\u3000\u3 China Vanke Co.Ltd(000002) 008 Han’S Laser Technology Industry Group Co.Ltd(002008) )
Performance review
On March 30, 2022, the company announced its annual report that the company’s H1 revenue in 2021 was 16.3 billion yuan, an increase of 37% at the same time; The net profit attributable to the parent company was 2 billion yuan, an increase of 104% at the same time; The non net profit attributable to the parent company was 1.7 billion yuan, an increase of 155%. Among them, Q4’s revenue was 4.4 billion yuan, an increase of 43% at the same time, and its net profit was 500 million yuan (the same period last year was – 41 million yuan). Meet expectations.
Business analysis
Strong downstream demand promoted revenue growth, and the rate and operating capacity continued to improve during the period. 1) The company’s revenue reached a record high of 16.3 billion yuan. The net profit margin of the company reached 12.2%, increased by 4pct year-on-year, and the gross profit margin was 37.6%, decreased by 2.6pct year-on-year. The decrease of gross profit margin was mainly due to the change of product structure. 2) During the period, the overall rate improved, with the sales rate decreased by 1.3pct, the management rate decreased by 1.1pct, the R & D rate decreased by 1.7pct and the financial rate decreased by 1.4pct. The turnover days of accounts receivable decreased from 11 days to 111 days.
PCB and high-power businesses are growing strongly, driving continuous growth, and multi-point flowering of new businesses contributes to the increment. 1) The revenue of consumer electronics business was 2.9 billion yuan, an increase of 3% at the same time, with steady growth. 2) The high-power business revenue was 2.785 billion yuan, an increase of 38% at the same time. At the same time, the company continued to promote the autonomy of core components. Nearly 1600 high-power laser processing equipment equipped with self-developed fiber lasers were shipped, with a year-on-year increase of nearly 100%. 3) PCB business achieved revenue of 4.1 billion yuan, an increase of 85% and net profit of 700 million yuan, an increase of 130%. The sales volume of mechanical drilling equipment, the company’s leading product, continued to grow, and the market share of other PCB equipment products increased rapidly. 4) Emerging businesses gradually increased in volume, with an LED business revenue of 480 million yuan, an increase of 115%, a display panel business revenue of 670 million yuan, an increase of 6%, a semiconductor business revenue of 190 million yuan, an increase of 240%, and a photovoltaic business revenue of 134 million yuan, an increase of 12%. 5) The revenue of power battery business was 2 billion yuan, an increase of 632% at the same time. Thanks to centralized procurement and standardized production, the profitability of the company was greatly improved, and the power battery equipment business turned losses into profits. 6) The business income of sealing and testing equipment reached 340 million yuan, an increase of 128% at the same time.
The company continues to promote the reform of management system, takes the product line or project center as the independent business assessment unit, and encourages spin off and listing. Han’s CNC, a special equipment for PCB (85% owned by the company, with a current market value of 23.3 billion yuan), has been listed on the Shenzhen Stock Exchange, and the business income of sealing and testing equipment (Han’s sealing and testing) is planned to be spun off to the gem for listing.
Investment suggestions:
We estimate that the company’s parent company performance from 2022 to 2024 will be RMB 2.4 billion, 2.6 billion and 2.8 billion. The current market value (RMB 40.7 billion) corresponds to 17, 16 and 14 times of PE valuation from 2022 to 2024. Maintain the buy rating, with a target price of 57 yuan (25 2022eps).
Risk tip: the epidemic situation is repeated, the market competition is intensified, and the pledge proportion is too high.
