\u3000\u3 China Vanke Co.Ltd(000002) 008 Han'S Laser Technology Industry Group Co.Ltd(002008) )
Event: the company released its annual report for 2021, and achieved an operating revenue of 16.332 billion yuan in 2021, yoy + 36.76%; The net profit attributable to the parent company was 1.994 billion yuan, yoy + 103.74%; The net profit deducted from non parent company was 1.719 billion yuan, yoy + 154.68%, which was basically in line with the previous performance express.
Comments: in the past 21 years, the company has made great efforts in many downstream areas, with outstanding performance and improved cost control and operation efficiency. In the 21st year, the revenue reached 16.332 billion yuan, yoy + 36.76%; The net profit attributable to the parent company was 1.994 billion yuan, yoy + 103.74%; The non net profit deducted was 1.719 billion yuan, yoy + 154.68%. In the single quarter of 2021q4, the revenue was 4.402 billion yuan, yoy + 42.76%, qoq-0.95%, and the net profit attributable to the parent was 494 million yuan, reversing the loss year-on-year. In the same period of 20 years, the loss was 40 million yuan, qoq-19.29%. In terms of business segments, consumer electronics / high power / PCB / power battery / LED / semiconductor industry, wafer processing equipment / display panel / photovoltaic industry achieved sales revenue of RMB 2.933 billion / 27.85/40.81/19.82/4.78/1.91/6.7/134 million respectively, yoy + 2.6% / + 38.02% / + 84.62% / + 631.51% / + 115.46% / + 239.96% / 6.37% / + 12.38%, and made more efforts downstream. Consumer electronics warmed up, high-power steady growth and PCB + Power Battery + miniled packaging grew at a high speed, Helped to achieve a record high performance in the past 21 years. In the whole year of 21, the gross profit margin of sales was 37.55%, yoy-2.6pct. The decline of gross profit margin was mainly due to the change of product structure + new business investment and other factors. The ratio of sales / management / R & D / financial expenses in the past 21 years was 9.54% / 5.53% / 8.54% / 0.96%, yoy-1.3pct / - 1.1pct / - 1.7pct / - 1.4pct respectively. The reduction of the ratio of expenses fully reflects the remarkable effect of the company's internal reform and the significant improvement of operating efficiency.
Continue to be optimistic about Han'S Laser Technology Industry Group Co.Ltd(002008) management optimization + large capacity of high-power / lithium battery equipment + products & long-term growth with abundant underlying technical reserves:
\u3000\u30001. The management optimized the reform, and the grass-roots incentive was sufficient. The company is the platform laser processing equipment manufacturer with the largest variety and performance in China. It has long adhered to the "laser + X" strategy, horizontal and vertical integration, covering upstream core components such as lasers and laser marking / cutting / welding equipment, and has accumulated product lines in PCB, lithium battery, LED, photovoltaic, panel and semiconductor. The core structure of the company has been transferred from the third level to the second level, and the bottom decision-making power + incentive are sufficient to ensure the long-term development of the company. As of the 21st Annual Report, Han family CNC, the main body of PCB, has completed the spin off and listing, and Han family sealing and testing (formerly Han family Optoelectronics), the main business body of packaging and testing equipment, is planned to be spin off and listed.
\u3000\u30002. High power + lithium battery contributes to performance increment and profitability continues to improve. 1) Lithium battery: the company is the leading supplier in the first echelon of Ningde, and has introduced a large number of second-line power battery manufacturers (zhongchuangxin Airlines (formerly AVIC lithium battery), Eve Energy Co.Ltd(300014) , honeycomb energy, etc.), with the whole line supply capacity of power battery + production expansion in Zhangjiagang, Yibin, Jingmen and other places + continuous layout and research and development of power battery equipment (extending to winding, lamination and capacity separation), Fully benefit from the lithium battery processing equipment market expansion opportunities brought by this round of power battery expansion. In addition, through centralized procurement + standardized production to improve profitability, it has successfully reversed losses in 21 years. 2) High power: under the triple logic of high-end application expansion (replacing plasma cutting) + recovery of medium and low-end customer share + improvement of laser self-sufficiency rate (the localization rate of high-power fiber laser in 21 years exceeds 80%), the high-power performance is flexible and the profitability is expected to be improved. In 21 years, the company's high-power laser equipment will turn losses into profits.
\u3000\u30003. Emerging track products and technology reserves are rich, with great long-term growth potential. 1) Photovoltaic: it has the R & D and manufacturing capacity of battery section tubular vacuum main equipment. The company has a complete product layout in the field of TOPCON, and gradually has the R & D and manufacturing capacity of equipment in the whole industry chain of TOPCON battery, extending to low-pressure boron diffusion furnace, TOPCON laser boron doping equipment and LPCVD equipment; PECVD, PVD and other equipment products have been laid out in hjt battery; 2) Miniled: Mini led cutting, splitting, stripping, repair and other equipment have achieved mass sales, and micro led massive transfer equipment is in the process of verification; 3) Semiconductor wafer processing: semiconductor laser slotting, semiconductor laser debonding, compound semiconductor laser cutting and other products are sold in batches.
\u3000\u30004. Core parts continued to make breakthroughs, and export contributed to performance increment. 1) Lasers: over the past 21 years, there have been many types of high-power picosecond lasers and sub nanosecond lasers, keeping the world's leading level in the field of ultrafast lasers. The self-developed MOPA pulse fiber laser has obtained orders from the top customers in the power battery industry for cutting the electrode of the power battery cell. 2) Control: we have reached strategic cooperation with Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) on marking galvanometer. The performance of high-end galvanometer products such as photoelectric galvanometer, grating galvanometer and triaxial galvanometer has gradually reached the level of similar foreign products, and the product performance has been recognized by customers. Continuous breakthroughs in core parts are expected to improve competitiveness from the bottom logic. In addition, self-produced parts will help improve profitability, and export sales will contribute to performance increment.
Investment suggestion: maintain the profit forecast of the company's net profit of 2.404/2.954 billion yuan from 2022 to 2023, the target price is 79.84 yuan / share, and maintain the buy rating.
Risk tips: capacity release, customer progress, product expansion and downstream demand are less than expected
