\u3000\u3 Guocheng Mining Co.Ltd(000688) 323 Rayitek Hi-Tech Film Company Ltd.Shenzhen(688323) )
Event: on March 29, 2022, Rayitek Hi-Tech Film Company Ltd.Shenzhen(688323) released the annual report for 2021: the operating revenue was 319 million yuan, a year-on-year decrease of 8.95%; The net profit attributable to the shareholders of the listed company was 56 million yuan, a year-on-year decrease of 4.25%; The weighted average return on net assets was 7.18%, down 2.92 percentage points year-on-year. The gross profit margin of sales was 44.88%, with a year-on-year increase of 7.49 percentage points; The net profit margin of sales was 17.58%, with a year-on-year increase of 0.96 percentage points. Among them, Q4 achieved a revenue of 78 million yuan in 2021, with a year-on-year increase of 14.30% and a month on month decrease of 5.78%; The net profit attributable to the parent company was 12 million yuan, a year-on-year decrease of 6.03% and a month on month increase of 6.23%; The weighted average return on net assets was 1.34%, down 0.72 percentage points year-on-year and 0.11 percentage points month on month. The gross profit margin of sales was 43.12%, a year-on-year decrease of 4.88 percentage points and a month on month decrease of 4.27 percentage points; The net profit margin of sales was 15.10%, a year-on-year decrease of 4.27 percentage points and a month on month decrease of 0.08%.
Comments:
All business sectors made concerted efforts and products maintained stable growth
In 2021, the company insisted on taking customers as the center, strengthened market development, and achieved an operating income of 31900 yuan, a year-on-year decrease of 8.95%. Excluding the impact of occasional business income of 769231 million yuan of sales production line in the same period in 2020, the company increased by 16.68% year-on-year; The net profit attributable to the parent company was 56 million yuan, a decrease of 4.25% over the same period last year, mainly due to the occasional net profit of 4.8407 million yuan generated by the sales production line in the same period in 2020 and the year-on-year decrease of government subsidies in 2021. In 2021, the sales volume of the company’s high-performance PI film was 8.1863 million tons, with a year-on-year increase of 13.92%. The company’s products maintained a stable growth. The thermal control PI film achieved a revenue of 167 million yuan, with a year-on-year increase of 3.05%; Electronic PI films achieved a revenue of 108 million yuan, a year-on-year increase of 49.39%; Electrical PI films achieved a revenue of 38 million yuan, a year-on-year increase of 9.46%. The sharp year-on-year growth of electronic PI film is mainly due to the company’s increasing market expansion of electronic substrate PI film and electronic printing PI film. In 2021, the company achieved a revenue of 306 million yuan in China, a year-on-year increase of 15.43%; The company achieved a foreign revenue of 12 million yuan, with a year-on-year increase of 58.91%. Thanks to the gradual liberalization of global covid-19 epidemic control, the orders of some foreign customers of the company increased.
The commissioning of CPI project was started and Jiaxing project was rapidly promoted
The company has independently mastered the core technology of CPI film preparation, and the 50 t / a CPI special line has entered the commissioning stage, striving to complete the commissioning and trial production in the first half of 2022. After the construction of CPI special production line, the application of CPI film products in the field of flexible display electronic products such as folding screen mobile phones can be realized, which is expected to fill the gap in China in this field. The construction progress of the Rayitek Hi-Tech Film Company Ltd.Shenzhen(688323) 1600 ton raised investment project in Jiaxing is implemented as planned. At present, the main construction project of the plant has been completed, the systems and equipment of the new generation production line are customized and manufactured, and some production line equipment has arrived and is being installed. The construction project is progressing smoothly. It is planned that some production lines will enter the commissioning in the fourth quarter of 2022. At present, the folding screen mobile phone is expected to usher in the industrial explosion period. In the future, with the continuous production of the company’s two projects, the company’s performance is expected to usher in rapid growth. In the future, with the expansion of the application field of high-performance PI film, enterprises with multiple production lines and multiple process routes have stronger industrialization ability, and can carry out the development and introduction of new products more quickly and efficiently. The company has obvious first mover advantages. At present, it has 9 product lines. After the completion of Jiaxing project, the number of production lines of the company will further increase. The company is expected to use these advantages to speed up product development, improve demand response ability, and constantly strengthen and consolidate its leading position in the field of PI film.
