Overview of events
The company released the annual report of 2021 and the quarterly report of 2022. In 2021, the company realized business income of 781 million yuan / yoy+45.9%, net profit of 268 million yuan / yoy+51.06%;2022 in the first quarter of the year. The company realized operating income of 250 million yuan / yoy+42.21%, and net profit of 0.61 million yuan / yoy-3.95%.
Analysis and judgment:
The performance in 2021 is in line with expectations, and new business has become a new growth point. 1) from the perspective of business, in 2021, the company's precision welding assembly equipment income is 628 million yuan / yoy31.56%, gross profit margin is 54.61%, visual inspection process equipment income is 8781 yuan / yoy+413.55%, gross profit margin is 43.11%. The company's main products include FPC solder joint AOI visual inspection equipment, which is the preferred solder joint AOI inspection equipment for global intelligent wearable head enterprises. It shows that the visual equipment business of the company has expanded smoothly and has become a new growth point of the company. At the same time, the company achieved a breakthrough in semiconductor packaging equipment business, with revenue of 2.7965 million yuan for solid crystal bonding packaging equipment. 2) in 2021, the company's overall gross profit margin was 51.64% and deducted non-net profit margin was 27.94%, which decreased 1.52pct and 1.1pct respectively compared with 2020, mainly due to the slightly lower gross profit margin of the company's visual equipment income. 3) in 2021, the company's sales, management and R & D expenditure rates were 6.26%, 5.39% and 8.23%, respectively, and the R & D expenditure rate increased by 1.59pct.
Income increased significantly in the first quarter of 2022, and profits continued to grow steadily after excluding the impact of equity incentive fees.
1) the company's revenue in the first quarter of 2022 was 205 million yuan, a sharp increase of 42.21% over the same period last year, mainly due to the significant growth of the company's precision welding assembly equipment and visual inspection process equipment, with a gross profit margin of 53.54% and a net profit margin of 24.73%, respectively. 2) the company pays 13.282 million yuan for shares in the first quarter, excluding the influence of this factor, the company's net profit is 7194.61 million yuan / yoy+13.93%, deducting 6198.64 million yuan / yoy+32.36%.
The quality of the company is excellent, the strategic results of major customers are remarkable, and the business development in new areas is smooth. 1) the company has achieved remarkable results in ploughing front-line customers. According to the company's annual report, the FPC solder joint AOI visual inspection equipment provided by the company for global intelligent wearable head enterprises has become the first choice of solder joint AOI inspection equipment for customers. At the same time, with the deepening of cooperation with customers, the business has gradually expanded to other process equipment and automation equipment; 2) the company's new areas of business expansion is smooth: I. The company's high-speed precision dispensing equipment creates different application scenarios in camera modules, VCM, SiP and other industries, continuously optimizing and polishing hardware and software including key module dispensing valves; ii. Laser marking equipment continues to maintain the rapid development of PCB and FPC marking business in the field of SMT, as well as in semiconductor chips, power semiconductor devices and CCM.
Investment suggestion
We adjusted the profit forecast for 2022-23, the income in 2022-23 was adjusted from 10.56 and 1.338 billion yuan to 10.79 and 1.342 billion yuan, the revenue forecast for 2022-23 was increased by 1.677 billion yuan, and the net profit of homing in 2022-23 was adjusted from 3.79 and 482 million yuan to 3.49 and 449 million yuan. increase the forecast for 2024 by 577 million yuan In 2022-23, EPS was adjusted from 1.99,2.52 yuan to 1.83,2.35 yuan respectively, with a forecast of 3.02 yuan in 2024, corresponding to the closing price of 25.9 yuan per share on April 29, 2022. The PE in 2022-24 was 14,11,9 times respectively, maintaining the "buy" rating.
Risk Tips:
The prosperity of 3C industry is not as good as expected; Apple Inc's product innovation and capital expenditure are not as expected; the company's order share is not as expected.