The merger of Mutailai has achieved remarkable results. 2021Q3 achieved quarter-on-quarter growth in the three quarters of 2021, with operating income of 1.96 billion yuan and YoY+33.3%, 's net profit of 180 million yuan, of which 2021Q3's quarterly income was 720 million yuan and YoY+24.2%, 's net profit was 63 million yuan, YoY+36.0%. Taking into account the significant integration effect of the company and the continued increase in profitability, we raised the company's operating income for 2021-2023 to 30.4 trillion RMB 40.9max 5.17 billion (the previous value was 25.2.98 trillion RMB), and the homing net profit was 2.43.5 trillion RMB (the previous value was 1.7 million 2.40 billion RMB), and the net profit of YoY+99.0%/44.8%/26.9% was 2.435 million RMB (the previous value was 31.0 million RMB), and the net profit at home was 2.435 million yuan (the previous value was 1.74 trillion yuan). EPS is 1.02 FPC 1.87 yuan, and the current share price corresponds to 18.6 Universe 12.8 PE 10.1 times. Considering that the company is currently in the process of improving the operation of the acquisition of Mutailai, the acquisition of Sumitomo FPC business will complement the company's existing product line and maintain its "buy" rating.
The advantage of integration is outstanding, and the net interest rate in a single quarter is rising against the trend.
Due to the increase in the cost of copper clad laminate, the overall gross profit margin of 2021Q3 decreased from 24.2% of 2021Q2 to 20.9% of 2021Q3 QoQmuri 1.3 pct. The company has outstanding integration advantages, and the downward rate of management expenses has pushed the net profit rate of 2021Q3 by 0.17 pct higher than that of the reverse trend. The company has gradually formed an one-stop business model of R & D + small batch + medium batch + SMT mounting + finished product assembly. Mutailai itself has a good technical precipitation. The company is expected to actively integrate the model and small batch board business of Shenzhen Mutailai and Changsha Mutailai. In terms of capacity manufacturing, the company chooses Mutailai factory as the automatic manufacturing template and copies the mature modules to other factories. The overall competitive strength will be enhanced.
Multi-product line to develop customers, the application field extends to communications and other business companies to develop communications, security, automotive electronics, industrial control and other businesses, expand Boda communications, fluorite network, Xinhua three, Kaishida and other customers, provide communications, servers, cameras and other circuit board products. In terms of high multi-layer circuit boards, Mutailai developed 108-layer high multi-layer circuit boards. In addition, the company's products are becoming diversified, with the layout of high-frequency / high-speed boards, arbitrary interconnection of RFPC/HDI and IC test boards, and the proposed acquisition of Sumitomo Electric FPC assets to complete the last jigsaw puzzle, or it will become one of the manufacturers with the most complete types of products, customers and orders.
Risk hints: rising prices of upstream raw materials lead to pressure on profits, lower-than-expected operation integration of Mutailai, weakening demand for PCB, and uncertainty in the acquisition of Sumitomo Electrical FPC business.