\u3000\u3 China Vanke Co.Ltd(000002) 008 Han’S Laser Technology Industry Group Co.Ltd(002008) )
Event: the company issued the annual report for 2021.
New energy and PCB business grew rapidly, and the revenue reached a record high in 2021
In 2021, the company achieved a revenue of 16.332 billion yuan, a year-on-year increase of + 36.76%, a new high of the company’s revenue, which is in line with market expectations. From the perspective of industries: ① the prosperity of PCB industry continues to improve, and the company’s PCB equipment orders and shipments have increased significantly year-on-year. In 2021, the company achieved a revenue of 4.081 billion yuan, a year-on-year increase of + 84.62%; ② The special equipment business in the consumer electronics industry achieved a revenue of 2.933 billion yuan, a year-on-year increase of + 2.60%. With the continuous promotion of 5g replacement process, the industry boom and equipment demand are still rising; ③ The new energy business is fast and large-scale. We judge that the company signed more than 3 billion yuan in 2021, and achieved a revenue of 1.982 billion yuan in 2021, a year-on-year increase of 631.51%, exceeding market expectations; ④ The high-power laser processing equipment business benefited from the recovery of the manufacturing industry, and achieved a revenue of 2.785 billion yuan in 2021, with a year-on-year increase of 38.02%; ⑤ The wafer processing equipment business in the semiconductor and pan semiconductor industry increased rapidly and achieved an operating revenue of 669 million yuan, a year-on-year increase of 140.62%. The special equipment in the display panel industry maintained a steady growth, and achieved an operating revenue of 670 million yuan, a year-on-year increase of 6.37%.
The scale effect led to a significant decline in the expense rate and a significant increase in the profitability in 2020
In 2021, the company realized a net profit attributable to the parent company of 1.994 billion yuan, with a year-on-year increase of 103.74%, higher than the growth rate of revenue. In 2021, the company’s net sales interest rate was 12.74%, with a year-on-year increase of 4.42pct, and the profitability improved significantly. ① On the gross profit side, the overall gross profit margin of the company in 2021 was 37.55%, a year-on-year decrease of 2.56pct. We judge that it is mainly due to the increase in the proportion of new energy business income with low gross profit margin. ② On the expense side, driven by the continuous expansion of revenue scale, the expense rate of the company decreased significantly. During 2021, the expense rate was 24.57%, a year-on-year decrease of 5.41pct, which is a major reason for the restoration of the company’s profitability; ③ In addition, in 2020, the company made provision for impairment of 130 million yuan for mask machines, and the total amount of equity and recognized investment losses and provision for asset impairment of European AIC company was 267 million yuan. The relevant impairment decreased significantly in 2021, promoting the improvement of profitability. In terms of business, traditional advantageous businesses such as consumer electronics and PCB have maintained a stable profit level. We judge that high-power equipment and new energy businesses have turned losses into profits in 2021 and achieved profits to varying degrees.
All businesses are in an upward cycle. In the medium and long term, the company’s performance growth momentum is strong
① new energy equipment: the leading enterprises of power battery set off a wave of production expansion. The company has successfully entered the Contemporary Amperex Technology Co.Limited(300750) industrial chain and continued to expand AVIC lithium battery, honeycomb and other customers. The existing R & D projects include winding equipment, lamination equipment, capacity splitting test equipment, etc. the winding equipment has been verified by some customers and will fully benefit from the expansion of battery production. ② PCB equipment: with the accelerated upgrading of the product structure of downstream customers in the PCB industry, the demand for special equipment for high-precision PCB industry will continue to grow, and there is still a large market space for related businesses. ③ High power laser processing equipment: the company has a low market share and a high proportion of self-made core components, which has the potential to continuously improve the market share, and the laser welding equipment has achieved a rapid breakthrough; ④ The company’s miniled cutting, splitting, stripping and repair equipment have formed a system solution; The share of display panel industry has increased steadily; Semiconductor and photovoltaic equipment have been introduced into the supply chain of key customers, which is expected to meet the rapid growth.
Profit forecast and investment rating: considering the continued prosperity of various businesses, we maintain the forecast of the company’s net profit attributable to the parent company from 2022 to 2023 as 2.486 billion yuan and 2.951 billion yuan, and the net profit attributable to the parent company in 2024 is expected to be 3.457 billion yuan. The corresponding dynamic PE of the current stock price is 16, 14 and 12 times respectively. Considering the continuous expansion of the company’s business, the “buy” rating is maintained.
Risk tip: lithium battery orders grew less than expected, manufacturing investment continued to decline, and industry competition intensified.
