\u3000\u3 Guocheng Mining Co.Ltd(000688) 686 Opt Machine Vision Tech Co.Ltd(688686) )
In 2021, the revenue increased by 36.21% year-on-year, and the net profit attributable to the parent company increased by 24.04% year-on-year. The company achieved a revenue of 875 million yuan in 2021, with a year-on-year increase of 36.21%; The net profit attributable to the parent company was 2.403 billion yuan, a year-on-year increase of 2.403 billion yuan. In a single quarter, 2021q4 achieved a revenue of 232 million yuan, a year-on-year increase of 29.06%; The net profit attributable to the parent company was 85 million yuan, a year-on-year increase of 35.32%. The downstream new energy industry has a high prosperity. The revenue growth is mainly driven by the substantial growth of lithium battery business, and the profit growth is relatively low, mainly due to the decline of overall gross profit margin and the substantial increase of expenses caused by the change of business structure. In 2021, the gross profit margin / net profit margin was 66.51% / 34.61%, with a year-on-year change of -7.43 / – 3.40 PCT, mainly because the gross profit margin of lithium battery business was lower than 3C industry, and the proportion of lithium battery revenue increased rapidly. At the same time, the price of electronic raw materials increased, which dragged down the short-term decline of the overall gross profit margin. In 2021, the company’s sales / management / R & D / financial expense ratio was 16.31% / 3.09% / 15.67% / – 2.11%, with a year-on-year change of + 2.45 / – 1.18 / + 3.77 / – 1.79 PCTs. The increase in sales and R & D expense ratio was mainly due to the significant increase in relevant personnel and the increase in the average salary of R & D personnel. The net operating cash flow of the company was 173 million yuan, a year-on-year increase of 80.63%, and the payment collection was good.
Deeply cultivate the 3C field and vigorously expand the fields of new energy, semiconductor, photovoltaic and automobile. By business: 1) 3C industry: the revenue in 2021 was 518 million yuan, with a year-on-year increase of 4.39%. The company is deeply engaged in the 3C industry, the application link extends from the assembly plant to the module plant, the products expand from mobile phones to tablets, headphones, watches, etc., the solutions provided expand from imaging solutions to overall solutions, and the penetration rate of the industrial chain continues to increase; 2) New energy industry: the revenue in 2021 was 258 million yuan, with a year-on-year increase of 241.69%. The lithium battery industry has benefited from the high popularity of the industry, and the company’s products and technologies have been recognized by Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , honeycomb and other large enterprises. The company has full orders in hand. 3) Other industries: the revenue in 2021 was 100 million yuan, with a year-on-year increase of 39.82%. The company continued to promote the layout of semiconductor, photovoltaic, automobile and other industries, and made significant breakthroughs in the overseas market. The company continued to increase R & D Investment: in 2021, the R & D cost was 137 million yuan, a significant year-on-year increase of 79.36%, there were 715 R & D personnel, a year-on-year increase of 30.24%, and the average salary of R & D personnel was 151900 yuan, a year-on-year increase of 10.47%. In 2021, the company obtained 9 new invention patents and a total of 30 invention patents. In November 2021, the company launched the restricted stock incentive plan, which plans to grant 372800 restricted shares to 272 people (accounting for 15.67% of the total number at the end of 2021), accounting for 0.45% of the total share capital, covering a wide range, fully motivating grass-roots employees and contributing to the long-term and stable development of the team.
Risk warning: lithium battery demand is less than expected; The expansion of new fields is less than expected; Gross profit margin fell.
Investment advice: maintain the “buy” rating.
The company is an upstream core parts company with good location and significant competitive advantage. It has benefited from industry development and import substitution for a long time. We maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 398 / 514 / 680 million, and the EPS will be RMB 4.82/6.23/8.24, corresponding to pe36 / 28 / 21 times, maintaining the “buy” rating.
