[matters]
Recently, the company issued a forecast for 2021 results, showing an annual net profit of 420-460 million yuan, an increase of 62.79 percent over the same period last year, corresponding to a net profit of 0.93-133 million yuan in the fourth quarter of 2021, an increase of 7.25 percent, 53.19 percent, and a month-on-month increase of 14.79 percent, 63.97 percent.
[comments]
After years of intensive cultivation, the company has become a leading enterprise in the industry, reaching strategic cooperation with a number of global terminal brand manufacturers, head panel manufacturers and ODM manufacturers, and the market share has increased year by year. With the continuous improvement of business volume in 2021, the company has achieved two-way sustained growth of revenue and profitability.
With the continuous promotion of the intelligent factory, the overall production efficiency and product yield continue to improve, the unit cost of products is reduced and the comprehensive efficiency is improved, which leads to the enhancement of the company's overall profitability.
In terms of display touch business, while realizing the steady growth of mobile phone products, the company's expanded OLED smart wear and medium and large size touch display integrated module high-end production line is becoming more and more mature, further enhancing the company's advantages in economies of scale and technological innovation, enhancing the company's core competitiveness and bringing new profit growth points.
In terms of optical camera business, on the basis of existing customers, the company continues to open up the market, continue to cultivate the field of intelligent terminals, strengthen cooperation with major brand terminals, and on the other hand, further enrich the field of product applications. continue to expand the market outside mobile phones, the camera module has become a leading domestic brand of drones and a global supplier of tablet computers, driving the continuous growth of performance.
The company has cooperated with ASE Technology Holding Co., Ltd. (Kunshan) to carry out the "Chip Advanced closed Test (Gold Bump) full process package and Test Project". The two sides give full play to their respective advantages and jointly invest in the construction of the production line, with a current production capacity of 20000 pieces per month. The cooperative project expands the upstream display driver IC and CIS chip business in the company's supply chain and will form a strong synergy with the existing module business. While ensuring the supply of chips, it can effectively reduce procurement costs and improve the company's core competitiveness and overall profitability.
[investment advice]
It is estimated that the company's revenue from 2021 to 2023 will be 126.95, 146.94 and 16.734 billion respectively, the net profit will be 4.49,5.47 and 679 million respectively, the EPS will be 1.92,2.33,2.90 yuan per share respectively, and the corresponding PE will be 14,11,9 times respectively.
[risk Tip]
The company's new business expansion fell short of expectations.
Demand in the consumer electronics market continues to be weak, and competition in the industry intensifies.
The tense situation of semiconductor supply chain continues
The sharp fluctuation of exchange rate has a certain impact on the production and operation of the company.
