\u3000\u3 China Vanke Co.Ltd(000002) 008 Han'S Laser Technology Industry Group Co.Ltd(002008) )
Key investment points
Event: the company released its annual report for 2021, and achieved an operating revenue of 16.332 billion yuan in 2021, with a year-on-year increase of 36.76%; The net profit attributable to the parent company was 1.994 billion yuan, a year-on-year increase of 103.74%; The net profit deducted from non parent company was RMB 1.719 billion, with a year-on-year increase of 154.68%.
In 2021, the performance maintained a high growth trend and the profitability continued to improve
(1) growth analysis: in 2021, the company's revenue increased by 36.76% year-on-year, and the net profit attributable to the parent company increased by 103.74% year-on-year. The main reasons are as follows: ① the main businesses of the company were carried out in an orderly manner in 2021, the demand for equipment in downstream consumer electronics, high-power laser processing and other fields was strong, and the product orders maintained a stable growth compared with the previous year; ② Through deepening the reform, the company implemented the development strategy of "leading basic device technology and deep cultivation and application of industrial equipment", and continued to increase the R & D and investment of industrial special equipment business. The orders and shipments of PCB industry special equipment, new energy power battery industry special equipment, miniled special equipment, LED packaging equipment and other business increased significantly compared with the previous year.
(2) profitability analysis: the gross profit margin of sales in 2021 was 37.64%, a year-on-year decrease of 2.51pct; The net profit margin of sales was 12.74%, with a year-on-year increase of 4.42pct. The scale advantage of the platform gradually appeared, and the expense rate further decreased. During 2021, the expense rate was 24.57%, with a year-on-year decrease of 5.47pct, of which the sales / management / financial expense rates were 9.54%, 5.53% and 0.96% respectively, with a year-on-year decrease of -1.29pct, - 1.13pct and -1.39pct respectively.
(3) analysis of operating capacity and operating cash flow: the company's operating capacity was further improved. In 2021, the company's accounts receivable turnover days were 110.63 days, a year-on-year decrease of 11.21 days; The net cash flow from the company's operating activities reached 1.312 billion yuan, a year-on-year decrease of 30.67%, mainly due to the expansion of the company's marketing scale and the relative increase in procurement and various operating payments.
(4) continuously increase R & D Investment: in 2021, the company's R & D investment was 1.436 billion yuan, with a year-on-year increase of 11.55%, accounting for 8.79% of operating revenue. The continuous improvement of R & D investment will help the company's products maintain industry-leading advantages.
Steadily promote the "laser + X" strategy and be optimistic about the development potential of multi track business under the internal reform
(1) the internal reform was successfully completed, and the expectation of cost reduction and efficiency increase continued to be fulfilled. The company will complete the internal management system reform in 2021 and will take the business center as the unit to carry out work in the future. The implementation methods of each business development center are different. After the reform, the flat organizational structure is more conducive to the cultivation and incubation of emerging businesses.
(2) the "laser + X" strategy has been steadily promoted, and the prosperity of multiple tracks has been improved, which has helped the company's performance growth. As the leader of China's laser equipment, the company focuses on the "laser + X" strategy, deeply cultivates laser cutting / welding / marking equipment, and continues to layout pcb, new energy, consumer electronics, high-power processing equipment, mini led, photovoltaic and other product lines. In the future, driven by the flat organizational structure, the cost reduction and efficiency increase of multi business will also be accelerated. At the same time, the prosperity of each sub circuit is high, and we are optimistic about the high growth of the company in the future.
(3) the successful spin off and listing of Han's CNC, or bring demonstration effect to other product centers. Han's CNC, the holding subsidiary of the company, has been successfully split and listed, becoming the first fruit since the reform of the company's internal management system. The company has also adjusted / implemented corresponding equity incentive measures for its subsidiaries Han's photovoltaic and Han's photovoltaic. The internal incentive mechanism has been continuously improved, and the performance evaluation objectives have fully demonstrated the company's confidence and greatly mobilized the enthusiasm of other product centers.
The overall value of the leading laser equipment may be significantly underestimated. As the leader of laser equipment, the company has basically completed the product layout of industrial laser application fields such as laser marking, laser welding and laser cutting. In recent years, all businesses of the company are in the stage of sustained and rapid development. As of March 30, 2022, the overall market value of the company is 40.7 billion yuan, and the market value of Han's CNC is about 23.3 billion yuan. However, the company still holds 85% equity of Han's CNC, and the corresponding market value is 19.8 billion yuan, which means that after excluding Han's CNC business, the corresponding market value of Han'S Laser Technology Industry Group Co.Ltd(002008) other businesses is only 20.9 billion yuan; According to the estimated net profit of RMB 1.519 billion in 2022 (excluding the expected net profit of RMB 1.078 billion in 2022), the corresponding PE of this part of business is only 14 times. Referring to the valuation of comparable companies in the same industry, the value may be significantly underestimated.
Maintain the "buy" rating. Based on the expectation of the company's multi track high view, we adjusted the profit forecast. It is expected that the net profit attributable to the parent company will be 2.597 billion yuan, 3.200 billion yuan and 3.920 billion yuan respectively from 2022 to 2024 (the expected previous value from 2022 to 2023 is 2.586 billion yuan and 3.127 billion yuan); According to the share price on March 30, 2022, the corresponding PE is 16, 13 and 10 times respectively. Maintain the "buy" rating.
Risk warning: the shares pledged by the controlling shareholder and the actual controller account for a relatively high risk; Risk that R & D progress is less than expected; New business expansion is less than expected risk; The downstream expansion progress of PCB industry is less than the expected risk; The prosperity of the new energy industry is less than the expected risk.
