\u3000\u3 Guocheng Mining Co.Ltd(000688) 686 Opt Machine Vision Tech Co.Ltd(688686) )
Key investment points:
Event: Opt Machine Vision Tech Co.Ltd(688686) released the 2021 annual report, and the company achieved an operating revenue of 875 million yuan in 2021, with a year-on-year increase of 36.21%; The net profit attributable to the shareholders of the listed company was 303 million yuan, a year-on-year increase of 24.04%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 262 million yuan, a year-on-year increase of 13.19%.
Comments:
The new energy business contributed to the growth of revenue, and the gross profit margin was under pressure. In 2021, the company achieved a revenue of 875 million yuan, a year-on-year increase of 36.21%, and a net profit attributable to the parent company of 303 million yuan, a year-on-year increase of 24.04%, mainly due to the high prosperity of the new energy industry and the significant growth of new energy business income. The application field of machine vision continued to improve. The company grasped the market opportunity, deepened the application of existing industries, and expanded the overseas markets of semiconductor and automobile industries. The company made a breakthrough in orders and increased its performance. The gross profit margin in 2021 was 66.51%, a year-on-year decrease of 7.43pct, mainly due to the increase in the proportion of new energy business, which reduced the overall gross profit margin of the company; The net interest rate was 34.61%, a year-on-year decrease of 3.40pct. In 2021q4, the revenue reached 232 million yuan, an increase of 29.06% year-on-year and a decrease of 7.56% month on month; The net profit attributable to the parent company was 85 million yuan, with a year-on-year increase of 35.32% and a month on month increase of 13.33%; The gross profit margin was 66.76%, a year-on-year decrease of 8.93 PCT and a month on month increase of 2.15 PCT; The net interest rate was 36.67%, up 1.69pct year-on-year and 6.96pct month on month.
Continue to increase R & D investment and strengthen the underlying core technology of products. In 2021, the sales expense ratio was 16.31%, with a year-on-year increase of 2.44 PCT, mainly due to the increase of sales personnel, superimposed with the increase of travel expenses, business entertainment expenses, samples and other expenses; The rates of management and financial expenses were 3.09% and – 2.11% respectively, with a year-on-year decrease of 1.19 PCT and 1.8 PCT; The R & D expense rate was 15.67%, with a year-on-year increase of 3.77 PCT, mainly due to the increase of R & D personnel, with a year-on-year increase of 30.24%. In 2021, the company invested 137 million yuan in R & D and 24 projects under research, of which 18 have been completed, 3 have entered the trial production stage and 3 are in the research stage. Focusing on improving speed and accuracy, the company’s R & D products are committed to solving different application needs in a variety of application scenarios. On the basis of further increasing the types of products, the company continued to deepen the development and research of software and hardware, and continuously strengthened the R & D investment in machine vision products and their underlying core technologies.
Machine vision has a good prospect, and the underlying algorithm enhances the core competitiveness. 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. The company has strong core competitiveness: (1) the company has complete product lines of machine vision core software and hardware, and master the underlying core algorithms of each product line; (2) The company has accumulated rich practical experience in 3C and new energy industries and actively expanded downstream fields such as semiconductors. Its products and technologies have been recognized by well-known enterprises such as Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) and are expected to grow further.
Investment suggestion: give cautious recommendation rating for the first coverage. It is estimated that the company’s EPS from 2022 to 2024 will be 4.62 yuan, 6.35 yuan and 8.64 yuan respectively, and the corresponding PE will be 40 times, 29 times and 22 times respectively. We believe that the company not only has a complete machine vision hardware product line, but also has a particularly key software underlying core algorithm, which provides a strong core competitiveness for the company. Recognized companies are expected to accelerate the growth of well-known companies.
Risk warning: macroeconomic downturn risk; Risk of weakening downstream demand; The risk of intensified industry competition; The risk of technology being overtaken or replaced; Risk of continuous decline of gross profit margin, etc.
