Huaxing Yuanchuang (688001): a leading manufacturer of tablet equipment testing with core technology

The company is a domestic supplier of testing equipment and complete line testing system solutions.

The company was established in 2005. It is a domestic testing equipment and complete line testing system solution provider. It is mainly engaged in the development, production and sales of flat panel display and integrated circuit testing equipment. The company’s main products are LCD and OLED flat panel displays, integrated circuits, and automotive electronicsAnd other industries.

The company can conduct competitive advanced R & D, design and production in various types of digital and analog signal rapid detection boards, machine vision image algorithms based on flat panel display detection, and the design and manufacturing capabilities of various types of advanced automation and precision connection components.Ability, has leading technology in flexible OLED detection and other fields.

The company has become a high-quality partner of many well-known enterprises at home and abroad.

The company’s main financial indicators and profit forecasts.

The company achieved operating income in 201810.

50,000 yuan, an increase of -26 in ten years.

63%; realized net profit attributable to mother 2.

43 ppm, an increase of 16% in ten years; the company’s gross profit margin in 2018 was 55.

38%, with a net margin of 24.

21%, ROE is 26.

70%, assets and liabilities budget 26.

70%, the overall operating conditions are good.

We predict that the company’s operating income for 2019-2021 will be 13 respectively.

6.8 billion, 杭州桑拿 18.

01 ppm and 23.

2.9 billion; net profit attributable to mothers was 3 respectively.

02 ppm, 3.

8.5 billion and 4.

9.4 billion.

Company valuation and inquiry analysis.

This report focuses on the evaluation and analysis of companies using different methodologies and systems, and at the same time the corresponding reasonable inquiry interval.

We use the relative estimation PE method and the absolute estimation DCF method to analyze and calculate the company’s evaluation respectively, and use the average of the relative and absolute estimates to evaluate the company according to the specific situation of the company.

Based on comprehensive analysis, we use the PE method to predict the company’s valuation as 105.

6 ppm, using the DCF method to predict the company’s valuation as 100.


After averaging the two estimation methods, the company’s current 杭州桑拿 estimate is approximately 102.

9.8 billion yuan.

We assume that the number of new shares issued by the company this time is 40.1 million shares, and the total share capital of the company after issuance is 41 million shares. Based on the company’s predicted market value, the company’s corresponding replacement is 25.

68 yuan / share, the recommended inquiry range is[23.

35, 28.

01]yuan / share.

Risk warnings: Technology R & D and iterations are less than expected, new market development fails, core personnel and technology are lost, downstream demand is less than expected, market systemic risks, etc.