\u3000\u30003 Guangdong Piano Customized Furniture Co.Ltd(002853) 00285)
Key investment points
Event: on March 10, the company released its annual report for 2021. During the reporting period, the company achieved a revenue of 3.162 billion yuan, a year-on-year increase of 24.37%, a net profit attributable to the parent company of 795 million yuan, a year-on-year increase of 38.57%, a gross profit margin of 45.04% and a net profit margin of 26.72%.
The performance is in line with expectations, and the four sectors go hand in hand. In 2021, the company achieved a revenue of 3.162 billion yuan, a year-on-year increase of 24.37%, and a net profit attributable to the parent company of 795 million yuan, a year-on-year increase of 38.57%. Among them, electronic materials, catalytic materials, biomedical metamaterials and other materials achieved revenue of 1.045 billion, 417 million, 695 million and 1004 million respectively, with year-on-year growth rates of 19.53%, 32.18%, 19.44% and 30.39% respectively. The company continued to cultivate its main business, and the four major sectors grew steadily.
Establish a new energy division to actively seize new opportunities for the development of new energy industry. The company is deeply engaged in its main business, and the production and sales of MLCC powder are booming. During the reporting period, the company increased the production capacity of 2500 tons / year and expanded the plant. After reaching the production capacity, the production capacity of MLCC medium materials will reach 15000 tons / year. In addition, based on its own powder preparation technology, the company has actively arranged new materials and new tracks. In order to seize new opportunities for the development of new energy industry, the company has established a new energy division to promote the product line of ultra-fine alumina and boehmite. During the reporting period, the company has completed in-depth cooperation with leading enterprises in the downstream battery, diaphragm and coating industry. In 2022, the company will continue to expand its production capacity. It is expected that the production capacity of high-purity ultra-fine alumina will gradually expand to 30000 tons / year and boehmite to 100000 tons / year within three years, so as to meet the strong demand for lithium battery raw materials market.
The global layout of dentistry is beginning to appear, and we will work together with Claude to promote digital transformation. Aierchuang technology, a subsidiary of the company, achieved a revenue of 639 million yuan in 2021, with a year-on-year increase of 10.38%, and a net profit of 150 million yuan, with a year-on-year increase of 17.82%. Among them, zirconia ceramic blocks, glass ceramics and other dental materials have achieved remarkable results in overseas market development. In order to improve the supply speed and efficiency of overseas products, the company has set up offices or subsidiaries in North America, Europe, India and other regions. In order to fully grasp the opportunity of digital transformation of the dental industry, the company's Sun company, Shenzhen aierchuang digital dental, increased its capital and took a stake in Shenzhen kelede Medical Technology Co., Ltd., a manufacturer of material processing equipment, to jointly promote the digital process of the industry.
Investment suggestion: benefiting from the strong demand for new energy materials and the continuous development of the company's main business, the company's performance from 2022 to 2024 is expected to be 1.087 billion yuan, 1.451 billion yuan and 1.892 billion yuan respectively, with corresponding earnings per share of 1.08 yuan, 1.45 yuan and 1.88 yuan respectively, and corresponding PE of 31, 23 and 18 times respectively. Considering the steady improvement of the company's three major businesses, the businesses of all sectors go hand in hand and have significant long-term growth, the "buy" rating is maintained.
Risk warning: the downstream demand is less than expected, the risk of product price fluctuation, and the promotion of national six standards is less than expected.
