[matters]
The company issued a forecast for 2021 results, predicting revenue of 38.50 to 3.95 billion yuan in 2021, an increase of 32.52% to 35.96% over the same period last year, and net profit of 1.59 to 206 million yuan for the whole year, a decrease of 56.03% to 66.06% over the same period last year, and an increase of 27.43% to 79.90% over the same period last year, corresponding to 2021Q4 revenue of 11.17 to 1.217 billion yuan in a single quarter. Year-on-year growth of 33.25% to 45.17%, month-on-month change of-0.09% to 8.86%, net profit of 0.55% to 102 million yuan, an increase of 64.17% to 205.22%, and month-on-month change of-27.86% to 34.13%.
[comments]
The company's business started from consumer electronics and gradually expanded horizontally in the fields of new energy vehicles and 5G communications, upgrading from a single-category parts supplier to a multi-business collaborative platform company. In 2021, the company continues to enhance the competitiveness of products in the fields of new energy vehicles, smart phones, PC, tablet computers, VR/AR, smart homes, etc., actively develop new business, and continue to expand its business scale.
The consumer electronics business benefits from the continuous improvement of 5G penetration and the company's good relationship with customers at home and abroad. At the same time, the company is active in the field of VR/AR, has supplied OculusQuest2 for VR products in mass production, will also provide more products for the next generation of Oculus, and is cooperating with North American A customers to develop new AR products. Under the opportunity of VR/AR industry product upgrading and ecological improvement, Statista expects global VR/AR equipment shipments to exceed 10 million to 14.19 million units in 2022, an increase of 43.91% over the same period last year. The company is expected to continue to benefit from the growth of VR/AR equipment shipments.
In the field of new energy vehicles, the company has established in-depth cooperation with international well-known new energy vehicle manufacturers to provide customers with diversified products including precision functional devices, modules and so on. While strengthening the existing business, the company will further develop other parts and components business, including supporting high-voltage cable assemblies, automotive battery cover plates and so on. The company's forward-looking layout of power battery wireless charging equipment, including vehicle wireless charging receiver, ground transmitter, power control device, etc., has been granted WiTricity wireless charging technology patent and mastered high-power wireless charging electromagnetic coupling coil design, tuning circuit design and other core technologies. During the year, it has determined the pinnacle project in the domestic high-end new energy vehicle brand to provide 7kW wireless charging products. At the same time, the company started research and development in the field of hydrogen fuel cells, focusing on metal bipolar plates, membrane electrodes and so on. In the context of global carbon neutrality, energy saving and emission reduction, the development trend of new energy vehicles is determined. It is expected that the company's new energy vehicles will grow rapidly, and the proportion of business revenue will continue to increase, driving long-term business development.
[investment advice]
It is estimated that the company's revenue from 2021 to 2023 will be 38.88,48.41,6.41 billion yuan respectively, the net profit will be 1.83,3.85,518 million yuan respectively, the EPS will be 0.30,0.62,0.84 yuan per share respectively, and the pre-PE will be 42,20,15 times respectively.
[risk Tip]
Downstream market demand is lower than expected
Rising upstream costs put pressure on the company's profitability
Sharp fluctuations in the exchange rate have an impact on profits