Is 30 1338 worth buying?

Worth subscribing to. Company introduction: (total share capital is 76 million shares) (1) The company is mainly engaged in research and development, production, sales and technical support services of automation precision equipment. The automatic precision equipment produced by the company is mainly used for electronic assembly and LED packaging in the field of electronic industry manufacturing. The company's main products are solder paste printing equipment, while also operating LED packaging equipment, dispensing equipment and flexible automation equipment. Solder paste printing equipment produced by the company is the main equipment for electronic component assembly and electrical communication in electronic industry enterprises, which can meet the requirements of electronic products for high-precision process production and significantly improve its production efficiency and yield. (II) The company's main products include solder paste printing equipment, dispensing equipment, flexible automation equipment and LED packaging equipment. Among them, the key technical indexes of the solder paste printing equipment produced by the company are close to the advanced foreign technology level, and can compete with foreign famous brand products. The main performance indexes such as positioning accuracy and repeatability accuracy of the dispensing equipment produced by the company have reached the leading level in China. During the reporting period, the performance grew rapidly and the market share expanded year by year. At present, the company has established long-term and stable cooperative partnerships with well-known enterprises such as Foxconn, Huawei, Ding Peng Holdings, BYD, Taiwan Province Surface Mount, Compal, Chuansheng Holdings, Hong Guang Science and Technology, Hua Qin, Desai, Jabil Group and Tokyo Heavy Machinery (JUKI). With the advanced technology, high-quality products and comprehensive and timely after-sales service formed in the development process, the company's products are exported to Southeast Asia, Europe and North America, and have gained a good reputation in the local market. (III) The income composition of the company's main business is as follows: II. Industry and competition: (1) Automation equipment technology is integrated with many professional disciplines, involving laser technology, various analog and digital sensing technologies, automation control technology, data acquisition and analysis processing technology, manufacturing process management data transmission technology, precision machining technology and other technologies. Comprehensive disciplines include materials, mechanics, mechanical design and manufacturing, circuits, air pressure control, communication technology and computer applications, software programming, optics, acoustics, metrology and many other disciplines, and the specialty covers a wide range and is comprehensive. The development of automation technology can drive many technologies forward, and then drive the adjustment of the whole industry. In recent years, under the dual pressure of foreign developed countries mastering key technologies and domestic manufacturers lacking competitiveness, China has continuously introduced supporting policies, increased investment in automation equipment manufacturing, encouraged enterprises to innovate independently, promoted technology industrialization, and accelerated the localization process of automation equipment. At the early stage of the development of China's electronics industry, electronic assembly equipment almost completely depended on imports. In recent years, the company has made great progress in precision equipment and gradually realized import substitution. With the promotion of policy and technological innovation, the market scale of domestic automatic precision manufacturing equipment manufacturing industry will continue to expand, and the trend of import substitution will become more and more obvious. In recent years, with the decline of labor supply in domestic manufacturing industry and the corresponding increase of labor cost, the demand for automation and intelligence of assembly equipment in electronic manufacturing enterprises has increased. Special equipment for electronic assembly should be mainly used in electronic information manufacturing. From the perspective of the industry itself, the electronic information industry is in a critical period of transformation and development during the "Thirteenth Five-Year Plan" period, and new technologies and applications are expected to achieve breakthroughs, and the integration and penetration of the electronic information industry with various industries will be further strengthened. According to the statistics of Wind Financial Terminal, the scale of China's electronic information manufacturing industry has steadily expanded. From 2008 to 20 18, the sales revenue increased from 5. 13 trillion yuan to 12.63 trillion yuan, with a compound annual growth rate of 19.74%. The expansion of the scale of the electronic information industry has led to an increasing investment in fixed assets. According to the data of the National Bureau of Statistics, from 20 10 to 2020, the fixed assets investment in China's electronic information manufacturing industry will increase from 0.39 trillion yuan to10.98 trillion yuan, with a compound annual growth rate of 17.64%. The constant growth of investment in fixed assets in the electronic information industry has brought about a steady demand for special equipment for electronic assembly. According to the statistical yearbook of China electronic information industry, the shipment of electronic assembly equipment manufacturing industry in China increased from 24,000 units in 2008 to 348,000 units in 20 16, with a compound annual growth rate of 39.69%. According to IDC's quarterly tracking report on global wearable devices, the total shipments of wearable devices from 20 18 to 2020 were 654.38+78 million, 337 million and 450 million, respectively, up by 54.78%, 89.33% and 33.53% year-on-year. The participation of domestic and foreign technology companies such as Google, Apple, Samsung, Tencent and Xiaomi has led to the rise of wearable devices, and the industrial demonstration effect is remarkable. IDC predicts that global wearable device shipments will continue to grow in the next few years, reaching 800 million