\u3000\u3000 Guangzhou Shiyuan Electronic Technology Company Limited(002841) (002841)
Event: Guangzhou Shiyuan Electronic Technology Company Limited(002841) released the 2021 annual performance express. In 2021, the company's total operating revenue was 21.222 billion yuan, a year-on-year increase of 23.90%; The net profit attributable to shareholders of listed companies was 1.686 billion yuan, a year-on-year decrease of 11.34%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 1.459 billion yuan, a year-on-year decrease of 17.58%. In 2021q4, the revenue was 5.94 billion yuan, a year-on-year increase of 27%; The net profit attributable to the parent company and net profit deducted from non attributable to the parent company were 464 million yuan and 409 million yuan, down 7% and 17% respectively year-on-year.
Comments:
Remarkable market expansion results: in 2021, the company's business expansion in overseas markets has achieved initial results, and the sales revenue of interactive smart tablets and other terminal products in overseas markets has increased by 100% year-on-year; At the same time, in 2021, the company continued to cultivate the Chinese market, and the income of education related businesses such as SiVo interactive intelligent tablet, recording and broadcasting system, personal learning terminal, audio and video peripheral products and software increased by 21% year-on-year; China's enterprise service business revenue represented by maxhub increased by 25% year-on-year. In terms of components business, the revenue of household electrical components business increased by 121% year-on-year in 2021, and the revenue of global LCD main control board business was basically the same year-on-year. In terms of new business incubation, the company's LED display business revenue increased by 50% year-on-year.
Interactive intelligent tablet business: China's leader in education informatization and conference informatization. (1) "Xiwo" series tablets lead China's education market. From 2012 to 2020, it has won the title of market share of China's interactive intelligent tablet industry for nine consecutive years. The market share of sales volume in 2021h1 is 44.7%, which continues to rank first; (2) In 2021, SiVo and Intel launched a new comprehensive solution for digital colleges and universities, focusing on developing the higher education market; (3) The conference tablet maxhub has high cost performance. The classic version has a minimum of 8699 yuan. The sales market share in the first half of 2021 is 27.2%, ranking first in the market.
LCD main control board card: the industry position continues to lead, and the proportion of smart TV board card revenue increases. In the first half of 2021, the company shipped 28.5682 million LCD TV master cards, accounting for 29.05% of the world, and continued to maintain a leading position. With the continuous penetration of cloud technology and Internet of things technology, the integration scheme may become a new industry ecology. The company actively expands the business of intelligent white screen. The revenue of household electrical components, supply chain services and IOT modules in 2021h1 increased by 248% year-on-year, becoming a new fulcrum for the rapid development of the company.
Profit forecast, valuation and rating: the company's gross profit margin continues to be under pressure due to the rising cost of raw materials. The company is in short supply of electronic components and increases its stock. In the first three quarters of 2021, the company has accrued 277 million yuan of inventory falling price reserves. In terms of sales expenses, it increased slightly due to the increase of personnel and social security relief in the same period in 2020. Therefore, we lowered the net profit of the company from 21 to 23 to 16.86/19.98/2460 billion yuan, a decrease of 24.66% / 21.25% / 13.07% compared with the previous time. At present, the market value of 51.6 billion yuan corresponds to 31 / 26 / 21x PE in 21-23 years. We are optimistic that the company will grasp the digital opportunity to drive business growth and maintain the "buy" rating.
Risk tip: the income of LCD board card decreases, the expansion of interactive smart panel is less than expected, and the exchange rate fluctuates.