R & D investment has been continuously increased, and multiple R & D reserve projects cover a wide range of products
PI film industry is a typical technology intensive industry. The company has continuously increased its R & D investment, relying on independent R & D to master the core technology of production process and equipment design. In 2021, the R & D cost of the company was 26.599 million yuan, a year-on-year increase of 15.17%. In 2021, the company obtained 6 new patents, including 4 invention patents and 2 utility model patents. These patents mainly focus on the field of transparent PI film and the design and manufacture of PI film related equipment. As of December 31, 2021, the company has obtained 22 patents, including 16 invention patents and 6 utility model patents. By the end of 2021, there were 73 R & D personnel, accounting for 19.78% of the total number of the company, an increase of 28% over 2020. The main R & D personnel of the company have rich experience, can accurately grasp the needs of customers, comply with the development trend of industry technology, and laid a good foundation for the company in new product development, industrialization implementation and cutting-edge technology research. The company accelerated the development of polyimide materials in the fields of flexible display, 5g communication, new energy, integrated circuit packaging and aerospace applications. The R & D projects of CPI film for flexible OLED, high modulus PI film for COF, low dielectric PI composite film for 5g communication, high insulation 1500mm wide PI film for space applications and other products progressed as planned, In 2021, the key project of “ultra high modulus polyimide film R & D” of Shenzhen company was included in the key research and development project of “new generation of transparent cover sector technology”.
In 2022, the company will closely focus on the overall development strategy, take technological innovation as the core development driving force, adhere to the main business, focus on PI film, maintain high-quality sustainable development, and carry out work in the main aspects of production and operation, Shenzhen Engineering Technology Center, CPI production line construction, Jiaxing project construction and so on.
1. In terms of operation, integrate market application resources, continue to strengthen the market development of thermal control, electronics, high-end electricians and other series products, further adjust and optimize the product structure, and gradually form a series of application market products such as high-speed communication and intelligent flexible electronic substrate, flexible display and new energy.
2. In terms of construction, Shenzhen headquarters promotes the construction of Shenzhen Engineering Technology Center; Complete the commissioning of CPI production line and put it into operation in the middle of the year; Accelerate the construction of the raised investment project Rayitek Hi-Tech Film Company Ltd.Shenzhen(688323) 1600 ton project in Jiaxing, complete the final construction of Jiaxing plant, and put some production lines into commissioning and market introduction in the fourth quarter of 2022.
3. In terms of technological innovation, accelerate the development of functional new products such as CPI film for flexible display application, PI film for integrated circuit packaging COF application, PI film for high thermal conductivity and ultra thick graphite precursor, PI slurry for flexible OLED substrate application, and continue to do a good job in the technical design of Jiaxing base and the technical improvement of production line.
4. In terms of financing, solve the construction fund gap of Jiaxing project and supplement working capital.
5. In terms of investment cooperation, strengthen the research, judgment and market analysis of the industrial development of upstream and downstream industrial chains and related new processes and technologies, seek relevant investment cooperation and accelerate the development of the company.
6. In terms of comprehensive management, strengthen cost management, continuously promote refined production management, reduce cost and increase efficiency; Strengthen human resource management, speed up talent training, comprehensively use salary incentives, equity incentives and other ways to stimulate the momentum of sustainable innovation, and promote the three-year plan of a 100 person R & D team. It is estimated that the net profit attributable to the parent company in 2022, 2023 and 2024 will be RMB 93 million, RMB 223 million and RMB 331 million respectively, and the EPS will be RMB 0.52, RMB 1.24 and RMB 1.84/share, corresponding to 54.52, 22.79 and 15.37 times of PE, maintaining the “buy” rating.
Risk warning: risks that are difficult to digest after the implementation of the raised investment project; Customer structure change risk; The risk that technological innovation and product development lag behind market demand; Fluctuation risk of raw material purchase price; The construction progress of the project is less than expected.
