\u3000\u3 China Vanke Co.Ltd(000002) 463 Wus Printed Circuit (Kunshan) Co.Ltd(002463) )
In 2021, the disturbance of external environment led to performance fluctuation. In 2022, high-end products resumed growth and maintained "buying"
The company announced that in 2021, the operating revenue was 7.42 billion yuan, yoy-0.6%, and the net profit attributable to the parent company was 1.06 billion yuan, yoy-20.8%. In 2021q4, the operating revenue in a single quarter was 2.01 billion yuan, yoy + 5.5%, the net profit attributable to the parent company was 280 million yuan, yoy-28.4%, the gross profit margin was 25.6%, yoy-3.7pct. The overall operation of the company is facing multiple pressures. The construction of 5g base stations downstream of the demand side is slowing down, and the supply of high-end chips is tight, resulting in the inhibition of PCB demand in application fields such as high-speed network equipment and data center; The price of copper clad laminate, a raw material upstream of the cost side, rose. We maintain 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 RMB 1.46/2.50 billion, the corresponding EPS of the current stock price is RMB 0.77/1.06/1.34, and the PE is 17.8/13.0/10.2 times. Considering the high-end trend of the company's digital communication and automobile PCB, we maintain the "buy" rating.
The branch area integrates production resources and spreads risks overseas
The company further integrates production resources to cope with the changeable external environment, with both capacity allocation and overseas layout. On the one hand, the three plant areas of the company will continue to "internal circulation", and the PCB below 16 floors and the PCB of Huli micro electric medium and low-grade automobile will accelerate the transfer to Huangshi plant in the future; Qingsong factory and Huli micro power will be upgraded by improving the bottleneck process, which is expected to further optimize the product structure and increase the output value. On the other hand, the company improved the industrial layout, strengthened the operation ability of multi regional risk diversification, increased capital shengweice to promote the production capacity layout of high-end automotive PCB products, purchased the equity of Japan Mingxing electronics, and evaluated and implemented the layout of overseas low-cost regional production bases.
Continue to implement differentiated competition strategy, card core network and automotive electronic application
The server and automobile PCB market of the company's card position will usher in a growth higher than that of the industry as a whole in the future. According to prismark's prediction, from 2021 to 2026, the compound growth rate of the server / data storage product market will be 10.0%, and the compound growth rate of the automobile PCB market will be 7.5%. In the field of data communication, 400g switch products have been produced in batch, and pre800g products are produced in small batch; In the field of automotive electronics, products in 4D on-board radar, autopilot domain controller, intelligent cockpit domain controller, on-board gateway and other fields have been mass produced; In 2021, the company expanded high-speed interposer printed circuit board in key R & D projects, which helps to develop products in high-performance computing and other fields.
Risk tip: the rising cost of raw materials, intensified competition in automobile PCB, lower than expected demand for high-end digital communication, exchange losses and trade disputes lead to weak export orders.
