Suzhou Anjie Technology Co.Ltd(002635) dynamic comments: key customer cooperation is deepening day by day, driving long-term development

\u3000\u3 China Vanke Co.Ltd(000002) 635 Suzhou Anjie Technology Co.Ltd(002635) )

[matters]

The company released the performance forecast for 2021. It is estimated that the company’s revenue in 2021 will be RMB 3.850-3.950 billion, with a year-on-year increase of 32.52% to 35.96%. The annual net profit attributable to the parent company will be RMB 159206 million, with a year-on-year decrease of 56.03% to 66.06%, and the net profit deducted from non attributable to the parent company will be RMB 85-120 million, with a year-on-year increase of 27.43% to 79.90%, corresponding to the revenue of RMB 1.117-1.217 billion in the single quarter of 2021q4, with a year-on-year increase of 33.25% to 45.17%, The month on month change was – 0.09% to 8.86%, the net profit attributable to the parent company was 55 to 102 million yuan, with a year-on-year increase of 64.17% to 205.22%, and the month on month change was – 27.86% to 34.13%.

[comments]

The company’s business started from consumer electronics, gradually expanded horizontally in the fields of new energy vehicles and 5g communication, and upgraded from a single type of parts supplier to a platform company with multi business collaboration. In 2021, the company continued to improve its product competitiveness in new energy vehicles, smart phones, PCs, tablets, VR / AR, smart homes and other fields, actively explored new businesses, and continued to expand its business scale.

The consumer electronics business benefits from the continuous improvement of 5g penetration and the company’s good cooperative relations with customers at home and abroad. At the same time, the company has actively engaged in the field of VR / AR, has mass produced and supplied the VR product oculus quest2, will also provide more products for the next generation oculus, and is cooperating with a customers in North America to develop new ar products. Under the opportunity of VR / AR industrial product upgrading + ecological improvement, statista predicts that the global VR / AR equipment shipment will exceed 10 million in 2022, reaching 14.19 million units, with a year-on-year increase of 43.91%. The company is expected to continue to benefit from the growth of VR / AR equipment shipment.

In the field of new energy vehicles, the company has established in-depth cooperative relations with internationally renowned new energy vehicle manufacturers to provide customers with diversified products including precision functional devices, modules and so on. While strengthening the existing business, the company further develops other parts business, including supporting high-voltage connecting wire components, automobile battery cover sector, etc. The company prospectively arranges the wireless charging equipment of power battery, including on-board wireless charging receiving end, ground transmitting end and power control device. It has obtained the patent authorization of WiTricity wireless charging technology, and mastered the core technologies such as high-power wireless charging magnetic coupling coil design and tuning circuit design. During the year, it has determined the top project in China’s high-end new energy vehicle brand to provide 7KW wireless charging products. At the same time, the company started research and development in the field of hydrogen fuel cells, focusing on metal bipolar sectors, membrane electrodes, etc. In the context of global carbon neutrality, energy conservation and emission reduction, the development trend of new energy vehicles is determined. It is expected that the company’s new energy vehicles will grow rapidly and the proportion of business revenue will continue to increase, driving long-term business development.

[investment suggestions]

It is estimated that the company’s revenue from 2021 to 2023 will be 3.888 billion yuan, 4.841 billion yuan and 6.410 billion yuan respectively, the net profit attributable to the parent company will be 183 million yuan, 385 million yuan and 518 million yuan respectively, and the EPS will be 0.30, 0.62 and 0.84 yuan / share respectively, corresponding to 42, 20 and 15 times of the current PE respectively, which will be rated as “overweight”.

[risk tips]

Downstream market demand is lower than expected

The continuous rise of upstream costs has put pressure on the profitability of the company

The sharp fluctuation of exchange rate has an impact on profits

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