\u3000\u3000 Shenzhen Txd Technology Co.Ltd(002845) (002845)
[matters]
Recently, the company released the performance forecast for 2021. The annual net profit attributable to the parent company was 420-460 million yuan, with a year-on-year increase of 62.79% – 78.30%, corresponding to 93-133 million yuan in the fourth quarter of 2021, with a year-on-year increase of 7.25% – 53.19% and a month-on-month increase of 14.79% – 63.97%.
[comment]
After years of intensive cultivation, the company has become the leading enterprise in the industry, and has reached strategic cooperation with a number of global terminal brand manufacturers, head panel manufacturers and ODM manufacturers, with the market share increasing year by year. In 2021, with the continuous improvement of business volume, the company achieved two-way sustained growth in revenue and profitability. With the continuous promotion of smart factory, the overall production efficiency and product yield have been continuously improved, the unit cost of products has decreased and the comprehensive benefits have been improved, which has enhanced the overall profitability of the company.
In terms of display and touch business, while realizing the stable growth of mobile phone products, the company’s expanded high-end production line of OLED smart wear and medium and large-size touch display integrated modules is becoming more and more mature, which further enhances the company’s advantages in scale effect and technological innovation, improves the company’s core competitiveness and brings new profit growth points.
In terms of optical camera business, on the basis of existing customers, the company continues to explore the market, continue to cultivate the field of intelligent terminals, and strengthen cooperation with major brand terminals. On the other hand, it further enriches the field of product application and continues to expand the market outside mobile phones. At present, the camera module has become a leading UAV brand in China and a global tablet computer supplier, Driving the continuous growth of performance.
The company has cooperated with sun moonlight semiconductor (Kunshan) to carry out the “goldbump whole process packaging test project”. Both sides give full play to their respective advantages and jointly invest in the construction of production lines. At present, the capacity configuration is 20000 pieces / month. The cooperation project expands the upstream display driver IC and CIS chip business of the company’s supply chain, and will form a strong synergy with the existing module business. While ensuring chip supply, effectively reduce procurement costs and improve the company’s core competitiveness and overall profitability.
[investment advice]
It is estimated that the company’s revenue from 2021 to 2023 will be 12.695 billion, 14.694 billion and 16.734 billion respectively, the net profit attributable to the parent company will be 449 million, 547 million and 679 million respectively, and the EPS will be 192, 2.33 and 2.90 yuan / share respectively. The corresponding PE will be 14, 11 and 9 times respectively, which will be rated as “overweight”.
[risk tips]
The company expanded its new business and expanded its production less than expected
Consumer electronics market demand continues to be weak and industry competition intensifies
Semiconductor supply chain tension continues
The sharp fluctuation of exchange rate has a certain impact on the company’s production and operation
