Ole New Materials 688530
Issue price: 9.6
Issue PE: 41.44
The issuance volume is 40.01 million shares, 570 million yuan is planned to be raised, and 380 million yuan is actually raised, and the investment projects are as follows
Actual controllers: Wen Hongfu, Fang Hong, Wen Ya (holding shares of Guangdong Ole High-tech Materials Co., Ltd.: 41.71, 26.64, 0.56%)
Main business: R&D, production and sales of high-performance sputtering targets.
Structure diagram of sputtering target industry chain
The company's market position
Main products: copper target, aluminum target, molybdenum and molybdenum alloy target, ITO target, and others. The products can be widely used in semiconductor displays, touch screens, architectural glass, decorative coatings, integrated circuit packaging, new energy batteries and solar cells, etc., and are the key materials for the industrial preparation of various thin films.
The product composition of the company's main business income is as follows (copper target and aluminum target revenue accounts for nearly 6% all year round, followed by the residual target that has just risen this year's income, and the company's residual target sales scale continues to rise, mainly due to the continuous growth of the company's copper target sales scale during the reporting period, and the subsequent increase in copper target recycling and external sales. ）
During the reporting period, the gross profit of the company's main business mainly came from copper targets, aluminum targets, molybdenum and molybdenum alloy targets and other target rights, accounting for 100.81%, 93.49% and 96.23% of the gross profit of the main business respectively.
During the reporting period, the gross profit margin of the company's main business was 30.86%, 30.32% and 23.10% respectively, and the gross profit margin fluctuated and there was a downward trend (the market demand for display panel terminal products weakened, and the downward pressure on display panel prices was transmitted to the upstream to sputtering target manufacturers, resulting in the continuous decline of the average unit price of the company's copper targets; At the same time, from 2020 to 2021, the company's copper procurement unit price increased significantly, and due to factors such as procurement and warehousing, production requisition, and production cycle, the unit direct material cost carried forward to the unit main business cost of the company's copper target sales in 2022 increased, which led to an increase in the direct material cost per unit of copper target, resulting in a decrease of 5.74 percentage points in the company's copper target gross profit margin, which correspondingly lowered the company's main business gross profit margin in 2022. ）
During the reporting period, the company's sales to the top five customers are as follows (the main representative customers include BOE, Huaxing Optoelectronics, Huike, Super Vision, Rainbow Optoelectronics, Shenchao Optoelectronics and CEC Panda and other mainstream manufacturers in the semiconductor display panel industry, ultrasonic electronics, Laibao)
Financial Profile (The company will achieve operating income of 382 million yuan/392 million yuan/476 million yuan from 2021 to 2023, with a compound annual growth rate of 24.5% in three years. 63%;Realized net profit attributable to the parent company of 50 million yuan/0. 3.5 billion yuan/49 million yuan, the compound annual growth rate of the three-year net profit attributable to the parent company was 30. 82%）
Ole New Materials released its 2023 annual report, which showed that the company's main revenue was 476 million yuan, an increase of 21.5% year-on-year. The net profit attributable to the parent company was 49.3433 million yuan, an increase of 39.69% year-on-year. The net profit after deduction was 37.0731 million yuan, an increase of 53.65% year-on-year.
There are several risks that may exist
The comparison of the company's operation, market position and technical strength with comparable companies in the same industry is as follows
In recent years, with the electronic transformation of automobiles, the upgrading of electronic products, the panel cycle has recovered, and the stock price trend of BOE and TCL has slowly had a good trend, which is the biggest advantage of the issuer at present, and the issuer ranks second in this field and is more well-known. The disadvantages are that the prices of aluminum, copper and other upstream materials of the target have risen, and the market is not hot for semiconductors. On the whole, the company's issue price is low, the valuation is neutral, and the fundraising scale is small, and it is given a new score of 60 points, which can be subscribed.