Event: on the evening of April 22, 2022, the company released its 2021 annual report and its first quarterly report in 2022. In 2021, the company achieved revenue of 2.371 billion yuan, an increase of 0.86% over the same period last year, and a net profit of 272 million yuan, down 10.91% from the same period last year. In the first quarter of 2022, the company achieved revenue of 508 million yuan, down 7.82% from the same period last year, and net profit of 52 million yuan, down 6.29% from the same period last year.
With the continuous maturity of Mini LED technology, the company's products are expected to grow rapidly. According to Trendforce estimates, 2021 Mini LED TV TV shipments are expected to be 2.1 million units, in 2022 in addition to Samsung, TCL, many brands also launched Mini LED TV,2022 annual Mini LED TV shipments will challenge 4.5 million units.
We believe that in addition to TV, Mini LED in the tablet, laptop, display screen, car will usher in a new growth space. With the advantages of high color gamut, high brightness, high contrast, stable quality and performance, the company's Mini LED products in 2021 have been widely used in notebook, TV, VR and other fields, and have been well received by many key customers as the preferred supplier. According to the company's 2021 annual report, the company's Mini LED module manufacturing technology has been transformed. We believe that with the rapid growth of the company's Mini LED products, the company's technical strength and product competitiveness in the new display field will be enhanced in the future.
The overall layout of automotive products, outstanding business performance. With the increasingly obvious trend of automobile intelligence and electrification, automotive electronics accounts for an increasing proportion of vehicle manufacturing costs. according to Statista data cited by the official account IC, the global automotive electronics market is about $218 billion in 2020 and is expected to reach more than $400 billion by 2028, with a compound annual growth rate of about 8%. The company's automotive LED business has maintained strong development, the company's automotive two-color LED devices, automotive interior lighting LED devices, automotive multi-core ceramic packaging LED devices products have been released on the market, automotive narrow side light-emitting LED devices, automotive pixel display LED devices products are in the development stage. According to Display official account, global shipments of on-board displays will reach 127 million units in 2020 and grow to 140 million units in 2021. With the continuous decline in the cost of on-board displays, the global on-board displays will continue to grow strongly in the next few years, and is expected to reach 277 million units by 2025. The company's automotive backlight products have fully entered the global customer supply chain system, is currently the only mainland brand. The company's specification-level Mini LED direct display module is also widely used in new energy vehicles, and some projects have been mass-produced.
Profit forecast and investment rating. We estimate that the operating income of the company in 2022-2024 is 25.88 pound 2.972 billion yuan respectively, and the net profit of returning to the mother of the company in 2022-2024 is 3.20 pound 3.92 yuan / 458 million yuan respectively. The corresponding EPS in 2022-2024 is 0.24 pound 0.29 pound 0.34 yuan per share. Based on the PE valuation method, we give the company a valuation of 25-27X PE in 2022, and we believe that the reasonable value range of the company is 5.95-6.43 yuan per share, which is rated as "better than the market".
Risk tips: increased competition in the industry; Mini LED penetration is not as expected; the epidemic continues to worsen.
