and reduced in the short term; 2) The high-end models of the company’s SLM equipment have reached the international advanced level, and the special powders developed in the country are leading, and the titanium alloy powders have reached the international level;3) The company has a high market share in the aerospace industry, and customers of alternative companies such as Aviation Development Group and Aerospace Science and Industry. Profit forecast and estimation: We expect the company’s self-developed equipment, metal powder materials, and customized products and services to become the performance engine at the same time.The company’s 19-21 revenue is expected to be 4.05 billion, 5.27 billion, 6.9.9 billion, a three-year compound growth of 33.9%, net profit attributable to mothers was 61.22 million, 81.97 million and 1.1.1 billion, after excluding the effects of non-operating income for 18 years, it will increase by 34 from 2019 to 2021.9%, 33.9% and 35.1%.Since the company’s business is close to aerospace parts manufacturing, in the absence of A-share 3D printing benchmarking, we benchmarked it against aircraft parts precision processing companies such as Elorda and gave the company 42-45 times 19 years of PE, corresponding toReasonable city size 25.7-27.6 billion, with a reasonable price of 32.1-34.4 yuan. New stock premium effect: According to historical data statistics, new stocks 30 days before listing have obvious premium characteristics. According to industry-wide statistics: the premium rate is 47% -69%, so the possible price range for the company at the initial stage of listing is 47.2-58.1 Yuan. Risk reminder: The speed of 3D printing technology promotion is lower than expected, and the risk of excessive concentration of downstream customers is a special reminder: The reasonable and reasonable range predicted in this report is not the initial price performance of the market, but the reasonable price under the situation where the existing market 合肥夜网 environment remains basically unchangedInterval.