This report is read as follows:
The company's 2021 results are in line with expectations, and 22Q1 profits guide strong growth. Its new energy vehicle business is deeply bound to big customers and will accelerate its volume in the future. The volume and price of mobile phone and XR material number have risen together, and the release of new products has led to the release of the company's performance.
Main points of investment:
Maintain the "overweight" rating and lower the target price to 18.50 yuan. Maintain its 2022 EPS of 0.74 PE in 2023 and estimate EPS of 1.33 in 2024. Due to the current industry average valuation level has moved down, the company is given a 25-fold PE in 2022, lowering the target price to 18.50 yuan.
The company's 2021 results are in line with expectations, with 22Q1 guiding strong growth. Its 2021 revenue 3.884 billion yuan YOY+33.68%, return net profit 199 million yuan YOY-57.50%, deducted non-net profit 94.64 million yuan, + 41.88% year on year. 2022Q1 expects its net profit to reach 0.75-100 million yuan, an increase of 1567.11%-2122.81% over the same period last year, and a net profit of 0.7-95 million yuan after deducting non-profit, an increase of 4279.10%-5771.64% over the same period last year, mainly due to the continuous growth of its orders in various fields and the continuous increase in the revenue share of the new energy vehicle business.
The growth of new energy business is strong and the volume will be accelerated in the future. In 2021, the company's new energy business revenue reached 900 million yuan, a year-on-year increase of 90%, with a gross profit margin of 32.64% (year-on-year + 6.19 pct). It is deeply involved in the mass production and development of T customers' various products (charging pile, Model S/X/3/Y, electric pickup, etc.), including power integrated chip / high voltage wire harness Busbar, etc., with a bicycle value of about 2000 yuan. With the growth of T customer shipments, the future income elasticity is considerable. In addition, it has in-depth cooperation with Bosch in auto parts and other fields, and is expected to increase volume one after another.
The high-value material number of mobile phone continues to break through, and the stand-alone ASP of XR has increased several times. Thanks to product upgrades and share breakthroughs, the company continues to improve the quantity and price in the heat dissipation shielding parts of A customers' mobile phones.
In M customer VR, the next generation of product stand-alone ASP is expected to grow by 230% + and actively enter the A customer MR supply chain, along with the new product release, the company's performance will also accelerate the release.
Risk hint. The risk of worsening the epidemic; sharp fluctuations in the price of raw materials.