Event: in the first half of 2021, the company achieved operating income of 3.255 billion yuan, an increase of 4.66% over the same period last year, and its mother's net profit was 467 million yuan, down 4.92% from the same period last year.
Main points of investment
To consolidate the advantages of the whole industry chain, profitability is expected to be further improved: 2021H1, the company's operating income is 3.255 billion yuan, yoy+4.66%, 's net profit is 467 million yuan, yoy-4.92%,2021Q2 's operating income is 1.701 billion yuan, yoy-3.41%,qoq+9.46%, 's net profit is 236 million yuan, yoy-21.06%,qoq+1.76%. 2021Q2, the company's gross profit margin is 26.82%, the company's gross profit is 2.12pct, the qoqmarker is 0.8pct, the period rate is 10.16%, the period rate is 2.07pct, the sales net profit is 14.14%, the sales net profit is 14.14%, and the sales net profit is 3.1pct, qoqlic 1.1pct, and the period rate is 10.16%, and the period fee is 2.07pct, and the sales net profit is 14.14%. The company continues to consolidate the advantages of the whole industry chain, especially in the vehicle and thinning sections to deepen the layout, promote fine management and large-scale production, the company's performance and profitability are expected to be further improved in the future.
The layout of automotive electronics business is comprehensive, and it is expected to contribute to sustained growth in the future: the company's automotive electronic business covers key components such as vehicle Sensor and vehicle touch modules, as well as integrated module packaging services such as dashboard modules, rearview mirror modules and central control screen modules, with customers covering Japanese, European, American, domestic independent brand automakers, etc. In particular, the vehicle screen module business with 3D curved vehicle cover plate occupies an important position in the international and domestic vehicle customer supply chain system. In order to further ensure the rapid development of vehicle electronics and solve the tense dilemma of the core component Sensor of the vehicle screen, the company quickly laid out and installed the G4.5 generation line, which has been gradually mass produced, and the new product research and development and rapid production capacity layout ensure the continuous development of the vehicle electronic plate business. The company continues to maintain high-intensity investment in the research and development of on-board display and devices, has achieved a variety of technical achievements such as 3D vehicle curved cover plate and dazzling color display, and has obtained a number of 3D vehicle project assignments, with a cumulative framework agreement of billions of yuan. the fixed point of the project of the company brings full orders and good business sustainability in the next three to five years, and this sector business has become the main performance contribution business section of the company.
The leading advantage of consumer electronics is outstanding, and the product layout is expected to open up a new growth space: the company speeds up the business layout of flexible foldable cover glass, that is, UTG, which has been shipped in small quantities, and the company ranks first in the industry in product quality and shipping scale. The company is actively carrying out high-level business cooperation with domestic panel business giants to jointly expand the foldable mobile phone market. It can be predicted that UTG business has a good profit prospect, which will provide a solid guarantee for the company's dominant position in thinning and space for growth and development. The company pays close attention to the Quest2 technology path and form of VR head show development trend and trend, relying on the accumulated equipment, technology, technology and talent advantages in the display module field, actively provide North American VR flagship customers with Quest head display module products, and on this basis to speed up the research and development of high-generation VR head display module equipped with microled. In addition, the company has achieved mass shipments of a variety of high-generation flexible OLED wearable display modules to North American consumer electronics giants, and is also actively developing domestic flexible OLED flexible wearable customers, which will effectively ensure the sustainability and profitability of flexible OLED business.
Profit forecast and investment rating: as part of the company's consumer / automotive electronics business is still in the stage of market expansion, and the company is expected to maintain a large R & D investment, we will adjust the company's 2021 2022 EPS to 0.46 (- 0.05) / 0.59 (- 0.03) / 0.74 (- 0.02) yuan in 2023. the current market capitalization corresponds to the PE of 15-12-9, maintaining the "buy" rating.
Risk tips: market demand is not as expected; new product launch is not as expected; customer development is not as expected.