\u3000\u3 Guocheng Mining Co.Ltd(000688) 301 Iray Technology Company Limited(688301) )
Event: the company issued the 2021 annual report.
Fundamentals exceeded expectations: in 2021, the company achieved revenue of 1.187 billion yuan, yoy + 51.43%; The net profit attributable to the parent company was 484 million yuan, yoy + 117.79%; The net profit deducted from non parent company was 342 million yuan, yoy + 72.29%, including 142 million yuan of non recurring profit and loss, mainly due to the current government subsidy (46 million) + investment income (114 million).
Profitability is improving: the comprehensive gross profit margin is 55.25%, yoy + 3.45pct; The comprehensive net interest rate is 40.81%, yoy + 12.36pct. During the period, the expense rate decreased steadily: the sales and management expense rates were 4.92% / 4.47% respectively, with a year-on-year increase of + 0.19 PCT / -0.26 PCT, mainly due to the increase of human cost and equity incentive cost (14 million); The financial expense ratio was -1.41%, with a year-on-year increase of -2.05 PCT, mainly due to the increase of interest income driven by the efficiency of capital use; The R & D expense rate was 12.27%, with a year-on-year increase of + 0.3pct, mainly due to the increase of R & D investment (R & D personnel increased by 58% year-on-year)
Excellent operation ability: due to the substantial growth of sales, although the accounts receivable increased significantly (281 million, yoy + 127.55%), the turnover rate of accounts receivable increased (from 4.85 in 20 years to 5.86 in 21 years); Notes payable 14 million, yoy + 149.8%, contract liabilities 80 million, yoy + 374.05%.
21q4 performance:
In 21 years, Q4 company realized 364 million revenue, yoy + 58.21%; The net profit attributable to the parent company was 158 million, yoy + 137.84%; The rates of sales / management / Finance / R & D expenses in a single quarter were 5.91% / 6.21% / 0.91% / 15.09%, yoy + 1.55pct/2.41pct / + 1.34pct / + 2.32pct respectively.
X-ray sensor expert → multidimensional core parts supplier
Amorphous silicon (realizing mass production from small size 0505 to large size 1748, with few double patch splicing + static and dynamic dual applications in the industry) + igzo (penetrating into C-arm, DSA, dentistry, industrial nondestructive testing and other fields) + CMOS (industry leader, when new breast products are completed, angiography is in progress) + flexible substrate (cesium iodide flexible detector is delivered to European and American customers in batch) detector blooms at four points (the revenue of igzo + CMOS + flexible new products exceeded 200 million), and new core components such as high-voltage generator, ray source and CT collimator were steadily promoted.
Performance split: dental + industry is an important focus
Sub products: 1) static 749 million, with stable growth (YoY + 24.59%) and gross profit margin of 52.37% (YoY + 1.33pct); 2) Dynamic 377 million (accounting for 18.7% in 20 years to 33.5% in 21 years), benefiting from the large-scale annual high-speed increment of dental and industrial new products (year-on-year + 171.95%), and the gross profit margin is 65.88% (YoY + 8.05pct).
By industry: benefiting from the introduction and blessing of new dental and industrial customers, 1) dental sales revenue exceeded 200 million (cooperating with head customers such as Hefei Meiya Optoelectronic Technology Inc(002690) , Landsea, berndent, fisson and woodpecker); 2) The sales revenue of high-end battery and hughes35.
Profit forecast
We expect the company’s net profit attributable to the parent company in 22-24 years to be 6.46/905 and 1.164 billion respectively, and the corresponding PE is 45.38/32.39/25.19x respectively, maintaining the buy rating!
Risk warning: the risk of the epidemic affecting overseas sales; Dental and industrial output was lower than expected; trade friction
