Net profit in 2021 rose 37.33% to 227 million yuan compared with the same period last year, and 4Q21 revenue reached a single-quarter high.
The company announced that KuaiBao achieved a 21-year revenue of 1.752 billion yuan (YoY: 35.88%), a net profit of 227 million yuan (YoY: 37.33%) and a net profit of 210 million yuan (YoY: 45.43%). Corresponding to 4Q21 revenue of 539 million yuan (YoY: 52.1%, QoQ: 19.2%), return to the mother net profit of 57.42 million yuan (YoY: 22.5%, QoQ:-7.4%), of which 4Q21 revenue reached a record high for a single quarter. The high growth of the company's performance benefits from: 1) deep digging and incremental customer development of existing customers; 2) the company's production expansion projects have been put into production one after another; 3) under the background of "out of stock and rising prices" of electronic materials, the company cooperates with customers to adjust order demand and formulate material preparation strategies. at the same time, actively promote the certification of alternative materials, so as to reduce costs and increase efficiency and ensure stable profitability.
The company's production expansion projects have been put into production one after another, and the order-taking capacity has been further enhanced. From the perspective of production capacity, the company's "high-end electronic manufacturing expansion project" has been put into production one after another in 2021, and all of it has been put into production at the end of the year. In addition, according to the announcement, the first phase of the second phase of the company's plant has a total of 53,000 square meters, which is expected to be put into use in the first half of 2022. The company has previously made changes to the overall plant and logistics planning to build an intelligent logistics system in accordance with the German Industrial 4.0 standard. The aim is to further improve internal logistics efficiency and reduce manufacturing costs. At the same time, the infrastructure of the second phase of the company's second-phase plant (about 120,000 square meters) is also under planning and design. According to the announcement, after the company's second-phase plant (about 170,000 square meters) is fully put into use, the total output value of the company's first-phase + second-phase plant is expected to reach 10 billion yuan.
The company's differentiation strategic positioning advantage is highlighted, and the intelligent manufacturing supports the company's steady growth. The company's business is oriented to automotive, industrial control, medical electronics and other fields, along with the market expansion driven by the upgrading of domestic consumption, which has previously accelerated the localization of the niche market at the higher end of the domestic 3C supply chain. for the company's differentiated strategic positioning to create an excellent foundation for development. In the past 21 years, the company has more than 270customers (58 new customers compared with the same period last year), producing more than 5000 products and more than 60000 raw materials; the company's self-developed supply chain management system helps the company achieve accurate control of the whole process. at the same time, the intelligent manufacturing plant built in accordance with the German Industrial 4.0 standard will help the company achieve the target of 50-70 new customers per year.
Investment advice: target price 37.58-39.46 yuan, maintain the "buy" rating.
As the "electronic +" trend gradually broadens the downstream space of the electronics industry, and at the same time, the niche markets such as automobiles, industrial control and medical equipment begin to accelerate localization, we are optimistic that the company will emerge as a new force in the EMS industry through the differentiation strategy of boutique customers and orders. We estimate that the return net profit of the company in 2022 and 2023 is 3.03yuan and 389 million yuan, corresponding to PE 17.0,13.2 times respectively. With reference to the PE valuation of 19.88 times the average consensus expected value of the company's Wind in 2022, we give the company 20-21 times the expected PE in 2022, corresponding to a target price of 37.58-39.46 yuan, maintaining a "buy" rating.
Risk tips: demand is not as expected; capacity release is not as expected; customer development is not as expected.
