The company returned to the growth curve, the transformation of a large number of orders to achieve results, to maintain the "buy" rating companies to achieve operating income of 6 billion yuan in 2021, YoY+37.3%, return to the parent net profit of 550 million yuan, YoY+25.7%. Among them, 2021Q4 achieved an operating income of 1.52 billion yuan in a single quarter, YoY+40.9%, made a net profit of 96 million yuan, and YoY+46.5%, had a single-quarter gross profit of 25.8%. QoQmuri 2.1 pct. The company has overcome the two difficult problems of changing its business strategy from technology-driven to cost-driven and direct sales customer reserve. The business situation has improved and returned to growth. We maintain the profit forecast for 2022-2023 and increase the profit forecast for 2024. It is estimated that the net profit of the company from 2022 to 2024 will be 8.5x10 million yuan and YoY+54.2%/22.0%/16.4%,EPS 1.1939 yuan. The current share price is 8.3 times PE, maintaining a "buy" rating.
The production process is continuously optimized, the reserve of large customers and large orders is enriched, the production process of the company is continuously optimized, the cost advantage of mass production of PCB products is created, the ERP system and intelligent flexible production line are established in cooperation with IBM and Oracle, and the orderly production of products is promoted through the formulation of production process scheduling tables and product batch control cards, thus the per capita production efficiency is improved, and the per capita income reaches 996000 yuan in 2021. YoY+24.3% . The company actively promotes capacity expansion and helps to take orders from major customers. With the release of Zhuhai Chongda Phase I production capacity (designed annual production capacity of 2.7 million square meters), the company's overall production capacity in 2021 will reach 582.9 million square meters, YoY+40.6%. The company has the advantages of the full range of hard board, soft board and IC carrier board layout, among which Pnowe produces IC carrier board products, which used to be mainly for MEMS sensor products, and is now rapidly expanding RF products for 5G applications. The company's customer base is becoming more and more abundant, which is expected to disperse the business risk.
The company announces the draft restricted stock incentive plan, and the high growth target indicates that the operation is moving towards a new stage. The company announces the restricted stock incentive plan and actively binds the core management interests. The number of restricted shares to be granted is 17.51 million, accounting for 2.0% of the total share capital on the date of the draft announcement, and 14.774 million shares are granted for the first time, including middle and senior managers of the company, core technical backbones, etc., and the price of restricted shares is 6.09 yuan per share. The company's equity incentive arrangement for the lifting of restricted shares is linked to the company's performance assessment, including benchmark growth rate and target growth rate. The benchmark growth rate target is based on 2021, and the net profit growth rate of 2023 / 2024 is not less than 60% and 16%, indicating that the operation will return to high growth.
Risk tips: raw material price increases erode costs, downstream demand is lower than expected, and PCB yield is lower than expected.