Polytech (688333): Leading company in metal 3D printing develops rapidly with industry’s Dongfeng-Special price report of Polytech

Polytech (688333): Leading company in metal 3D printing develops rapidly with industry’s Dongfeng-Special price report of Polytech
The report believes that the industry in which the integrated company is growing is fast and its products have cross-industry development capabilities. We believe that the upper limit of the PE valuation of Polytech is 40 times, and its error is more than 5 downstream, mainly concentrated in aviation.The average valuation of comparable companies in the aerospace field, so we believe that the lower limit of Polytech’s PE is 36 times, and the equivalent of Polytech’s estimated PE (36, 40) times, corresponding to the market value (24).84, 27.6) 100 million yuan, calculated based on 80 million shares, corresponding price setting (31.05, 34.5 yuan.  (1) Leading domestic 3D industry chain company.Involved in upstream, midstream and downstream to provide customers with solutions.Polytech’s business involves the upstream, midstream and downstream of the 3D printing industry chain. It is positioned to provide customers with comprehensive solutions and is in a period of rapid growth. R & D expenses account for nearly 10% of the revenue, and undergraduate and above employees account for nearly 50%The company is a typical technology-intensive enterprise.At present, Bolitech’s downstream customers are concentrated in the aerospace system. So far, customers have mainly purchased 3D printed products directly.  (2) The 3D printing industry has ushered in rapid development.From 2013 to 2017, the compound growth rate of the global additive market reached 24.76%, the Chinese market is growing faster than the global market, with huge development potential.According to 杭州桑拿 relevant statistical data, in the four years from 2013 to 2017, the incremental growth rate of the scale of the incremental additive manufacturing industry was as high as 51%, which is much higher than global data. Thanks to the maturity of metal 3D printing technology and the decline in costs,The metal 3D printing sub-industry has the fastest growth rate in the entire 3D printing industry. From 2013 to 2017, the compound growth rate of the global metal additive sales scale was 54.22%, the compound growth rate of global metal additive manufacturing equipment sales is 49.6%, the average is higher than the entire global 3D printing industry24.76% growth.  (3) Deeply plowing into the aerospace field, leading the industry integration.The United States is the main 3D printing market in the world, and the market share of domestic enterprises has decreased.In 2017, the global installed capacity of additive manufacturing equipment distribution, the United States’ largest share reached 35.9%, the enterprises are mainly distributed in Japan, Germany, China and other economic powers.At the same time, related companies are mostly foreign companies, and domestic companies’ market share has decreased.In the segmented field of 3D metal printing equipment, EOS is the absolute leader. By comparing the key technical indicators of Polytech and EOS similar products, we can judge that the difference between Polytech and the leading technology is narrowing. In some cases,The key indicators have been kept in parallel.  Estimate analysis and investment advice: It is estimated that the total income of Polytech will be 3 in 2019-2021.58,4.44 and 5.6.8 billion, net profit attributable to mothers is 0.69, 0.89 and 1.28 million US dollars, taking into account the estimates of comparable companies and the growth rate of the industry, we believe that the PE of Polytech is estimated to be (36, 40) times, corresponding to a market value of (24).84, 27.6) 100 million yuan, calculated based on 80 million shares, corresponding price setting (31.05, 34.5 yuan.  Risk warning: major changes in the 3D technology route; investment in the aerospace sector has fallen sharply.