Platinum (688333): the leading domestic industrial leader in metal additive manufacturing

Platinum (688333): the leading domestic industrial leader in metal additive manufacturing
Leading domestic metal additive manufacturing with business covering the entire industry chain.Polytech is an emerging enterprise specializing in industrial-grade metal additive 天津夜网 manufacturing (3D printing). It is currently the largest metal additive manufacturing technology provider with the largest installed capacity of metal 3D printing equipment in China.And other national-level additive manufacturing research projects, won the first and second prizes for national defense science and technology progress, and the first OEM award of the first global 3D printing award.The company’s main business involves R & D and production of 3D printers, custom production of 3D products, R & D and production of 3D printed powders, and agency sales of imported 3D equipment and accessories. At present, it has integrated a variety of complete metal 3D printing industry service chains, and custom production of 3D printed products in 2018.And the production of printing equipment accounted for 55% and 28% of the company’成都桑拿网s gross profit, respectively. The upstream and downstream businesses are working together, and the rapid growth of the additive manufacturing industry has guaranteed the company’s performance.According to Wohlers Associates, Inc.And IDC statistics, the global additive manufacturing output value from 22 in 2012.800 million US dollars increased to 73 in 2017.US $ 3.6 billion, with an annual compound strength of 26.20%, and it is expected that by 2020, the annual compound strength of the global additive manufacturing industry will try to remain at 22.30%, the global additive manufacturing output value will reach 28.9 billion US dollars by 2020.At present, the upstream and upstream raw material supply end of the additive manufacturing industry continues to innovate in terms of material types and production technologies, and is full of flowers; gradually expand the application field in downstream applications, and increase the proportion of direct manufacturing applications.Benefiting from the rapid development and innovation drive of the industry, the company, as a full-industry chain technology provider with a breakthrough in the field of additive manufacturing, achieved sustained high growth. Domestic competition is still in the blue ocean, and the company’s competitive advantages help the market share continue to increase.At present, the main competitors in the global additive manufacturing market are from Europe and the United States and other regions and regions. Domestic companies are in the follow-up stage, and the domestic market is still in the blue ocean.The company expands its competitive advantages in the field of additive manufacturing. First, the team has strong R & D capabilities and has been focusing on additive manufacturing since 1995. Second, it has advanced technology and is committed to and participates in the construction of domestic additive manufacturing standard systems., Long-term service for large domestic aerospace and other enterprises, and provide overseas companies such as Airbus 3D printing equipment and parts, and gradually develop the rapid development of the domestic market, the company’s competitive advantages continue to expand, market share continues to increase. Give a reasonable and reasonable target interval of 30.22-38.07 yuan.Benefiting from the rapid growth of the additive manufacturing market, the company’s corresponding EPS for 2019-2021 is expected to be 0.95, 1.25, 1.67.Combining the absolute estimation method and the relative estimation method, we believe that the reasonable estimation interval of the secondary market is a breakthrough.22-38.07 yuan, take the price center 34.15 yuan, corresponding to the PE of 2019-2021 is estimated to be 36x, 27x and 20x. risk warning.1) The growth of the additive manufacturing industry was less than expected; 2) The company’s technology research and development progress was less than expected; 3) The company’s project production was less than expected.