Events:
In 2021, the company achieved operating income of 428 million yuan, an increase of 22.03% over the same period last year, and a net profit of 122 million yuan, an increase of 19.66% over the same period last year.
Main points of investment:
The expansion of downstream application areas leads to performance growth. FPC electrical signal testing is widely used downstream, and at present, it is mainly concentrated in the consumer electronics field. The original test demand is mainly for mobile phones and tablets in consumer electronics. With the rapid growth of shipments of wearable devices such as smartwatches, the testing demand has increased, driving the company's test fixture revenue to increase by 55% year-on-year and total revenue by 22.03%.
Research and development expenses have increased by nearly 60% over the same period last year, and phased progress has been made in many fields. In 2021, the company's R & D expenditure was 87.427 million yuan, an increase of 57.25% over the same period last year, accounting for 20.45% of the operating income.
In the research project, the whole process solution of FPCA (bend-ICT/FCT test-visual appearance defect test) has been recognized by mainstream customers in the industry and is in the market promotion stage; Socket module sample indicators are qualified and small batch orders have been obtained; SiP chip automatic testing and sorting equipment is in the technical scheme verification stage; HDI board, IC board automatic test equipment and vehicle FPC test equipment are in the technical research and development stage.
Build a second headquarters to increase production capacity. The company plans to invest 392 million yuan to build the second national headquarters base in Hangzhou, covering an area of 40 mu, the service scope will cover East and Central China, make full use of the advantages of advanced equipment manufacturing industry clusters in the Yangtze River Delta region, and improve the layout of the industrial chain. increase the company's production capacity.
Profit forecast and investment rating we believe that the company has been deeply engaged in FPC testing for many years, with leading technical capabilities and high customer resources, and the accelerated landing of research projects is expected to bring new performance growth points; after the completion of the second headquarters base in the future, the production capacity will be significantly increased, and the company will continue to consolidate its leading position in the field of FPC testing. It is estimated that the net profit of 2022Company2023Company2024 will be 1.49412.230 million yuan respectively, corresponding to the PE of 19-16-12, which will be covered for the first time and given a "buy" rating.
The risk indicates that the growth rate of automated test equipment is not as expected; the progress of research and development is not as expected; the progress of capacity improvement is not as expected; the progress of business development in new areas is not as expected; the risk of gross profit margin decline.