units by 2025, thanks to the decline in average selling price and the increase in sales of so-called audible devices. The above development trend will promote the growth of electronic assembly equipment industry. From the perspective of home electronics industry, small household appliances have relatively greater development space in terms of penetration rate and category expansion, and the development potential of the industry is gradually emerging. Guided by the trend of consumption upgrading, the domestic small household appliances market is accelerating to enter the rising channel, and the branding and quality of small household appliances have been significantly improved compared with a few years ago. The sustainable development of small household appliances will bring stable growth space for electronic assembly equipment. (2) The company's solder paste printing equipment is a precision equipment with multiple functions or complex motion control modules. With profound technical strength, the company independently developed high-precision scraper pressure feedback control technology based on equipment miniaturization, high-precision multi-platform multi-substrate and single-platform multi-substrate alignment technology, high-speed industrial Ethernet bus distributed control technology and other core technologies, and achieved important results in yield control, printing accuracy, printing efficiency, product consistency, energy saving and consumption reduction. At present, a series of products with independent intellectual property rights and independent brands have been formed. Its key technologies, such as alignment accuracy and printing accuracy, are in a leading position in the domestic market, and it has become a solder paste printing equipment supplier for well-known enterprises such as Foxconn, Huawei, Ding Peng Holdings, BYD, Taiwan Province Surface Mount, Compal, Voice Holding, Hong Guang Science and Technology, Hua Qin, Desai, Tokyo Heavy Machinery (JUKI) and Flextronics. The company has invested more resources in the research and development of dispensing equipment and mastered the advanced key technology of injection valve. The company's growth rate in the dispensing equipment market is relatively fast, and its market share is increasing year by year. It has strong competitiveness in the industry and belongs to an emerging force in the dispensing equipment market. During the reporting period, the sales revenue of the company's dispensing equipment was 3,465,438 yuan+068,200 yuan, 7,465,438 yuan+063,400 yuan and 63,665,438 yuan+02,500 yuan respectively. The company's flexible automation equipment and LED packaging equipment have a low market share, but they have good market development prospects. Main competitors: 1, solder paste printing equipment: 2, dispensing equipment: 3. Special risk: (1) the risk of large accounts receivable and recovery. At the end of each reporting period, the book balance of the company's accounts receivable was 17468 16 respectively. 686.3 1 10,000 yuan, of which the balance of accounts receivable aged 1 year and above is 33748 1 10,000 yuan and 3555 10206 yuan respectively. Accounts receivable account for 65,438+09.45%, 265,438+0.45% and 65,438+08.95% respectively. By the end of 2020, the balance and proportion of accounts receivable over 65,438+0 years have increased. At the end of each reporting period, the overdue amounts of the Company's accounts receivable were RMB29,832,700, RMB37,433,000 and RMB34,420,500 respectively, and the overall scale of overdue accounts receivable showed an upward trend. As of February 28th, 2022, the overdue proportion of accounts receivable at the end of each period was 94.39%, 26.26% and 5.42% respectively. If the accounts receivable with long aging or overdue cannot be recovered, it will have a negative impact on the company's future operating performance. (2) Risks of large inventory scale At the end of each reporting period, the book value of the company's inventory was 654.38+06,565,438+078,600 yuan, 2,654.38+072,600 yuan, 4,654.38+00,000 yuan and 2,988,422,400 yuan respectively, showing an overall upward trend. On the one hand, the company's ending inventory balance level is high because it takes a long period from raw material procurement to production and processing, shipment to final confirmation of income, so the balance of issued goods, inventory goods and raw materials is high; On the other hand, because the company has developed new businesses such as dispensing equipment, automation equipment and LED packaging equipment in addition to solder paste printing equipment, the company needs to have a certain scale of inventory for new businesses. During the reporting period, affected by the LED market situation, the company has made full provision for impairment of some LED packaging equipment inventories with signs of impairment according to the net realizable value. Although the company's high inventory balance matches the characteristics of the industry and the company's business strategy, if the market operation environment changes significantly in the future, the company's inventory will suffer a great price loss, which will have a negative impact on the company's business performance. Four. Funds raised: V. Financial status: 1 During the reporting period: 2. The company expects to operate well in the first half of 2022, and its performance in the first half of 2022 is expected to increase compared with that in 20021. It is estimated that the company's operating income from June to June in 2022 will be 386,074,400 yuan to 400,000 yuan. After deducting non-recurring gains and losses, the net profit attributable to shareholders of the parent company is 54,876,543.8+0.90 million yuan to 57,308.9 million yuan, which is 65,438+0.45% to 5.96% higher than the same period of 20,265.43 million yuan. Wu Feng's personal valuation summary and purchase suggestion: Kaige Seiki's main products include solder paste printing equipment, and its main customers are equipment suppliers of well-known enterprises at home and abroad, such as Foxconn and Huawei, and some downstream applications are oriented to automotive electronics. The company's core product is solder paste printing. The domestic competition is relatively simple, but the market ceiling is limited. The short-term valuation is about 4.5 billion, and Wufeng suggested that it be generally concerned.