\u3000\u3 China Vanke Co.Ltd(000002) 938 Avary Holding (Shenzhen) Co.Limited(002938) )
Event: the company announced in its annual report for the year of 21 that it realized a revenue of 33.315 billion yuan, yoy + 11.6%, a net profit attributable to the parent of 3.317 billion yuan, yoy + 16.75%, and a net profit not attributable to the parent of 3.105 billion yuan, yoy + 15.25%. Net assets yoy + 10.46%.
Comments: the performance in 21 years was slightly higher than expected, the growth rate of server / automotive board was bright, and the performance guidance in 22 years was optimistic. The profitability of the company in 21 years: gross profit margin of 20.39%, yoy + 0.06pcts, net profit margin of 9.95%, yoy + 0.3pcts; The corresponding fourth quarter revenue was 12.301 billion, yoy-0.68%, and the net profit was 1.639 billion, yoy + 12.41%. In the whole year, the revenue of communication board was 21.983 billion yuan, yoy-0.03 PCTs, and the gross profit margin was 18.79%; Consumer electronics and computer boards were 11.076 billion yuan, yoy + 43.57%, with a gross profit margin of 23.89%, mainly due to the mass production of epidemic remote office hardware + two ultra-thin HDI production lines in Huai'an (miniled backlight board); The revenue of automobile / server and other boards was 256 million yuan, yoy + 74.12%.
The shipment of new Apple products in spring is expected to drive the company's H1 performance; We are optimistic about the company's performance growth under the growth of Apple's product lines throughout the year, and the company's 22-year performance guidelines are optimistic. The inventory of 21 years is yoy + 77.61%. We judge it as Apple's new spring product reserve. The total revenue from January to February of 22 years is 4.247 billion yuan, yoy + 13.6%, and the year-on-year growth rate in February is 30.91%. Apple's 22 product lines are expected to achieve year-on-year growth, and the company is expected to benefit from being a first-line supplier of Apple PCB. The annual report discloses the company's 22-year performance guidelines: it is expected that the revenue in 22 years will be 35.647-38.978 billion yuan, yoy7-17%, the net profit will be 3.813-4.115 billion yuan, yoy15-25%, and the median corresponding net profit rate will be 10.66%.
In the medium and long term, we are optimistic about the company's growth under the conditions of capacity release + competitiveness improvement + new momentum, continue to build the "oneavery" product system, and open up the company's market space for servers / cars. As the global leader of FPC, the company has smooth medium and long-term logic and accelerated 5g construction. The company will benefit from the logic of increasing the volume and price of FPC and SLP under new changes such as 5g / folding / thinness / high frequency of consumer electronics. As a core supplier of apple, it is expected to continue to benefit from 1) the improvement of precision value; 2) Japanese enterprises have low willingness to invest, and the share of soft board suppliers is expected to be concentrated, and the share of the company will be increased, making it more competitive in new product importers. In addition, the company continues to make efforts in the automobile / server sector, and the corresponding downstream is expected to become the driving force for the company's future performance growth. At present, the expansion of the company's production has been promoted in order. The overall investment of the company in 21 years is 7 billion yuan, yoy + 24.4%. In 22 years, the company expects capex to be 4.3 billion yuan. Key investment projects include Shenzhen No. 2 Park, Huai'an No. 3 Park high-end HDI and advanced SLP board projects, Huai'an No. 1 park hard board factory transformation project, Kaohsiung FPC phase I, etc. as of the 21st Annual Report, the project progress is 86%, 3%, 62% and 14.36% respectively.
Investment suggestion: with reference to the data of the annual report of 21 years, the performance of the company in 22-23 years was raised from 37.08 and 42.14 to 4.010 and 4.667 billion yuan, and the "buy" rating was maintained.
Risk tip: Apple's new product sales are less than expected, the impact of the epidemic is less than expected, the impact of exchange rate fluctuations, and the digestion of new production capacity is less than expected
