\u3000\u3000 Opt Machine Vision Tech Co.Ltd(688686) (688686)
Event: the company released the 2021 performance express.
The new energy industry has entered a large-scale stage, and the company's performance has achieved rapid growth in 2021
In 2021, the company achieved an operating revenue of 875 million yuan, a year-on-year increase of + 36.21%. Considering the high base in the same period of 2020, the revenue basically met our expectations. The main reasons for the rapid growth of the company's revenue side are as follows: ① the prosperity of the new energy industry in 2021 is high, the company's products and visual solutions are widely used in the new energy industry, the company binds Contemporary Amperex Technology Co.Limited(300750) and other customers, and there are many new energy and new signing orders in the early stage, In the second half of 2021, a large-scale delivery date will be entered, and the new energy revenue will increase significantly in 2021. We expect that the proportion of revenue will increase to about 30% in 2021. The large-scale volume of the new energy industry is the biggest driving force for the rapid growth of the company's revenue; ② 2021 is a small year for apple, but the company extends from the assembly end to parts, modules and other links in the apple industrial chain. We judge that the company's 3C business revenue did not decline in 2021 and still achieved a certain growth; ③ In addition, the company actively expanded the overseas markets of semiconductor and automobile industries, strengthened the research and development of new products and product upgrading, made breakthroughs in many industries, and the relevant income continued to increase.
On the profit side, in 2021, the company realized a net profit attributable to the parent company of 305 million yuan, a year-on-year increase of + 24.87%, which was lower than the growth rate of the revenue side, and the profit level fell to a certain extent: on the one hand, the proportion of new energy revenue with low gross profit margin increased, which reduced the overall gross profit margin of the company; On the other hand, in the early stage, the company continued to increase the expansion of R & D personnel, and the increase of expense rate further suppressed the level of short-term net interest rate.
The performance of Q4 profit end is better than that of revenue end, and the profitability of a single quarter has been repaired to a certain extent
Quarter by quarter, 2021q4 achieved a revenue of 232 million yuan, a year-on-year increase of + 29.06%, mainly due to the continuation of the high outlook of the new energy industry and the continuous delivery of relevant orders, driving the continuous growth of revenue in a single quarter. On the profit side, 2021q4 achieved a net profit attributable to the parent company of 87 million yuan, a year-on-year increase of + 38.56%. The net profit in a single quarter was in line with market expectations, the net profit was higher than the growth rate of the revenue side, and the profit level in a single quarter was improved. Further analysis shows that the net profit margin attributable to parent company of 2021q4 is 37.55%, up 7.84 percentage points month on month. After deducting non recurring profits and losses, the net profit margin attributable to parent company of 2021q4 is 30.06%, up 3.65 percentage points month on month, and the profitability has also improved. We speculate that part of the reason is that the gross profit margin of new energy is slightly higher than that of 2021q3.
The company has significant competitive advantages and has the conditions for continuous expansion
Machine vision is a thick snow track in Changpo. Compared with keenshi and connais, the current revenue and profit volume of the company is relatively small and has a large growth space: ① the company has a perfect machine vision hardware and software product line, especially in terms of software, with an independent underlying algorithm library, and the software is expected to become an important focus of the company. ② While consolidating the competitive advantage of 3C electronics industry, the company has gradually expanded its capability circle to new energy, semiconductor, photovoltaic and other fields. Its products have been recognized by Contemporary Amperex Technology Co.Limited(300750) , ATL, Byd Company Limited(002594) , Funeng and other world-famous enterprises, and the growth space will be further opened.
Profit forecast and investment rating: considering the rapid volume of the company's new energy business, we expect the company's EPS from 2021 to 2023 to be 3.70 yuan (up 1.49%), 4.86 yuan (unchanged) and 6.33 yuan (down 0.33%), and the corresponding dynamic PE of the current stock price is 55 / 42 / 32 times respectively. Based on the excellent growth of the company, maintain the "overweight" rating.
Risk tip: the volume of new energy is less than expected, the profitability is declining, and the expansion of new industries is less than expected.
