\u3000\u3 Guocheng Mining Co.Ltd(000688) 686 Opt Machine Vision Tech Co.Ltd(688686) )
Event: the company released the annual report of 2021.
The new energy business is growing rapidly, and the revenue will grow rapidly in 2021
In 2021, the company achieved an operating revenue of 875 million yuan, a year-on-year increase of + 36.21%. Considering the high base in the same period of 2020, the revenue side still achieved rapid growth, which is in line with market expectations. The main reasons for the rapid growth of the company’s revenue side in 2021 are as follows: ① the prosperity of the new energy industry in 2021 is high, the company’s products and visual solutions are widely used in the new energy industry, and the company’s products and technologies have won the industry leaders Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) Honeycomb enterprises and others recognized that, especially in the early Contemporary Amperex Technology Co.Limited(300750) stage, there were many new energy new signing orders, and the large-scale delivery period entered in the second half of 2021. In 2021, the new energy business realized a revenue of 258 million yuan, an increase of 241.69% year-on-year, accounting for 29.48% of revenue, an increase of 17.73 PCT year-on-year. The large volume of new energy business is the biggest driving force for the rapid growth of the company’s revenue; ② 2021 is a small year for apple, but the company is extending from the assembly end to parts, modules and other links in the apple industrial chain, and the cooperative product line is expanded from mobile phones to tablets, headphones and watches. In 2021, the company’s 3C business realized a revenue of 518 million yuan, a year-on-year increase of 4.39%, still achieving a certain growth; ③ In addition, the company actively expanded the overseas markets of semiconductor and automobile industries, strengthened new product R & D and product upgrading, and made breakthroughs in many industries. The total revenue of related businesses was 995322 million yuan, a year-on-year increase of 39.82%.
From the perspective of product line, the company’s independent product line has covered the core software and hardware products of machine vision such as light source, light source controller, lens, industrial camera and visual control system. In 2021, the revenue of light source, light source controller, lens, industrial camera and visual control system reached 304 million yuan, 81 million yuan, 127 million yuan, 144 million yuan and 92 million yuan respectively, with a year-on-year increase of + 17.15%, + 27.91%, + 15.84%, + 96.01% and + 14.27% respectively. In 2021, the company is also working in industrial code reader The layout of 3D laser sensors and in-depth learning products has been completed, and the product line has been continuously enriched.
The expense rate and gross profit margin were squeezed, and the profitability of the company decreased in 2021
In 2021, the company realized a net profit attributable to the parent company of 303 million yuan, with a year-on-year increase of 24.04%. After deduction, the net profit attributable to the parent company was 262 million yuan, with a year-on-year increase of 13.19%. The growth rate of net profit was lower than that of revenue, and the profit level decreased to a certain extent. In 2021, the net profit attributable to the parent company was 34.61%, with a year-on-year decrease of 3.4pct. Further analysis: ① on the gross profit margin side, the overall gross profit margin of the company was 66.51% in 2021, a year-on-year decrease of 7.43pct, mainly due to the rapid increase in the proportion of new energy business revenue, and the gross profit margin of new energy business is lower than that of the company’s traditional 3C business. We speculate that the gross profit margin of the company’s new energy business in 2021 will be less than 50%; ② On the expense side, in 2021, the company’s expense ratio was 32.96%, with a year-on-year increase of 3.24pct, and the sales / Management (including R & D) / financial expense ratio changed by + 2.45 / + 2.59 / – 1.80pct respectively. The obvious increase in sales expense and management expense ratio was mainly due to the significant expansion of the company’s relevant sales and R & D personnel. In terms of R & D expenses, the company invested 137 million yuan in R & D in 2021, with a year-on-year increase of 79.36%, reaching 715 R & D personnel, with a year-on-year increase of 30.24%, The R & D expense ratio reached 15.67%, with a year-on-year increase of 3.77 PCT, which further suppressed the current profit level performance.
Machine vision is Changpo thick snow track, and the company has the conditions for continuous expansion
Thanks to the macroeconomic recovery, increased investment in new infrastructure, accelerated construction of data centers, promotion of manufacturing automation and other factors, the scale of China’s machine vision industry will further grow. According to the prediction of China machine vision industry alliance, the market scale of machine vision in China will increase from 18.07 billion yuan in 2021 to 29.6 billion yuan in 2023, with an average annual compound growth rate of 28.0%. Machine vision is a long slope thick snow track. Compared with Kearns and connais, the company’s current revenue and profit volume is relatively small and has a large growth space: ① the company has a perfect machine vision hardware and software product line, especially in terms of software, with an independent underlying algorithm library, and the software is expected to become an important focus of the company. ② While consolidating the competitive advantage of 3C electronics industry, the company has gradually expanded its capability circle to new energy, semiconductor, photovoltaic and other fields. Its products have been recognized by Contemporary Amperex Technology Co.Limited(300750) , ATL, Byd Company Limited(002594) , Funeng and other global well-known enterprises, and the growth space will be further opened
Profit forecast and investment rating: considering the rapid volume of new energy business, we maintain the company’s net profit attributable to the parent company in 20222023 to be 401 million yuan and 522 million yuan respectively, and predict that the net profit attributable to the parent company in 2024 will be 689 million yuan, and the corresponding dynamic PE of the current stock price is 36 / 27 / 21 times respectively. Considering the excellent growth of the company, maintain the “overweight” rating.
Risk tip: the volume of new energy is less than expected, the profitability is declining, and the expansion of new industries is less than expected.
