Tianzhun Technology (688003) Pricing Report: Based on the Position of AI + Industry to Continue to Develop the Boundary of Development

Tianzhun Technology (688003) Pricing Report: Based on the Position of “AI + Industry” to Continue to Develop the Boundary of Development

Report: Tianzhun Technology continued to strengthen research and development around the core technology of machine vision, based on the “AI + industry” corporate positioning, and provided intelligent manufacturing solutions for different downstream industries.

The company has achieved breakthroughs in customers and revenue in the field of consumer electronics. The 合肥夜网 continuous development of the follow-up company’s machine vision technology in other industrial fields will open up continuous growth for the company.

By comprehensively applying the three relative estimation methods of PE, PS and PEG, we judge the company’s reasonable market value interval to be (42.

04, 53.

19) Ten thousand yuan, issue pricing range (21.

71, 27.

47) Yuan.

Based on the large market of industrial machine vision, the company continues to have a high growth space.

The company’s area of advantage Machine vision is widely used in the industrial field. The global market space is over 8 billion U.S. dollars, and the domestic market is also in a rapid growth stage.

At present, the domestic machine vision industry as a whole has a “big industry, small company” pattern, with a limited number of large-scale enterprises and a high degree of industry concentration.

The company’s technological strength is in a leading position in the country, and it is expected to achieve rapid technological advantages to seize breakthrough market share.

Continuously consolidate technological advantages and continue to expand downstream applications to gain growth momentum.

The company has been working in the field of machine vision for many years and has a strong R & D and technical support team. In 2018, R & D and technical support employees accounted for more than 67%.

At the same time, the company has increased its R & D expenditure year by year and included continuous high-intensity R & D to push its technological strength into the global leader.

With the continuous development of core technologies in consumer electronics, photovoltaic semiconductors and other new applications, the company is experiencing a period of sustained high growth.

Judging the company’s reasonable market value interval is (42.

04, 53.

19) 100 million yuan.

First, we selected Jingxian Electronics, Xinsong Robot and Liande Equipment as comparable companies. Based on our judgment, the company’s growth rate is higher than the average level of comparable companies, so the average PE and PS of comparable companies can be combined to determine the company’s reasonable market value lower limit, which is 42.

04 ppm; Secondly, the reference company’s growth is based on PEG as 1, and the company’s reasonable market cap is reset to 53.

1.9 billion.

Finally, the company’s reasonable market 南宁桑拿 value interval is (42.

04, 53.

19) Ten thousand yuan, issue pricing range (21.

71, 27.

47) Yuan.
Risk warning: The downstream investment has increased significantly, the company’s technology research and development has been slow, and the expansion of new application areas has fallen short of expectations.

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