\u3000\u3000 Shanghai Friendess Electronic Technology Corporation Limited(688188) (688188)
Event: the company released the 2021 performance express.
In 2021, the performance was slightly higher than the forecast value, and the cutting head entered the stage of accelerated volume
In 2021, the company achieved a revenue of 913 million yuan and a net profit attributable to the parent company of 568 million yuan, with a year-on-year increase of 60.02% and 53.31% respectively, and a net profit attributable to the parent company after deduction of Non Profits of 532 million yuan, with a year-on-year increase of 74.95%. The performance in 2021 was slightly higher than that disclosed in the previous performance forecast. The reasons for the continued rapid growth of the company’s performance in 2021 are as follows: ① the prosperity of the laser industry was high in the first three quarters of 2021, Throughout the year, the company’s main medium power laser cutting control system business orders continued to grow; ② The company’s import substitution of high-power products accelerated, the market share continued to increase, and the revenue of bus control system increased significantly; ③ The intelligent cutting head business has entered the rapid volume period, and 1111 sets have been sold in 2021q1-3. As of 2021m9, the company has placed 110 sets of orders on hand and signed 825 sets of agreement orders with customers. The demand for orders is strong, and the relevant revenue has achieved a great breakthrough in 2021.
The slowdown in manufacturing investment will affect Q4 performance, and the large volume of new products will support the steady growth of the company’s performance
On a quarterly basis, the revenue and net profit attributable to the parent company of 2021q4 company were 207 million yuan and 107 million yuan respectively, with year-on-year growth rates of 11.67% and 13.21% respectively. The growth rate dropped significantly compared with the previous three quarters. The main reasons are: at the industry level, the investment in China’s manufacturing industry in 2021q4 was under short-term pressure, with a PMI of 49.20 in October, which was lower than the boom and bust line for two consecutive months, and the negative impact of power and production restriction was superimposed, The demand of the laser industry declined to a certain extent, which affected the demand for laser control system, resulting in the decline of relevant orders of the company compared with 2021q3, which affected the release of Q4 performance. In the short term, the PMI in January 2022 was 50.1, and the demand of China’s laser industry has significantly warmed up compared with 2021m9 and M10; Looking forward to 2022, we believe that under the background of high base, the demand growth of the laser industry may be under pressure in the first half of the year. However, considering the rapid increase of the market share of the company’s bus control system and the continuous large volume of new products such as intelligent cutting head, the company has a certain ability to resist periodic fluctuations, and the annual performance is still expected to continue to grow steadily.
Intelligent cutting head & intelligent welding Siasun Robot&Automation Co.Ltd(300024) completely opens up the growth space of the company
Based on CAD, cam, NC, sensor, hardware design and other technologies, the company’s borderless growth logic is opened up: ① we expect the market scale of China’s intelligent cutting head to exceed 3 billion yuan in 2025; The company’s intelligent cutting head has begun to rapidly increase its volume and turn losses into profits. With the continuous improvement of the production capacity of raised investment projects, it will quickly contribute to its performance in the short term. ② We expect that the potential market scale of China’s intelligent welding Siasun Robot&Automation Co.Ltd(300024) will exceed 20 billion yuan in 2021; The company has developed the software and hardware prototype of weld tracking sensor, Siasun Robot&Automation Co.Ltd(300024) offline programming software demo and basic Siasun Robot&Automation Co.Ltd(300024) control system, and formed small-scale intention orders with customers, which will completely open the growth space of the company in the future. ③ In addition, the construction of ultrafast laser control system, equipment health cloud and MES system platform is expected to become a new profit growth point of the company in the future.
Profit forecast and investment rating: in view of the short-term pressure on China’s manufacturing industry, we adjusted the company’s EPS from 2021 to 2023 to 5.68 yuan, 7.52 yuan (down 8.89%) and 10.01 yuan (down 1.56%) respectively, and the corresponding dynamic PE of the current stock price is 52 / 39 / 30 times respectively. Considering the company’s excellent profitability and good growth, the “buy” rating is maintained.
Risk tip: the investment in downstream manufacturing industry is less than expected, the price of laser cutting control system is greatly reduced, the growth of high-power control system is less than expected, and the large-scale volume of intelligent cutting head is less than expected.
