【行业研究报告】富士达-国内射频同轴连接器领先者，技术领先+客户资源+产能扩张促进公司发展

Keywords:#Cheaperthancomparablecompanies
InvestmentThesis
◼AvicForstarpaysgreatattentiontoR&Dinvestmentasatechnologicallyadvanced
◼AvicForstarpaysgreatattentiontoR&Dinvestmentasatechnologicallyadvanced
'littlegiant'enterprise.1)Financials:withaGPMof40.14%,Forstar'srevenueforthe
firstquartersin2022reachedRMB630mn,and~90%ofthetotalrevenuecamefromRF
coaxialconnectorsandcablecomponentsbusiness.Forstarmaintainsahealthycapital
structure,butwithincreasedA/R,itsOCFdeterioratedgradually(netoutflowof
RMB25.01mnforOCFwithinthefirstquartersin2022).2)R&D:ForstarincreasedR&D
expensetoRMB48.97mnin2021(+17.1%yoy)andthenumberofpatentsitheldreached
36/70/101in2019-2021.
◼Industrydevelopment:broadmarketforRFconnectorswithfiercecompetition
amongdomesticmanufacturers.1)Statusquo:withrelativelylatedevelopment,Chinese
domesticRFconnectorsmarketenjoysahighergrowthratethanglobalmarket.
Downstreamfieldsmainlyincludeautomotivesandcommunication.2)Marketsize:with
brightprospectsofRFconnectors,weexpectitsmarketsizetogrowtoRMB17.2bn,as
demandofcommunicationanddefenseincreases.3)Competitivelandscape:foreignRF
manufacturersarehighlycompetitivewithCR3revenueaccountingfor50%ofthemarket
share.Amidfiercedomesticcompetition,ForstartriedtomaintainitsGPMatarelatively
highlevelin2021.
◼Mainthesis:advancedtechnologyandcustomerresourcesdrivetherapidgrowthof
Forstar.1)Advancetechnology:Forstarmakesgreateffortstodevelopcoretechnologies
withindependentintellectualpropertyrights,andholdsmultipleadvancedtechnologies,
withsomealreadyreachingtheinternationalstandards.AmongdomesticRFconnector
manufacturers,ForstarownsthehighestnumberofIECinternationalstandards,holding
11/10/20/2ofIECinternational/national/nationalmilitary/communicationindustry
standard.2)Customerresources:Forstarenjoysrichcustomerresources,including
Huawei,RFS,andotherworld-renownedcommunicationequipmentmanufacturersas
wellassubsidiariesofdomesticmilitarygroupssuchasCASCandCETC.Salesfrom
majorcustomersreached75.03%/78.38%/73.06%oftotalrevenuein2019-2021.
◼EarningsForecast&Rating:WeforecastForstar’srevenueofRMB779/943/1217mnin
2022-2024,indicatingyoygrowthof29.1%/21%/29.1%andGPMof41.6%/39%/38.7%.
Weinitiatewitha“Buy”rating.
◼Risks:shiftsofdownstreamdemand,largeamountofA/R,fluctuationofOCF,technology
upgrades.
PricePerformance
MarketData