Forerunner of 3D machine vision inspection, Q1 revenue increased by 24.13% in 2022 compared with the same period last year.
According to the company's first-quarter results report in 2022, Q1 realized operating income of 141 million yuan in 2022, an increase of 24.13% over the same period last year, a net profit of 23 million yuan, a decrease of 9.15%, and a deduction of 21 million yuan in non-net profit, down 11.01% from the same period last year. Excluding the impact of share payment fees, the net profit belonging to shareholders of listed companies was 31 million yuan, an increase of 23.18% over the same period last year. In view of the impact of the epidemic and the pressure on the price of raw materials upstream, we slightly downgrade our profit forecast for 2022-2024. the estimated net profit for 2022-2024 is 1.28 (- 3.0%), 1.87 (- 3.1) and 2.5 (- 3.0) million yuan respectively, corresponding to an EPS of 0.79 (- 2.5%) / 1.15 (- 3.4) / 1.54 (- 3.1) yuan per share in 2022-2024. The current share price is 15.9 times of 31.1 PE 21.3 pound, maintaining a "buy" rating taking into account the high growth space of 3D machine vision equipment.
Operating cash flow has been improved and high R & D investment has been developed for a long time.
The company's Q1 prepaid account in 2022 was 17 million yuan, an increase of 56.96% compared with the end of 2021, mainly due to prepaid supplier payments and other receivables of 39 million yuan, an increase of 100.35% compared with the end of 2021, mainly for the payment of bid deposit. Under the background of the low performance cycle in the first quarter, the company's production and operation in the first quarter of 2022 advanced in an orderly manner. At the same time, the net cash flow generated by the company's Q1 operating activities in 2022 was 9 million yuan, an increase of 181.98% over the same period last year, mainly due to more payment recovery and tax refund in the current period than in the same period in 2021. The annual R & D cost of the company's 2022Q1 was 12 million yuan, an increase of 96.00% over the same period last year, mainly due to the increase in R & D projects and labor costs compared with the same period in 2021, and the increase in employee share-holding payment fees compared with the same period in 2021. The company's high R & D investment can continuously consolidate the technological moat of 3D AOI, 3D SPI and other products, which will help the company to rapidly expand its business scale and market share.
New areas such as Mini LED are steadily expanding, and are expected to contribute to new increments in performance.
The company's new industry application focus on the layout of Mini LED, semiconductor two major business plates, Mini LED AOI, the company Mini LED AOI can achieve Mini LED backlight process in a number of processes in the product appearance defect detection, has been bulk supply, Mini LED market space and rapid development, is expected to create a new business growth point for the company. In terms of semiconductors, some model products of the company's semiconductor industry AOI have been delivered to customers. With the continuous progress of the research and development process, the related new products in the semiconductor field are worth looking forward to.
Risk hint: the promotion of new products is not as expected and the impact of the epidemic is intensified.