\u3000\u3 China Vanke Co.Ltd(000002) 241 Goertek Inc(002241) )
Core view
The net profit attributable to the parent company in 21 years increased by 50.1% year-on-year, and it is expected that the net profit after deduction of 1q22 will increase by 40-50% year-on-year. The company issued an annual report, with a revenue of 78.221 billion yuan (YoY: 35.5%) in 21 years and a net profit attributable to the parent company of 4.275 billion yuan (YoY: 50.1%); Among them, 4q21’s revenue is 25.432 billion yuan (YoY: 10.5%), and the net profit attributable to the parent company is 942 million yuan (YoY: 13.3%); The gross profit margin of 21 years decreased by 1.90pct to 14.13% year-on-year, mainly due to the change of product structure, and the expense rate during the period decreased by 1.82pct to 8.61% year-on-year. In addition, the company expects the net profit attributable to the parent company of 1q22 to decrease by 0% – 10% year-on-year to RMB 869966 million (non recurring profit and loss decreased by RMB Jiangmen Kanhoo Industry Co.Ltd(300340) million year-on-year); It is estimated that the net profit of 1q22 returned to the parent company after deducting non profits increased by 40% – 50% year-on-year to RMB 842902 million, thanks to the best-selling of VR devices such as oculusquest 2 and intelligent game console products such as ps5.
In 21 years, the revenue of intelligent hardware increased by 86% year-on-year, and the gross profit margin increased by 1.40pct year-on-year. In terms of business, the revenue of precision parts and components increased by 13.39% year-on-year to 13.84 billion yuan in 21 years, and the gross profit margin decreased by 0.79 PCT to 23.11% year-on-year; Thanks to the revenue growth of TWS earphones, the revenue of intelligent acoustic complete machine increased by 13.58% year-on-year to 30.297 billion yuan in 21 years, and the gross profit margin decreased by 4.54 PCT to 10.33% year-on-year, mainly due to the insufficient operating rate of overseas factories caused by the epidemic; In 21 years, the revenue of intelligent hardware increased by 85.87% year-on-year to 32.809 billion yuan, and the gross profit margin increased by 1.40pct to 13.91%. Thanks to the best-selling VR products such as oculusquest 2, the revenue of intelligent hardware of the company increased rapidly, and the profitability continued to improve.
Airpods welcomes the recovery growth and benefits the company’s intelligent acoustic machine business. According to the data of counterpoint research, the shipment volume of airpods in 21 years is 76.8 million. We expect that the shipment volume of airpods in 22 years will exceed 80 million. The driving force comes from: 1) new products are released one after another. Apple released airpods3 in 4q21 and is expected to release airpodspro2 in the second half of this year; 2) The price of the old products has dropped, while the penetration rate of airpods in Apple’s user group has continued to improve, driving the steady growth of shipments.
VR / AR application ecology is becoming more and more mature, and the growth momentum of the company’s VR / AR business is strong. In terms of hardware, according to omdia, the global VR shipment reached 12.5 million units in 21 years, including 7 million units in Quest 2. Omdia expects the global VR shipment to reach 70 million units in 26 years (CAGR: 41.1% in 21-26 years); In addition, Apple’s first VR head display is expected to be mass produced in Q4 this year and officially listed before the end of the year. In terms of application, according to valve, 1.887 million VR users were added to steam platform in 21 years, and the monthly live VR head display users of steam platform accounted for 2.12% in February 22, maintaining a high level. As a global leader in VR / AR intelligent manufacturing, the company will directly benefit from the hot sales of star products of core customers, and the growth momentum of VR / AR business is strong.
Investment suggestion: we are optimistic about the growth prospect of the company’s VR / AR business. It is expected that the company’s net profit attributable to the parent company in 22-24 years will increase by 45.6% / 31.1% / 25.9% year-on-year to 62.23/81.61/10.273 billion yuan. Referring to the PE valuation of 23.99 times the consistent expected average value of the comparable company wind in 2022, we give the company 24-25 times the expected PE in 2022, with the corresponding target price of 43.72-45.54 yuan, maintaining the “buy” rating.
Risk tip: downstream demand is less than expected and market competition intensifies.
