\u3000\u3000 Shenzhen Click Technology Co.Ltd(002782) (002782)
Event: the company issued the announcement on the advance increase of annual performance in 2021. It is estimated that the net profit attributable to the parent company in 2021 will be 80 million yuan to 100 million yuan, a year-on-year decrease of 61.17% – 51.47%; The net profit deducted from non parent company was 50 million yuan to 70 million yuan, a year-on-year decrease of 44.64% – 22.49%.
The rise in the price of raw materials affected the release of performance: the company’s annual net profit attributable to the parent decreased year-on-year, mainly due to: (1) the gross profit margin decreased due to the rise of bulk materials such as copper and the exchange rate; (2) The company confirmed that the restricted stock equity incentive fee is about 36.24 million yuan; (3) The impact of non recurring gains and losses on the company’s net profit was about 30 million yuan, compared with 115.7217 million yuan in the same period of last year, mainly due to changes in investment income and fair value of trading financial assets.
New energy drives high revenue growth, and profitability is expected to gradually improve: the company’s revenue in the first three quarters of this year was 1.173 billion yuan, a year-on-year increase of + 32.14%. The company’s revenue in the first three quarters increased significantly year-on-year, mainly due to the rapid growth of automotive electronics, charging piles, photovoltaic and other businesses. In terms of profitability, the gross profit margin of the company in the first three quarters was 19.10%, with a year-on-year increase of -3.64pct. Affected by the rise of bulk materials such as upstream copper, the gross profit margin decreased. According to the announcement, the company has successfully negotiated price increases with most customers for many times according to market supply and demand, cost and other factors, and the gross profit margin is expected to improve gradually. In addition, according to the company’s announcement, the equity incentive fee is expected to peak in 2021, with 14.19 million yuan and 5.34 million yuan from 2022 to 2023 respectively, which is significantly lower than that in 2021, and the equity incentive fee is also expected to continue to decrease.
The successful bidding for haiphotoelectron further enhanced its leading strength: the company successfully purchased 54.25% equity of haiphotoelectron held by Tianjin photoelectric Group Co., Ltd. and the transfer price of 54.25% equity of haiphotoelectron in this bidding was 186 million yuan. Founded in 1988, haiphotoelectron is a leading manufacturer of magnetic component solutions in China. Its downstream applications cover information and communication, consumer electronics, new energy and other fields. From January to August 2021, haiguang electronics achieved a revenue of 704 million yuan and a net profit of 2.89 million yuan. The strategic measure of haiguang electronics company to expand and strengthen the magnetic component business purchased by the company this time is conducive to further enhance the company’s market competitiveness. After the purchase, the company will be effectively supplemented in products, technology, talents, production capacity and other resources, and the scale advantage will gradually appear.
As a leading manufacturer of magnetic components in China, the new energy business opens up room for growth: the company is a leading manufacturer of magnetic components in China. Its products mainly include power transformers, switching power transformers and inductors. Downstream applications include consumer electronics, electric vehicles, photovoltaic, charging piles, network communication, etc. With the substantial growth of downstream new energy application demand, the company actively develops customers in relevant fields. According to the announcement, in terms of electric vehicles, the transformer, PFC inductor and other magnetic components produced by the company are mainly used in the on-board charger (OBC), DC-DC converter (DC-DC) and other components of new energy vehicles. They have entered the Volkswagen supply chain through Kostal, set up a special workshop to serve Volkswagen new energy vehicles, and have Byd Company Limited(002594) , Hyundai, great wall, Xiaopeng, ideal Weilai and other customers. In the photovoltaic field, the company’s products are mainly used in inverters, and its customers include sunshine, jinlang, Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) , gurewater, Shangneng, etc. In the field of charging pile, the company’s customers include youlvneng, yingfeiyuan, etc. In order to meet the growing needs of electric vehicle, photovoltaic and charging pile customers, the company actively expands its production capacity. In the next 1-2 years, new production capacity will be released in Huizhou, Guangdong, Guangde, Anhui and Anyuan, Jiangxi. It is expected to continue to benefit from the rapid growth of the new energy market in the future.
Investment suggestion: it is estimated that the operating revenue of the company from 2021 to 2023 will be 1.7 billion yuan, 2.454 billion yuan and 3.58 billion yuan respectively, and the net profit attributable to the parent company will be 88 million yuan, 210 million yuan and 330 million yuan respectively. The company will be given an investment rating of “Buy-A”.
Risk tips: customer expansion is less than expected, downstream demand is less than expected, commodity prices are higher than expected, and capacity release is less than expected.
