报告名称：Apex Technology(002180)Leading player in printing systems
报告类型：点评报告
报告日期：2015-12-18
研究机构：中信国际
股票名称：艾派克
股票代码：002180
页数：4
简介：Investment Highlights
A leading manufacturer of general printer consumables and chips.Apex Technology is a leading manufacturer of general printer materialsand chips, and occupies a 37.5% and 50% share of the domestic andglobal (after completing its takeovers) market respectively. It hasproprietarily developed a series of core technologies across printingsystems, general consumables and chip design, which have allowed theCompany to establish a clear competitive advantage over its rivals. Itsrevenue and net profit logged a CAGR of 17.9% and 47.4% during2012-2014, respectively.
The Company transforms into a provider of printer consumablessolutions. Zhuhai Seine Technology, the Companyˇs parent company,has injected its high-quality printer consumables assets into the listCo inSep 2015, and undertook to make net profit of no less thanRmb152mn/185mn/230mn during 2015-17E. This improves the growthprospect of Apex.
Efficient capital operation to inspire development of the ¨chip〃 and¨consumables〃 businesses. In July 2015, Apex took over SCC (aninternational giant producer of general printing consumables and chips)for US$62.96mn, which tamps down the Companyˇs strength in the chipmarket. The deal eliminates the chip price war with SCC, and stands toyield obvious synergies by bringing both companiesˇ resources into play.In Oct 2015, the Company announced to raise funds to financeconstruction of a renewable consumables production base in the US.The production base will make use of the SCCˇs geographicaladvantages and the premium raw materials collected from the USmarket, and allow the Company to tap into growth opportunities in theUS market.
Riding on the information security tailwind, Apex is expected toforay into the vast printer SoC (i.e. system on a chip) and originalprinting consumables fields in future. (i)The National IntegratedCircuit Industry Investment Fund has invested Rmb500mn in theCompanyˇs CPU project and became its third largest shareholder with a4.29% stake. This stands to fuel development of the Companyˇs printerchip business. (ii) Government purchase accounted for 41.8% of thetotal sales volume of Pantum printers, the only proprietary laser printerbrand developed by Zhuhai Seine Technology. Leveraging on the parentcompanyˇs strength, Apex is expected to enter the printer SoC andoriginal consumables fields. (iii) Additionally, Apex has successfullyexpanded its chip business into the mobile payment NFC chip and theInternet of Logistics chip field.
Risks: Fierce competition in the consumables market; policies ofvarious countries on the general/renewable consumables; slower-thanexpectedprogress in promotion of the Pantum printer and R&D of printer chips.
Earnings forecast, valuation and investment rating: We slightly revise estimate of the Companyˇs2015-17E EPS to Rmb0.64/0.97/1.30 (versus earlier estimate of Rmb0.57/0.97/1.29; 2014A: Rmb0.48).Considering its firm position in the general printer consumables & chip fields and the clear growth path,we expect Apex to become a printer SoC provider in future. Based on valuation of its comparables, weset a target price of Rmb53.35 (55x 2016E P/E), and reiterate BUY rating.

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