\u3000\u3000 Jiangsu Sidike New Materials Science & Technology Co.Ltd(300806) (300806)
In 2021, the deduction of non net profit increased by 74% – 84% in advance, maintaining the “buy” rating
On January 26, the company released the performance forecast for 2021. It is estimated that the net profit attributable to the parent company is RMB 214-223 million, with a year-on-year increase of 18% – 23%, and the net profit deducted from non net profit is RMB 178-188 million, with a year-on-year increase of 74% – 84%; The non net profit deducted in the single quarter of 2021q4 was 76.0169-86.2419 million yuan, with a year-on-year increase of 90.15% – 115.73%. The non net profit deducted in the single quarter of 2021q1-q3 was 1.8433 million yuan, 39.8168 million yuan and 60.2379 million yuan respectively. Considering the impact of share based payment fees and the year-on-year decrease of government subsidies related to income, we lowered the profit forecast for 2021 and 2022. We are optimistic about the performance release after the company’s new projects are put into operation one after another, and raised the profit forecast for 2023. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 214, 336 and 486 (original value 260, 352 and 462) million, The corresponding EPS is 1.13, 1.77 and 2.56 yuan / share respectively (the original value is 1.37, 1.85 and 2.43), and the corresponding PE of the current stock price is 48.2, 30.7 and 21.3 times. We are optimistic about the company relying on a strong R & D system to achieve “glue” × The “membrane” product matrix has been continuously extended in new products, new customers and new markets, and the “buy” rating has been maintained by building a cost moat through the vertical integration of the industrial chain.
The company’s products and customer structure are continuously optimized, and resources are concentrated to power the main material market
According to the data of the Ministry of industry and information technology, the shipments of smart phones in China in 2021q1-q4 were 96 million, 75 million, 72 million and 100 million respectively. The “lack of core” alleviated in the fourth quarter, driving the recovery of the consumer electronics industry; In 2021, China shipped 343 million smartphones, a year-on-year increase of 15.93%. In 2021, the company’s operating revenue increased by about 28.60% year-on-year, and the gross profit margin also increased year-on-year. We believe that on the one hand, the introduction and share of new products from old customers are increased, on the other hand, the company actively develops new business fields such as new energy vehicles and components. The company continues to optimize the product structure, improve the customer structure, and focus its core resources and attention on the main material market.
Income related subsidies are reduced, and asset related subsidies will become the main source of non economic benefits
The impact of the company’s non recurring profit and loss on the net profit in 2021 is expected to be about 35.65 million yuan, a year-on-year decrease of about 43.73 million yuan, mainly due to the decrease of income related government subsidies. At the end of the third quarter of 2021, the company’s deferred income was 423 million yuan, mainly asset related government subsidies. Since the relevant assets are available for use, they are evenly distributed within the service life of the assets and included in the current non operating income. We expect to become the main source of non recurring profits and losses.
Risk tip: the terminal demand of consumer electronics and new energy vehicles is less than expected, and the customer certification is not smooth.
