Infield publishes its Triple report for 2021. In the first three quarters of 2021, the company achieved revenue of 1.07 billion yuan, an increase of 51.0% over the same period last year; net profit of 160 million yuan, up 114.3% over the same period last year; net profit of 130 million yuan, an increase of 84.1% over the same period last year; and a comprehensive gross profit margin of 33.6% and a net profit of 15.2% in the first three quarters.
Revenue in the third quarter was 405 million yuan, an increase of 36.6% over the same period last year, 3.5% month-on-month growth of 3.5%, an increase of 122.9%, an increase of 80.6%, an increase of 50.9%, a month-on-month increase of 50.9% and a month-on-month increase of 16.2%. The non-recurrent profit and loss includes 38.6 million yuan of changes in the fair value of financial assets. In the third quarter, the gross profit margin was 33.7%, and the profit level increased by 1.0% compared with the previous quarter. The rapid revenue growth in the first three quarters is mainly due to the continued strong downstream demand and the rapid growth of the company's sales orders.
With the continuous promotion of the legalization of industrial marijuana in the world and North America, plant lighting ushered in the opportunity for development. The process of legalization of marijuana in North America continues. In 2020, the legal marijuana market in the United States is nearly 18 billion US dollars (the largest market in the world), a year-on-year growth rate of at least 50%. It is expected that CAGR will be maintained at about 20% in the next 10 years, and the market space is expected to reach 100 billion US dollars by 2030. According to our estimates, the global demand for plant lighting LED lamps and lanterns will reach US $3.2 billion in 2021 and US $7 billion by 2026. In addition, with the improvement of LED light efficiency, continuous decline in cost, and domestic and local policy support for digital and modern agriculture, the future LED plant lighting scheme will play an important role in solving the impact of limited land resources and climate instability on agriculture and harvest stability.
In the second half of the year, raw material costs tend to be reasonable and stable, and leading manufacturers benefit from the outbreak of demand in emerging markets. The upstream driver chip market of LED driver power supply is dominated by foreign giants, and the cost has risen significantly due to the shortage of production capacity, and the fluctuation of raw material prices will gradually be reasonable and stable in the second half of the year. Infineter has early layout in the field of medium and high-power products and outstanding product advantages. in addition, it also has competitive advantages such as forward-looking layout in the field of plant lighting, global layout, product categories and global certification. As an industry leader, Infineter is most expected to benefit from revenue growth and profitability brought about by the outbreak of demand in emerging markets.
The charging of new energy vehicles brings new business growth points. The company's new energy vehicle power battery charging, replacement and storage products have launched a series of products, such as vehicle OBC, DCDC converter, power station charger, power battery equalizer and so on. The revenue of 2021H1 new energy related products is 17.303 million yuan, + 118.9% compared with the same period last year, accounting for 2.6% of the total revenue. As the company launched a series of high-speed model CDU products in the first half of the year and tested them in a number of mainframe factories, we believe that this part of the company's business is expected to start gradually this year.
Join hands with industrial chain enterprises to jointly layout plant lighting. Infineter teamed up with plant lighting solution provider Agrify (2021Q2 revenue 1183 million US dollars, yoy+203%,qoq+69%), four-dimensional ecology, extend the industrial chain, to create one-stop service. We estimate that in 2021-2023, the company will achieve income of 1,473 million yuan, net profit of 2.23 billion yuan, and net profit of 2.23 million yuan, maintaining "buy".
Rating.
Risk hint: lower-than-expected demand and intensified competition in the industry
