\u3000\u3 Guocheng Mining Co.Ltd(000688) 301 Iray Technology Company Limited(688301) )
In 2021, the company realized a net profit attributable to the parent company of 484 million yuan, a year-on-year increase of 1.18 times. In 2021, the company achieved revenue and net profit attributable to the parent company of RMB 1.187 billion and RMB 484 million, an increase of 51.43% and 117.79% respectively; Q4 achieved 364 million yuan and 158 million yuan in a single quarter, an increase of 58.21% and 137.84% respectively. The gross profit margins of the company’s static and dynamic products were 53.37% and 65.88% respectively. With the company’s successful entry into dental and industrial major customers, the proportion of dynamic products in revenue increased from 17.68% in 2020 to 31.74% in 2021, which led to the increase of the company’s gross profit margin, reaching 55.25% in 2021, an increase of 3.45 percentage points. In addition, when the company received government subsidies, net investment income and the net income from changes in fair value increased due to the subscription of Zhuhai Cosmx Battery Co.Ltd(688772) 2406400 shares totaling 154 million yuan, the net interest rate in 2021 reached 40.81%, and the net interest rate of sales after deduction was 28.79%, an increase of 3.49 percentage points.
In 2021, the company’s dental and industrial sales revenue exceeded 200 million yuan and 150 million yuan respectively. The company’s dental products can be used in dental CBCT and intraoral scanners. Customers include Hefei Meiya Optoelectronic Technology Inc(002690) , Landsea, berndent, fisson and woodpecker. In the field of dental CBCT, the company will occupy more market share with the advantages of cost performance and service response; At present, the oral market is dominated by dental tablet treasure, and the oral scanner will become an alternative trend in the future by relying on the full digital technology with clearer images. In 2021, the company’s dental sales revenue exceeded 200 million yuan, realizing a qualitative leap. In addition, compared with the industrial security revenue of 60 million yuan in 2020, the company achieved a sales revenue of more than 150 million yuan in the industrial field in 2021, an increase of more than 1.5 times at the same time. Customers include Guangdong Zhengye Technology Co.Ltd(300410) , Japan United Technology, Baker Hughes, GE and major new energy battery manufacturers in China. Industrial flat panel detectors are consumables. With the accelerated release of the demand for ex ante and ex post detection of power batteries, new production lines and stock replacement production lines can drive the increase of detection demand in the future.
By taking advantage of the domestic alternative window of flat panel detector, the market share of the company has accelerated. According to yole D é veloppement, the global market size of digital X-ray detectors was about US $2 billion in 2018 and is expected to reach US $2.8 billion by 2024. With Chinese manufacturers gradually entering the Dr industry, China’s flat panel detector has achieved industrialization and promotion. The localization rate of China’s medical flat panel detector has increased from 28.67% in 2016 to 34.68% in 2019. As a local leading enterprise, the company accounted for 26.00% in the field of medical X-ray detectors in China and 12.91% in the world in 2019, ranking third in the world. In the future, the company is expected to continuously increase its market share with the advantages of high product cost performance, perfect after-sales service support, excellent independent innovation ability and excellent localized service.
Pay attention to R & D investment, issue convertible bonds and extend industrialization to the upstream. The company has always paid attention to its own R & D strength. In 2021, it invested 146 million yuan in R & D, an increase of 51.87%, accounting for 12.27% of revenue. By the end of 2021, the number of R & D personnel of the company was 256, an increase of 58.02% at the same time. The company is one of the few companies in the world that master the four sensor technologies of amorphous silicon, igzo, CMOS and flexible substrate at the same time and have mass production capacity. In 2021, except for crystalline silicon, the other three sensor technologies achieved a revenue of 200 million yuan, growing rapidly. In January this year, the company released the convertible bond plan, the core components are planned to extend upstream, and have been actively arranged on the ceramic scintillators of medical CT and various new scintillation materials in security inspection equipment. In addition, the company has made some progress in high-voltage generator, ray source, CT collimator and other components. The layout of technology and materials is expected to open up new business for the company’s growth.
Profit forecast and valuation. The company’s products are highly competitive. Considering the accelerated volume of dental and industrial products, it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 606, 839 and 1.205 billion yuan, and the current price corresponding to PE will be 48.4, 34.9 and 24.3 times, maintaining the “overweight” rating of the company.
Risk warning: trade friction risk; exchange-rate risks; New business expansion was less than expected.
