With a high-quality customer base of elastic metal precision parts experts. The company focuses on the R & D, manufacturing and sales of precision metal parts, which are mainly used in consumer electronics, automotive, power tools and other industries. The company has comprehensive processing technology, has a high-quality customer group, and has a number of unique contributions to Apple Inc Company. The automotive industry has long supplied skylight metal components to leading manufacturers such as Weibaster, and has successfully developed new energy power battery products. In 2018, the company acquired strong core technology, set foot in the business of diamond wire busbar, and actively developed photovoltaic printing screen, which is expected to form a domestic substitute. In 2021, the company's revenue is 700 million yuan (YoY 41%), of which consumer electronics income is 400 million yuan (YoY 54%), accounting for 53%; automobile income is 200 million (YoY12%), accounting for 22%; power tools revenue is 90 million (YoY 39%), accounting for 13%; Kumgang busbar revenue is 60 million (YoY 71%), accounting for 9%; parent net interest rate is 16.8%, asset-liability ratio is 23.71%.
Some of the 3C business products are exclusively for Apple Inc, and the wearable terminals build a new 3C growth pole. Consumer electronics head manufacturers have laid out wearable terminals such as smartwatches and TWS headphones to build a new brand ecology, with a market growth rate of more than 14% in 21 years. In 2021, Apple Inc has the first market share in smartwatch and TWS headphones, accounting for 50.5% and 29.4% respectively, and the unit price is leading, providing a broad growth space for the company. Many of the company's products, including precision special-shaped snap springs and memory alloy headphone wires, supply Apple Inc alone, and gradually get more material numbers, for example, in noise reduction Bluetooth headphones, from the initial supply of only S springs to the provision of four zero components in 21 years. At present, the company's Type-C parts and acoustic screen research and development are also being promoted in an orderly manner.
Car skylights are intelligent and lightweight to provide new requirements for precision components, and new energy vehicle products are developed smoothly.
The downstream of the company's automotive products include the global car skylight leader Weibaster, Inafa, etc., and the skylight market is expected to grow by 10% CAGR to US $40 billion in 2025. In terms of new energy vehicles, the company has won the bid for BYD door locks, antennas, new energy vehicle pistons, temperature sensor turning parts and so on. In terms of power batteries, the company has won an order of 50 million copper bars for batteries from a head car factory and is expected to ship in the second half of 22 years.
Diamond wire busbar business to cultivate new growth points, the screen is about to fall to the ground. Photovoltaic industry as a strategic sunrise industry with international competitive advantage, China's new photovoltaic installed capacity 54.9GW in 2021, a year-on-year growth rate of 40%, ranking first in the world. Qiangxin Technology, a subsidiary of the company, is one of the main bus suppliers in China, with 21-year revenue of 62 million (YoY 70.64%). In addition, the company's photovoltaic printing screen has achieved 11um stainless steel wire drawing, reaching the global mainstream level, which is expected to break the monopoly of Switzerland and Japan, and sample trial production and sample delivery are expected to begin in the second half of this year.
Profit forecast, valuation and investment advice: we expect the company's revenue to increase by 28.5%, 53.3%, 30.3% to 9.3, 14.3 and 1.86 billion yuan in 22-24 year-on-year, and its net profit to increase by 50.8%, 66.1% and 31.1% to 1.8,3.1 and 400 million yuan per share, corresponding to the target price of 33.4434.50 yuan per share.
Rating.
Risk tips: new product development is not as expected; demand is not as expected; industry competition is intensified, and so on.