\u3000\u3 Guocheng Mining Co.Ltd(000688) 686 Opt Machine Vision Tech Co.Ltd(688686) )
Event overview
The company released its annual report for 2021. In 2021, the company realized an operating revenue of 875053 million yuan / yoy + 36.21%, and a net profit attributable to the parent of 3028647 million yuan / yoy + 24.04%.
Analysis and judgment:
The performance was in line with expectations, and the proportion of revenue in the new energy industry increased rapidly.
1) according to the annual report, the revenue of 3C industry of the company is 517516600 yuan / yoy + 4.39%, that of new energy industry is 25804200 yuan / yoy + 241.69%, and that of other industries is 99532200 yuan / yoy + 39.82%. The reason for the rapid growth of the company’s revenue in the new energy sector is that the company’s products and technologies have been recognized by Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , honeycomb and other enterprises, and are widely used in defect detection, size measurement and positioning of key processes in the production process of lithium batteries. At the same time, the penetration of machine vision has further improved, and the company’s revenue from other industries has also increased rapidly. 2) In 2021, the company’s comprehensive gross profit margin and non net profit margin were 66.51% and 29.89% respectively, with a decrease of 7.43 and 6.07 PCT respectively compared with the previous year. The important reason for the decline of gross profit margin is that the gross profit margin is low, and the proportion of revenue of new energy sector has increased significantly.
New energy took over 3C, and new products expanded smoothly.
1) in terms of 3C, the company continues to tap the depth of application, expand the production links of front-end modules and parts, and expand new product lines; In terms of new energy, the industry is booming and the application of machine vision is deepening. The new energy business will become the rapid growth point of the company in the next few years. At the same time, machine vision has good growth prospects in semiconductor, photovoltaic, medical treatment, logistics, auto parts and other industries. The company continues to expand to new fields based on the accumulation of underlying technology of machine vision. 2) The 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. Industrial code reader, 3D laser sensor and deep learning products have passed the testing and mass sales of relevant customers of many terminals.
The machine vision track is of high quality and the company has strong core competitiveness. It is optimistic about the growth prospect of the company.
1) machine vision is the main way for machine equipment to collect and understand information. It is one of the important foundations of industry 4.0 and intelligent manufacturing, and the long-term development of the industry can be expected; 2) The company has strong core competitiveness: on the one hand, the company’s independent product line has covered light source, light source controller, lens, camera, visual control system, etc., has perfect hardware and software product line, and master independent underlying core algorithms; On the other hand, the company has established in-depth cooperation with downstream major customers such as 3C and lithium battery, which has obvious first mover advantages. With the continuous accumulation of industrial scene understanding in cooperation with key customers and the continuous progress of the company’s technology and R & D, the company’s moat continues to build high.
Investment advice
We slightly adjusted the profit forecast for 202223, adjusted the revenue in 202223 from 1.216 and 1.617 billion yuan to 1.186 and 1.558 billion yuan, and increased the revenue forecast for 2024 by 1.972 billion yuan; The net profit attributable to the parent company in 202223 was adjusted from 423 and 566 million yuan to 408 and 524 million yuan, with an increase of 667 million yuan predicted in 2024; In 202223, EPS was adjusted from 5.13 and 6.86 yuan to 4.94 and 6.36 yuan respectively, and the forecast for 2024 was increased by 8.09 yuan, corresponding to the closing price of 173.43 yuan / share on March 29, 2022. PE in 202224 was 35, 27 and 21 times respectively, which has not been rated yet.
Risk warning: 3C and other important downstream industries fluctuate greatly; The orders of relevant products of the company are less than expected; Sino US trade friction exceeded expectations
