>> 国泰君安-LK Tech (00558 HK) The Company Signed a Capital Injection Agreement with FIIF to Accelerate the Development of Die-Casting Business -230919
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研究报告全文：股票研究TableTitleFlashNoteLKTech00558HKAlexBai白舸EquityResearch85225097202快讯力劲科技00558HKgebaigtjascomhk19September2023TheTableSummaryCompanySignedaCapitalInjectionAgreementwithFIIFtoAcceleratetheDevelopmentofDie-CastingBusiness快讯InvestmentsuggestionsWebelievethatthelong-termgrowthlogicofLKTechtheCompanyissolidandweexpectitsshort-termperformancetoimproveWemaintaintheCompanysratingasBuyandmaintainTPofFlashNoteHK1243WeforecastitsearningspershareinFY24FY25FY26tobeHK0620HK0803andHK1007respectivelyOurTPrepresents200x155x123xFY24-FY26PEratioLKTechsignedaCapitalInjectionAgreementwithFutureIndustryInvestmentFundIIFIIFLKTechShenzhenLKShenzhenLeadwellNingboLKallbeingindirectwholly-ownedsubsidiariesoftheCompanyExistingShareholdersandOtherRelatedIndividualsenteredintotheCapitalInjectionAgreementandotherTransactionDocumentswithFIIFpursuanttowhichFIIFhasconditionallyagreedtosubscribefornotlessthanapproximately947andnotmorethan12oftheenlargedregisteredcapitalofShenzhenLKbywayofCapitalInjectionincashforthesumofnotlessthanRMB11500millionandnotmorethanRMB15000millionintoShenzhenLKIfthe证agreementissuccessfullyrealizedFIIFwillcompletethetransactionincashAdditionallyFIIFhasarepurchaseoption券研FIIFisoptimisticaboutthedevelopmentofthesingle-piecedie-castingindustryandthetransactionprice告maybehigherthanthecurrentvaluationoftheCompanyAccordingtoourcalculationsthevaluationofthe究报报CompanygivenbyFIIFisbetweenHK103billionandHK170billionwithamedianvalueofaboutHK135billionwhichhasapremiumcomparedtotheCompanyscurrentmarketvalueWebelievethatthisagreementrepresents告究institutionalinvestorsoptimismabouttheCompanyandthedie-castingindustryTheinjectionofcashwillhelptheEquityResearchReport研CompanymaintaincompetitivenessandmaintainrapidbusinessdevelopmentTable券Info1Theapplicationofsingle-piecedie-castingsolutionsisageneraltrendandwecontinuetobeoptimistic证abouttheCompanysfutureperformanceAtpresentChinasnewcar-makingforcessuchasXpengandZEEKRwhicharedevelopingrapidlyhavealladoptedtheCompanyssingle-piecedie-castingsolutionsInadditionglobaltraditionalautomakershavegraduallychangedtheirwait-and-seeattitudesandactivelyapplyingthesingle-piece机械Sectordie-castingsolutionsOnJuly26VolkswagenannouncedthatithadreachedanagreementwithXpengtojointly行developtwoelectricmodelsToyotaannouncedinJunethatitwouldlaunchanelectricvehicleusingsingle-piece业die-castingsolutionsin2025Webelievethatglobalautomakerswillcontinuetodevotethemselvestotechnologicalinnovationandmaintainstrongdemandforsingle-piecedie-castingsolutionsAsaleaderintheglobaldie-castingMachinerymachineindustryLKTechwillcontinuetobenefitfromtheincreasedpenetrationofsingle-piecedie-castingsolutionsRiskfactorsThepenetrationrateofsingle-piecedie-castingsolutionsmaybelowerthanexpectedmarketcompetitionmayintensifyTableInfo2力劲科技LKTechLKHK00558SeethelastpagefordisclaimerPage1of2TablePageHeaderLKTech00558HKCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookoftheCompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookoftheCompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookoftheCompanyorsectorisneutral19September2023Reduce减持RelativePerformanceis-5to-15orthefundamentaloutlookoftheCompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookoftheCompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinition2raMthgiRelbaTOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableTableDISCLOSUREOFINTERESTSDISCLOSUREOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenothadinvestmentbankingrelationshipswiththeissuersmentionedinthisResearchReportwithinthepreceding12months00558HK5GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunanInternationalHoldingsLimitedandoritssubsidiaries力劲科技LKTechDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkFlashNoteSeethelastpagefordisclaimerPage2of2
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