\u3000\u3000 Opt Machine Vision Tech Co.Ltd(688686) (688686)
Events
The company released the performance express of 2021. During the reporting period, the company achieved an operating revenue of 880 million yuan, a year-on-year increase of 36%; The net profit attributable to the parent company was 300 million yuan, a year-on-year increase of 25%; The basic earnings per share is 3.7 yuan; Roe was 12.7%, a year-on-year decrease of 24.7pct.
Key investment points
The annual performance of 2021 is slightly higher than expected, and the quarterly profitability is expected to improve
In 2021, the company achieved an operating revenue of 880 million yuan, a year-on-year increase of 36%; The substantial growth of the company's revenue is mainly due to the high prosperity of the new energy industry in 2021. The company's products and visual solutions are widely used in the new energy industry. Under the background of continuous improvement in the application field of machine vision, the company deepens the application of existing industries, actively expands the overseas markets of semiconductor and automobile industries, and strengthens the research and development of new products and product upgrading, As a result, the company's orders have made breakthroughs in many industries and its revenue has continued to increase. In 2021, the company realized a net profit attributable to the parent company of 300 million yuan, with a year-on-year increase of 25%, and the profit growth rate was slightly lower than the revenue growth rate, which was mainly due to the increase of expense rate caused by the company's continuous increase in technology R & D investment and the increase of the proportion of new energy business with low gross profit margin.
In 2021q4, the company achieved an operating revenue of 230 million yuan, a year-on-year increase of 29%; The net profit attributable to the parent company was 87 million yuan, a year-on-year increase of 39%. The profitability of the company in the fourth quarter exceeded expectations, the growth rate of net profit attributable to the parent company was higher than that of revenue, and the profitability was improved.
We will actively deploy new energy sources, maintain high growth, expand overseas markets of semiconductors and automobiles, and seek new opportunities
3C electronics and new energy are the main downstream application fields of the company. In 2021, the revenue of the two businesses accounted for nearly 90%, and that of other industries accounted for only about 10%; With the company's active layout in the fields of semiconductors and new energy vehicles, it is expected that the proportion of other businesses of the company will increase to 15% in 2022.
In the field of 3C consumer electronics, the company is the main domestic supplier of Apple's machine vision. It is expected to make a breakthrough in modules, parts and other links from the assembly end to the non assembly field, and will also expand from the mobile phone end to the production lines of headphones, speakers, watches, iPads and so on; With the continuous deepening of visual cognition of terminals, the penetration of vision in downstream fields will continue to improve. At the same time, the company actively laid out the field of lithium new energy and directly connected with lithium battery production equipment manufacturers. The customer terminals include leading enterprises in catl, ATL, Byd Company Limited(002594) , Funeng and other industries. With the improvement of the company's standards in other production areas, the main opportunity for the company to participate in the lithium battery industry will appear.
The company actively expands new fields such as semiconductors and new energy vehicles, focuses on high gross profit and non-standard products, and strengthens customer stickiness. With the release of demand for non-standard products, the scale effect is expected to improve profitability. The increase in the proportion of new energy business has led to the continuous high growth of the company's revenue, and the change in the structure of new orders has also led to the growth of the company's revenue higher than that of profits.
Profit forecast and valuation
It is estimated that the company's revenue from 2021 to 2023 will be RMB 880 / 11.4 / 1.49 billion respectively, with a year-on-year increase of 36% / 30% / 31%; The net profit attributable to the parent company was RMB 300 / 390 / 510 million respectively, with a year-on-year increase of 25% / 29% / 28%, corresponding to 61 / 47 / 37 times of PE, maintaining the rating of "overweight".
Risk tips
Large fluctuations in the industry; The industry competition intensifies and the profit margin of the company declines; New product R & D and marketing are not as expected
