Performance summary: 1) the company realized revenue of 290 million yuan (+ 1.0%) in 2020, net profit of 59.84 million yuan (- 24.2%), and non-return net profit of 50.86 million yuan (- 26.5%). In the fourth quarter of 2020, the company achieved revenue of 100 million (+ 8.3%), net profit of 16.25 million yuan (- 36.1%), and net profit of 10.39 million yuan (- 46.2%). 2) in the first quarter of 2021, the company realized revenue of 61.16 million yuan (+ 45.5%), net profit of 11.58 million yuan (+ 45.2%), and non-return net profit of 10.26 million yuan (+ 69.8%).
Us tariffs and R & D investment are the main factors affecting the company's profitability during the reporting period. During the reporting period, the company still achieved healthy revenue growth, but profitability declined. The annual US tariff impact of the company in 2020 is 1.708 million US dollars, which is the main factor affecting the gross profit margin, most of which are included in the cost of Q4 in 2020, which is also the main reason for the sharp decline in Q4 performance. In addition, the company continued to increase R & D investment in 2020, accounting for 25.2% of R & D expenditure and 15.2% of R & D expenditure; the company made a large-scale reserve of technical personnel in the context of the epidemic, and the number of technical personnel reached 166, accounting for 41.5%.
Hard practice internal skills, ushered in the new product year. In recent years, the company has made great efforts to straighten out the process and strategy, improve the organizational structure and operational efficiency, strengthen the shortcomings in management, promote the platform and systematization of R & D, shorten the development time of new products by about 30%, and realize the overall digitization of marketing and production. 2021 is the year of the company's new products, which will launch six blockbuster new products, and two of the three new products launched in the first half of the year are top products leading their foreign counterparts.
The MEMS sensor project is coming to an end. At present, the company is working with the technical side to do the final version of the pressure sensor solution, we expect that this year Q4 company sensor core will form a small batch shipment, loaded on the company's high-end pressure products. It is expected that the company's first MEMS sensor production line in Yanqing base is expected to be put into use next year, forming mass production, mainly for the company's pressure products for their own use. The follow-up company still has two production lines planned, mainly for the company's pressure transmitter business application, part of the surplus capacity for external supply.
Profit forecast and investment advice. We estimate that the company's return net profit from 2021 to 2023 will be 78.01 million yuan / 90.84 million yuan / 110 million yuan respectively, corresponding to the times of PE in 35-30-26. We are optimistic about the improvement of the development ceiling brought about by the certainty of the company's future main business development and the deepening of the industrial chain, and maintain the "buy" rating.
Risk hint: the progress of the MEMS sensor IDM project is not as expected, the company's new product launch is not as expected, market competition intensifies, exchange rate fluctuations.