\u3000\u3000 Suzhou Tztek Technology Co.Ltd(688003) (688003)
Events
The company released a year-on-year growth of 1.2 billion yuan, with a year-on-year growth of 1.2 billion yuan; The net profit attributable to the parent company was 135 million yuan, a year-on-year increase of 26.1%; Affected by the equity incentive, the share based payment expense was 54.45 million yuan, affecting the recurring profit and loss of 53.64 million yuan. Excluding the impact of share based payment, the net profit attributable to the parent company in 2021 was 181 million yuan, a year-on-year increase of 48.3%.
Key investment points
High growth of photovoltaic semiconductors, recovery of automotive automation
The main products of the company’s photovoltaic semiconductor business are photovoltaic silicon wafer testing equipment, with a revenue of 292 million yuan in 2021, a year-on-year increase of 458%. The high growth reflects the company’s rapid expansion ability and profound technical strength around the machine vision platform. It is expected that the gross profit margin of this business will be significantly increased to the normal level of the industry on the basis of 5.64% last year. Driven by the global “carbon neutrality”, China, as a region with relatively concentrated global photovoltaic industry chain, is expected to achieve rapid growth in this business in the next few years; On the other hand, affected by the epidemic, the automotive automation business with low performance in 2020 achieved an income of 220 million yuan in 2021, a year-on-year increase of 423%, and achieved a two-year compound growth rate of 42% compared with 109 million in 2019.
LDI equipment lifting capacity, highlighting the platform expansion ability
The company has a machine vision gene. The exploration of new fields has achieved initial results, and some products have begun to enter the stage of mass sales. The company launched LDI laser direct imaging equipment for PCB field at the end of 2020, with a revenue of 67.39 million yuan in 2021. As a new PCB manufacturing process, the penetration rate of LDI will gradually increase, and the company’s LDI is expected to become a new performance growth point; In the field of intelligent networking, the company’s AI edge computing equipment and vehicle road coordination scheme achieved a revenue of 49.68 million yuan, a year-on-year increase of 331%. With the acceleration of the upgrading process of manufacturing industry, the application scope of machine vision products in China has gradually expanded from semiconductor and consumer electronics industry to automobile manufacturing, photovoltaic semiconductor and other fields. There are also a large number of applications in transportation, Siasun Robot&Automation Co.Ltd(300024) and other industries, and the application scenarios have been further expanded. The company has achieved expansion and deep cultivation in many fields, which reflects the company’s deep technical reserve and peaceful Taihua expansion ability.
Profit forecast
It is predicted that the company’s revenue from 2022 to 2023 will be 1.69 billion yuan and 2.18 billion yuan respectively, and the net profit will be 213 million yuan and 286 million yuan respectively. The current share price corresponds to 29 and 22 times of PE respectively. It will be covered for the first time and given a “recommended” rating.
Risk tips
The risk of market demand decline caused by macroeconomic fluctuations; The risk of declining profitability due to intensified market competition; Management risks caused by the expansion of the company’s scale, etc.
