In 2021, revenue increased by 20.43% over the same period last year, and net profit increased by 18.43% compared with the same period last year. In 2021, the company achieved revenue of 2.02 billion yuan, an increase of 20.43% over the same period last year, and its net profit was 314 million yuan, an increase of 18.43% over the same period last year. The growth was mainly due to the steady increase in demand for automatic testing equipment products, of which semiconductor business accounted for a further increase.
Profitability remained robust in 2021, and expense rates increased during the period. In 2021, the company's gross profit margin / net profit margin was 53.04% and 15.54%, with a year-on-year change of + 4.99 pct, showing a significant increase in gross profit margin. In 2021, the company's sales expense rate / management expense rate / financial expense rate / R & D expense rate 8.36% 9.62% Accord 0.16% 17.46%, year-on-year change + 1.86 pm 0.62 pm 1.15 pct. The reason for the increase in R & D expenses is that the company has expanded its R & D team and increased share payment fees arising from the award of restricted shares to the incentive target for the first time in this period.
The traditional track remains in the lead, and the semiconductor testing and smart wearable assembly and testing business is cut into smoothly. The company is a leading provider of industrial automation test equipment and whole-line system solutions, providing customers with automated test equipment from the whole machine, system, module, SIP and chip process nodes. At present, the company's products are mainly used in LCD and OLED flat panel display and micro display, semiconductors, wearable devices, new energy vehicles and other industries. The company's business income from consumer electronics testing and automation equipment / semiconductor testing equipment in 2021 was 1.497 billion yuan respectively, an increase of 83.62% and 36.45% over the same period last year. In the panel testing industry, the company follows the iteration of display technology, the flat panel display testing technology is comprehensively upgraded to OLED screen, and the reserve of new generation display testing technology, such as MiniLED, Micro-LED and Micro-OLED, continues to upgrade, among which Micro-OLED series testing equipment won the end customer's first test line order during the reporting period, maintaining an industry-leading level in both technical and market dimensions. At the same time, with the semiconductor testing business, including testing machines, sorting machines, AOI defect testing equipment, including a number of standard equipment have entered mass production and Oliton mergers and acquisitions as an opportunity for the smooth entry of intelligent wearable assembly and testing business, has initially formed a good pattern of the development of the company supported by three main business plates: flat panel, semiconductor and smart wearable. In addition, as the new energy vehicle testing business has been successfully recognized by a number of new power new energy vehicle companies in the United States and China, it is expected to gradually develop into the fourth pole of the business to support the company's sustainable growth in the next few years.
Risk tips: customer breakthroughs fall short of expectations; new product expansion falls short of expectations.
Investment suggestion: taking into account the continuous breakthroughs in the company's new products and the continuous promotion of the localization of the industry, we estimate that the 2022-24 net profit of homing will be RMB 404, 525,000,000 yuan, corresponding to PE 26-20-16 times, for the first time covering the "Buy" rating.