Polytech (688333) new shares report: focus on industrial metal 3D printing aviation industry / COMAC / Airbus supplier

Polytech (688333) new shares report: focus on industrial metal 3D printing aviation industry / COMAC / Airbus supplier
Industrial-grade metal additive manufacturing, providing a complete set of solutions for metal additive manufacturing and remanufacturing technology. Platinum is a new enterprise focusing on industrial-grade metal additive manufacturing (3D printing). The company was founded in 2011 and is headquartered in Shaanxi Province.Xi’an has a registered capital of 60 million yuan.Around the metal additive manufacturing industry chain, the company develops metal 3D printing customized products, metal 3D printing equipment, metal 3D printing raw material research and development, production, and sales.At the same time, it also provides customers with metal 3D printing process design and development and related technical services.Has become the largest industrialized metal additive manufacturing enterprise in China, and its overall strength is in a leading position in the field of metal additive manufacturing at home and abroad. The company’s revenue and net profit have grown rapidly, with 2018 revenue2.9 trillion, +32 a year.5%, net profit attributable to mother 0.57 trillion, +66 a year.93%, gross margin 43.39%, ten years +2.65 total, R & D expenses 0.2.6 billion, accounting for 8.79%.One of the actual controllers, Huang Weidong, the chief scientist, is a professor of Western Technology University, and Western Technology University provides multiple patents to the company to inject the company’s genes into the university.3D printed customized products are the largest source of revenue, and 3D printed customized products are the largest source of revenue in 2018.22 trillion, gross profit margin 56.14%, accounting for up to 42.twenty two%. Additive manufacturing is a potential strategic industry. The growth rate of the industry is expected to exceed 30%, and the blue ocean space is wide. At present, the global additive manufacturing has entered a rapid growth period, with a CAGR of 26% in 2012-2017 and a market size of 73 in 2017.US $ 3.6 billion, the output value growth rate will remain at 22 by 2020.3%. The metal additive manufacturing industry is a national strategic industry. In 2017, the state formulated the “Action Plan for the Development of Additive Manufacturing Industry (2017-2020)”, which clearly states that “by 2020, the annual sales revenue of the additive manufacturing industry will exceed 20 billion yuan.The average annual growth rate is more than 30%. “In 2017, the domestic industry scale exceeded 10 billion U.S. dollars, and the CAGR in three years exceeded 30%. It is estimated that the size of the additive market in 1023 will reach 11 billion U.S. dollars.As the most industrialized enterprise in the upstream metal additive manufacturing industry, the company is expected to fully benefit from the 合肥夜网 industry’s blue ocean growth potential. AVIC / AVIC / COMAC / Airbus Group qualified suppliers, world-class technology company’s main customers include AVIC, AVIC, COMAC, Aerospace Science and Technology, Aerospace Technology and other military and civil aviation groups, andA qualified supplier of Airbus.In August 2018, the company and Airbus signed a common agreement on metal 3D printing of large-scale precision parts for A350 aircraft, moving from a supplier to a joint development partner, marking that the company has reached a world-class level in metal 3D printing process technology and production capacity. Profit forecast: The company’s revenue growth rate is expected to be 31% / 30% / 29% in 19-21, and the revenue will be 3 respectively.82/4.96/6.400,000 yuan, the net profit attributable to mother is 0.72/0.96/1.28 trillion, 0 after release.With 800 million total equity, EPS is 0.9/1.2/1.6 yuan.Comparable companies have a consensus PE forecast of 40 in 2019.02x, the company’s estimated PE range is around 38-40x, and the price range is 34.13-35.93 yuan / share, the market value range is 27.3-28.700 million. Risk reminder: industrialization process of metal additive manufacturing, additive manufacturing technology and R & D, downstream customer concentration risk, import risk of core components of additive manufacturing equipment, receivable risk