Event: the company released its 2021 annual report and 2022Q1 quarterly report. 2021 the company's revenue is 1.92 billion yuan, the net profit of yoy+36%; is 120 million yuan, the gross profit of yoy-13%; is about 22%, and the net profit is about 6%. The revenue of 2022Q1 company is 520 million yuan, the net profit of yoy+35%; is 40 million yuan, the gross profit of yoy+15%; is about 20%, and the net profit is about 8%. The company benefits from the localization opportunities brought by the rise of downstream Chinese panel factories, while the rapid penetration of MiniLED and quantum dot technology greatly boosts the demand for high-end membrane; the company's production capacity, technology and investment are fully distributed to boost revenue growth! 21Q4 gross profit margin 19.35%, year-on-year-6.8ptscape 22Q1 gross profit margin 19.65%, year-on-year-6.6pt, month-on-month + 0.3pt, month-on-month stabilized. Since 21Q3, the pressure on profit margin is mainly due to the rising cost of raw materials.
The high-end optical film expands quickly, and the new growth engine performs strongly. 2021 the revenue of optical thin film is 1.32 billion yuan, accounting for + 68% and 22% of the total revenue. Among them, the revenue of high-end display films such as quantum dot film and composite film is 620 million yuan, that of yoy+85%; brightening film is 440 million yuan, and that of yoy-12%; diffusion film is 260 million yuan, which is + 7% compared with the same period last year.
In 2021, many terminal manufacturers worked together to promote the commercialization of Mini LED display, and the outbreak of downstream demand led to the continuous growth of high-end optical film demand. The company actively promotes composite films to replace brightening films and diffusion films, and will continue to improve the production capacity and revenue share of high-end optical films such as composite films and quantum dot films, and optimize profitability.
Photovoltaic backplane growth, benefiting from the policy support of the high boom. In 2021, the revenue of solar backplane was 520 million yuan, accounting for 27%, accounting for 27%. The high increase in revenue is mainly due to the country's efforts to develop the clean photovoltaic industry, and the market is prosperous and full of orders. The company has achieved delivery to a number of component industry leaders, increasing the share of customer P-type and TOPCon component products, TPO, transparent backplane and other new products in Jingke, Longji and other places of mass production delivery. In addition, the company will increase the investment funds in place, POE packaging film production capacity construction is smooth.
Invest in multi-point layout & new products continue to incubate to support long-term development, and the functional membrane platform is growing day by day! 2021 the company's window film revenue has increased by 8.09% and has been mass-produced in two new energy models; OCA optical glue has been mass-produced on a small scale; the company will continue to develop small-size optical films to promote domestic substitution. In addition, the company's new MiniLED fluorescent film has been a small batch of trial production, uniform film test, after the test will fill the domestic gap. The company will expand its new products horizontally based on the core coating technology and continue to promote the expansion of the functional film platform. In 2021, the company will increase the production line of solar packaging film, and the vertical layout will enhance the competitiveness of photovoltaic module accessories.
Profit forecast and investment advice: we expect the company to have a 2022-2024 revenue of 27.33x368900,796 million; a net profit of 250,000,000; and a "buy" rating corresponding to PE16.6/10.3/7.3x.
Risk hint: the penetration of emerging display technology is not as expected, and the risk of raw material cost fluctuation