Company 2021Q4 profit ushered in a beautiful reversal, product structure optimization is expected to maintain the "buy" rating company released the 2021 annual report, achieving operating income of 3.65 billion yuan, YoY+0.38%, home net profit of 260 million yuan, YoY-39.8%, of which 2021Q4 single-quarter operating income of 980 million yuan, YoY+19.1%, home net profit of 82 million yuan, YoY+76.5%. Taking into account the company's capacity climbing and product structure adjustment, we downgrade the 2022-2023 profit forecast and add the 2024 profit forecast. It is estimated that the return net profit of 2022-2024 will be 3.9pm (the previous value is 5.6x6.9) / 510 million yuan, EPS is 0.46pm 0.56pm 0.61 yuan, and the current stock price corresponds to 24.1x201pm 18.4 times PE. The company maintains a competitive advantage in the middle and high-end market. The server iterates and lays out the automotive electronic products, the product structure is continuously optimized, and the "buy" rating is maintained.
2021Q4 Dongcheng plant capacity release superimposed product structure adjustment, profitability greatly improved the company is going through the stage of product structure adjustment, from the base station product-based communication equipment board to the server-based network equipment board, due to the reduction of communication equipment board product specifications and industry competition intensified, profitability fell to a certain extent, the company actively introduced servers and automotive electronics customers, optimize product structure In 2021, the company sold 117.4 million square meters of PCB, the average unit price of YoY+44.7%, was 2994 yuan per square meter, and the gross profit margin of YoY-32.3%, was 17.5%. 2021Q4 Company reduced its cost and increased efficiency significantly, with a single-quarter gross profit of 21.8% and a profit of 4.5 pct/YoY+1.3 pct, showing an inflection point. The second phase of the company's Ji'an Shengyi Phase I and the fourth phase of the Dongcheng plant have entered the release period, which is expected to match customer orders to contribute revenue.
The PCB technology card position advantage is remarkable, the server, the automobile PCB product accumulates abruptly the communication domain to the PCB technology and the stability request is high, the company insists on the competitive advantage, revolves around the global market expansion and the domestic substitution, maintains the share in the main client. In the server field, the industry will benefit from the domestic "East and West" project and speed up. In 2021, the x86 server Whitley platform will enter the delivery period and gradually switch to the next generation EagleStream platform, the company will cooperate with customers for high-end server product development, through a number of customer certification, the server plate PCB will drive the company's revenue side and profit end to usher in an inflection point. In the automotive field, the company entered the market with high-end technology and highly reliable production experience, accounting for 8% of revenue in 2021.
Risk tips: the company's Dongcheng and Jian plant capacity adjustment is lower than expected, core network type PCB customers are less than expected, upstream raw material CCL price increases erode profits, server shipments are less than expected