\u3000\u3 China Vanke Co.Ltd(000002) 008 Han’S Laser Technology Industry Group Co.Ltd(002008) )
Event: the company released the 2021 performance express.
New and old businesses blossom at multiple points, and the revenue side will achieve higher than expected growth in 2021
In 2021, the company achieved a revenue of 16.317 billion yuan, a year-on-year increase of 36.63%, a new high of the company’s revenue, slightly exceeding our expectations. In terms of industries: ① the prosperity of the PCB industry continued to improve, and the company’s PCB equipment orders and shipments increased significantly year-on-year. In 2021, the company achieved a revenue of 4.062 billion yuan, a year-on-year increase of 86.01%; ② The demand for consumer electronic orders is stable. We judge that the revenue of A-related customers in 2021 has not decreased compared with that in 2020; ③ The volume of new energy business is fast and large. We expect that the company will sign more than 3 billion bills in 2021 and achieve a revenue of 1.982 billion yuan in 2021, with a year-on-year increase of 631.51%, exceeding market expectations; ④ The high-power laser processing equipment business benefited from the recovery of the manufacturing industry, and achieved a revenue of 2.785 billion yuan in 2021, with a year-on-year increase of 38.03%; ⑤ The prosperity of the display panel and semiconductor special equipment industry is improving. In 2021, the related business realized a revenue of 1.473 billion yuan, a year-on-year increase of 43.38%.
During the period, the impact of the decrease of expense rate plus impairment is weakened, and the profitability is significantly improved in 2021
In 2021, the company realized a net profit attributable to the parent company of RMB 2.002 billion, with a year-on-year increase of 104.47%, in line with market expectations. In addition, the net profit rate of the parent company increased by 27.3% year-on-year from 2021 to 202107 billion yuan, which was significantly lower than that of the parent company in 2021. In addition, the provision for impairment of masks increased by 27.3% year-on-year, The total amount of equity and investment losses recognized and provision for asset impairment of European AIC company was 267 million. The relevant impairment decreased significantly in 2021, driving the improvement of profitability; In terms of business, traditional advantageous businesses such as consumer electronics and PCB have maintained a stable profit level. We judge that high-power equipment and new energy businesses have turned losses into profits in 2021 and achieved profits to varying degrees.
All businesses are in an upward cycle. In the medium and long term, the company’s performance growth momentum is strong
① PCB equipment: with the accelerated upgrading of the product structure of downstream customers in the PCB industry, the demand for special equipment for high-precision PCB industry will continue to grow, and there is still a large market space for related businesses. ② New energy equipment: the leading enterprises of power battery set off a wave of production expansion. The company has successfully entered the Contemporary Amperex Technology Co.Limited(300750) industrial chain and continued to expand AVIC lithium battery, honeycomb and other customers, which will fully benefit from the expansion of battery production. ③ High power laser processing equipment: the company has a low market share and a high proportion of self-made core components, which has the potential to continuously improve the market share; ④ In addition, the company’s miniled cutting, splitting, stripping and repair equipment has formed a system solution; The share of display panel industry has increased steadily; Semiconductor and photovoltaic equipment have been introduced into the supply chain of key customers, which is expected to meet the rapid growth.
Profit forecast and investment rating: considering the continued prosperity of various businesses, we adjusted the net profit attributable to the parent company from 2021 to 2023 to 2.002 billion yuan, 2.486 billion yuan (up 13.57%) and 2.951 billion yuan (up 13.98%). The corresponding dynamic PE of the current stock price is 26, 21 and 18 times respectively. Considering the continuous expansion of the company’s business, we maintain the “buy” rating.
Risk tip: the expansion of PCB production is less than expected, and the price of high-power laser equipment continues to fall sharply; New energy orders fell short of expectations.
