\u3000\u3000 Leyard Optoelectronic Co.Ltd(300296) (300296)
The event company released the performance forecast for 2021, showing that the performance hit a record high.
The company's revenue in 2021 was in line with expectations, and the profit in the fourth quarter was slightly lower than that in the ring due to the impact of goodwill impairment and expense recognition. The company expects the company to realize an operating revenue of about 8.8 billion yuan in 2021, with a year-on-year increase of about 32%, realize a net profit attributable to the parent of 560-720 million yuan, and successfully turn around the loss. In 2021q4, the revenue was about 3 billion yuan, with a year-on-year increase of 39.5% and a month on month increase of 34.5%. The net profit attributable to the parent company was 40-200 million yuan, which decreased compared with the third quarter, mainly due to the impact of goodwill impairment and recognized expenses. The impairment of goodwill is about 136 million yuan, mainly due to the impact of the epidemic and government policies on the night travel economy and cultural tourism business. At the same time, the company has withdrawn 44.89 million yuan of bad debt reserves and 10.77 million yuan of equity payment expenses. After the impairment of goodwill, the scale of the company's goodwill continues to decrease, and there is little possibility of further impairment in the future.
It shows that the business with VR has increased significantly. In 2021, the total amount of new orders and bid winning projects signed by the company was about 11.55 billion yuan, an increase of 34% over the same period of last year. Among them, the display sector increased by 44% year-on-year, China increased by 44%, and the international display accelerated in the second half of the year, with an increase of 44% over the same period of the previous year. The amount of domestic and foreign display orders exceeded 2019, reaching a record high. Although many companies in the industry experienced a month on month decline in orders in the fourth quarter, the domestic and foreign display of the company still increased month on month in the fourth quarter. In the past two years, the epidemic situation superimposed on the shortage of raw materials, which has accelerated the liquidation of the LED industry, especially the downstream application industry, and greatly improved the industry concentration. During the industry integration, the company has obvious advantages as an industry leader, the degree of product standardization has improved, and the company has gradually shifted from focusing on customized products to standardized products, Small spacing products have been successfully promoted to sink the market, channel sales have exceeded the annual target and achieved nearly 2 billion orders. The company's southern production base was successfully moved in in December, and Hunan production base reached 6000kk / month in December. Overseas, a European and American team centered on "American pingda" and an Asian, African and Latin American team centered on "Hong Kong International" have been formed, Jointly explore the global market. VR business of the company grew rapidly, especially NP company, which increased by 72% over the same period of last year.
The company is expected to lead the next round of growth in the industry. We believe that the commercialization process of mini / microled will accelerate and will lead the next upgrading trend of LED applications. The company has made smooth progress in the field of mini / microled. The newly signed micro order is 320 million yuan. The global promotion of micro products is smooth. The production expansion of Lijing 800kk / month has been completed and reached the production capacity. It is planning to expand the production by 1600kk / month in 2022. The company cooperated with TCL Huaxing to develop and produce the world's first 75 inch P0 6 oxide am direct display microledtv sample. Advanced mass transfer technology (yield rate of 99%), mature IMD technology and industrial chain integration advantages make the company have advantages in microled competition. We expect that the company's microled products will achieve a revenue of 600-800 million yuan in 2022, maintaining a rapid growth trend.
Investment suggestions: we expect the company to achieve operating revenue of RMB 8.80 billion, RMB 11.246 billion and RMB 14.277 billion from 2021 to 2023, with a year-on-year increase of 32.65%, 27.80% and 26.95% respectively; The net profit attributable to the parent company was 680 million yuan, 969 million yuan and 1.313 billion yuan, with a year-on-year increase of 169.67%, 42.50% and 35.50% respectively. The current stock price corresponds to 23.7 times PE in 2022. Maintain a "recommended" rating.
The risk indicates that the downstream demand is less than expected, and the R & D and application of new technologies are less than expected.
