Large typesetting scheme and high-speed standards traction new production line construction, speed up market development, maintain "buy" rating companies to release 2021 annual report and 2022 quarterly report, achieve operating income of 4.44 billion yuan, YoY+52.4%, return net profit of 490 million yuan, YoY+40.4%. 2022Q1 realized operating income of 1.06 billion yuan, YoY+18.6%, return net profit of 150 million yuan, YoY+37.3%, deducted non-return net profit of 110 million yuan, YoY+6.3%. We downgrade the profit forecast for 2022-2023 and add the profit forecast for 2024. The estimated net profit of the company is 6.7max 8.8 (the previous value is 7.4pm 9.0) / 1.06 billion yuan, and the EPS is 4.1max 5.5 (the previous value is 4.7pm) / 6.60.The current stock price corresponds to 15.8ppm 12.0pm 10.0 times, considering the orderly pace of the company's production capacity. Specialization is expected to further improve production efficiency, yield and quasi-delivery rate, and maintain the "buy" rating.
Seven specialized factories continue to optimize production efficiency and optimize production efficiency to hedge against rising raw material prices. Due to the impact of rising copper clad laminate costs and the adjustment of transportation cost accounting, the gross profit margin fell to 22.3% in 2021 compared with the same period last year. Relying on production capacity optimization, the management expense rate was reduced to 2.5%, and the net interest rate was 11.1% and 1.1 pct, respectively. It is expected that the company's production capacity will increase steadily in 2022. At present, it has formed three major production bases in Huizhou, Yiyang and Zhaoqing, with a total production capacity of more than 1.7 million square meters per month in seven specialized factories. In the part of new production capacity, A8 plant has been put into mass production for new energy, NB and PC products. A9 factory specializes in producing MiniLED products, has completed the main construction and entered the trial production stage. In the original A1-A3 factory, the A3 is planned to be upgraded for automotive electronics. In 2021, the per capita income of the company is 890000 yuan. With the company's large typesetting and high-speed standard construction of a new production line, the per capita output value of YoY+41.3%, is expected to increase to 25-3 million yuan.
Broaden the coverage of PCB terminal application products, join hands with upstream South Asia new materials to strengthen the linkage company's past products are mainly consumer electronics, with the cost advantage in the existing market to achieve stable growth, with the scale expansion, the company to strengthen sales expansion, increase the coverage of the end market, cut into servers, automotive electronics products. At the same time, the company disclosed that it had signed a strategic cooperation agreement with South Asia New Materials, which was valid for three years, and the annual planned purchase increased by no less than 30% over the previous year. Active cooperation between the company and the upper reaches of the industrial chain is conducive to the stability of the raw material supply chain. The cooperation of domestic manufacturers will further give full play to the advantages of product performance and cost, unite and drain each other in the process of customer certification, and promote the mainland PCB industry to continue to replace overseas.
Risk tips: rising raw material prices, lower-than-expected downstream demand, and lower-than-expected efficiency improvement in new factories