\u3000\u3 China Vanke Co.Ltd(000002) 138 Shenzhen Sunlord Electronics Co.Ltd(002138) )
Event: in 2021, the company realized an operating revenue of 4.577 billion yuan, a year-on-year increase of 31.66%; The net profit attributable to the parent company was 785 million yuan, a year-on-year increase of 33.33%; The net profit attributable to the parent company was RMB 3.19 billion, a year-on-year increase of RMB 3.16 billion. The company’s operating revenue in 2021q4 was 1.101 billion yuan, with a quarter on quarter decrease of 5.53% and a year-on-year increase of 7.73%; The net profit decreased by 1.04% from the parent quarter to the parent quarter, with a year-on-year increase of 1.04%. The gross profit margin of the company in 2021 was 35.05%, a year-on-year decrease of 1.20 PCTs; The net interest rate was 17.14%, with a year-on-year increase of 0.2pcts. The profitability was improved under the background of weak consumer market, indicating the strong management ability of the company. The company’s R & D expenses in 2021 were 344 million yuan, accounting for 7.52% of its revenue, with a year-on-year increase of 41.00%.
The business of automotive electronics and precision ceramics is growing rapidly, and the proportion is increasing. In 2021, the company’s signal processing business, power management business, automotive electronics and energy storage business, ceramics, PCB and other businesses achieved revenue of RMB 1986 million, RMB 1616 million, RMB 303 million and RMB 672 million respectively. Among them, automotive electronics and energy storage business accounted for 6.6% of the total revenue, an increase of 1.6 percentage points over 2020, and the revenue of single business increased by 72% year-on-year; Ceramics, PCB and other businesses accounted for 14.7% of the total revenue, an increase of 4.6 percentage points over 2020, and the revenue of single business increased by 91.2% year-on-year.
China’s leading inductors, product boundaries continue to expand. The company’s main products are divided into four parts: magnetic devices, microwave devices, sensitive and sensor devices, and fine ceramics. According to the company’s announcement, in the field of inductance segmentation, the company has occupied a high market share in the global market, the market share has reached the forefront of the world, the market share of high-end precision products has continued to increase, and the product technology and capacity scale are in a leading position in the world; At the same time, new inductance products continue to be introduced to the market and remain at the forefront of the global inductance industry. The application fields of the company’s products have been continuously expanded, and the rapid development of 5g communication, big data, automotive electronics, new energy and other industries has opened dozens of times the development space of the company.
The automotive electronics field has been laid out for many years, and the automotive business has entered a large-scale period. The company has been deployed in the field of automotive electronics, new energy electrification and intelligent application for many years, and has been purchased in batches by many well-known automotive electronics enterprises and new energy vehicle enterprises at home and abroad. A large number of new businesses are in the process of design and introduction. The company has extensive applications in automotive electronics, including automotive battery management system, automatic driving system, vehicle charging system (OBC), vehicle networking, headlamp control system, motor management system, body control system, AV entertainment system, etc. due to the restriction of vehicle grade certification, the industry has entered a higher threshold, and the company’s automotive electronic business is expected to continue to grow at a high level.
Investment suggestion: the company pays attention to the investment in the field of market application and vigorously distributes new energy and other emerging market fields. We continue to be optimistic about the market prospect of the company as a leading enterprise in the segmentation of passive electronic components industry and the growth potential of the automotive field. We maintain the net profit forecast of RMB 1.0701352 billion in 22-23 years and RMB 1.659 billion in 24 years, corresponding to pe24x / 19x / 16x, Maintain the “buy” rating.
Risk tip: the growth rate of mobile phones slows down and the demand is weak; The risk of slow recovery from the shortage of chips in the automotive industry; Risk of rising material costs.
