\u3000\u3 China Vanke Co.Ltd(000002) 938 Avary Holding (Shenzhen) Co.Limited(002938) )
The company ended smoothly in 2021, entered a new stage of category diversification and maintained the “overweight” rating
The company released the annual report of 2021. The annual operating revenue was 33.32 billion yuan, yoy + 11.6%, and the net profit attributable to the parent was 3.32 billion yuan, yoy + 16.8%, of which the single quarter revenue of 2021q4 was 12.3 billion yuan, yoy + 11.6%, and the net profit attributable to the parent was 1.64 billion yuan, yoy + 16.8%. The company announced the main budget indicators for 2022. It plans to achieve operating revenue of 35.65 ~ 38.98 billion yuan, yoy + 7 ~ 17%, total net profit of 3.81 ~ 4.15 billion yuan, yoy + 15 ~ 25%, and optimize the level of net interest rate in 2022. Considering that the company is driven by the demand of aiot and develops high growth segments such as automotive electronics and servers, we raise the profit forecast for 20222023 and add the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 39.6/43.0 (previous value 36.8 / 39.8) / 4.75 billion yuan, the corresponding EPS will be 1.70/1.85 (previous value 1.58 / 1.71) / 2.05 yuan, and the current share price corresponding to PE is 19.1/17.6/15.9 times, maintaining the “overweight” rating.
Consumer electronics item numbers and product terminals are diversified, and core customers drive the growth of softboard business
In the case of relatively volatile external environment, the company completed the budget level at the beginning of the year with excellent management quality and was close to the upper limit of the guidelines. In terms of business, the proportion of consumer electronics and computer boards rose from 28.9% in 2020 to 33.3% in 2021. Consumer electronics item numbers and terminals became diversified, and the company got rid of the constraints of relying on a single product. The operating revenue of communication board business accounted for 71.0% in 2021, yoy-5.0 PCT. under the dual influence of the slight rise in the cost of raw materials and the adjustment of transportation expenses, the gross profit margin remained stable, reaching 18.8%, yoy-0.3 PCT. With the introduction of the company’s digital system, the order arrangement and efficiency are expected to be optimized.
Hard board business is accumulated and developed, and the business in the field of server and automobile is improving
In terms of size and volume of the company, according to prismark’s estimate of global PCB enterprise revenue in February 2022, the company has ranked first in the world for four consecutive years. In terms of process capability, the minimum aperture of the company’s PCB products can reach 0.025mm and the minimum line width can reach 0.025mm. At present, the mass production capacity of the next generation PCB product SLP representing higher-level process requirements has been formed, and the new products of customers in the next three years will be arranged in advance. The company’s automobile and server products will become an important growth point in the future. Customers in the field of new energy vehicles in the early stage have entered the supply period.
Risk tips: fluctuations in orders of key customers, the impact of the exchange rate of RMB against the US dollar, the import of HDI business is less than expected, and the competition of automobile board is intensified
