\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 47 Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) )
The company issued the annual report of 2021, and the annual performance was in line with expectations. In 2021, the company achieved an operating revenue of 3.41 billion yuan, a year-on-year increase of 47.18%, and a net profit attributable to the parent company of 474 million yuan, a year-on-year increase of 60.17%. The main reasons for the rapid growth of the company’s performance are as follows: 1) the company achieved breakthroughs in key technologies under high R & D investment, and released 23 new products throughout the year, covering sheet metal processing, automobile manufacturing, rail transit, power battery and other industries; 2) The volume of high-power products of 6kW and above exceeded 5900 units in the whole year, with a year-on-year increase of 175%; 3) The growth of subsidiaries accelerated, among which the annual net profit of Ruixin company was 184 million yuan, a year-on-year increase of 158.15%, providing strong support for the profit growth of the company.
The net interest rate improved slightly and the rate remained stable during the period. The profitability of the company remained stable throughout the year. The gross profit margin of sales in 21 years was 29.35%, with a year-on-year increase of 0.28%. Among them, the gross profit margin of Q4 in a single quarter was 29.04%, with a month-on-month increase of 2.4%, which was also slightly higher than that in the second quarter. The main reason was that the cost advantage of the company was further revealed under the scale effect. According to the products, the gross profit margin of pulse laser / continuous laser / ultrafast laser was 9.23/29.71/52.47%, with a year-on-year change of – 3.18 / – 3.10/1.17%, and the net profit margin of sales, It reached 14.72% in 21 years, with a year-on-year increase of 1.23%. The important reason for the stability of the company’s profitability lies in its consistent cost reduction and efficiency increase measures, strengthening cost control through optimizing design process, automation construction and establishing supplier ecosystem, and continuously exploring the scale effect of the company’s production; In terms of expense rate during the period, the company’s sales expense rate and management expense rate are stable as a whole, with a year-on-year change of – 0.84/0.22% and a year-on-year R & D rate of 8.39%, a slight increase of 0.96% compared with the same period last year.
The 10000 watt laser is expected to continue to expand in large quantities, expand new application fields and shape the second growth curve of the company. In 2020, the market share of high-power lasers in China reached 57.6%. Under the background of accelerating the localization process, the company’s 10000 watt laser is expected to continue to increase in volume. In only 21 years, the company sold more than 238010000 watt laser products, an increase of 243% over 2020. In addition, the company continued to make efforts in new energy power battery, rail transit, automobile and spare parts, shipbuilding and other industries. The cleaning products formed batch cooperation with many industry leading customers. Pulse products began to be verified and tried in small batches in high-end industries such as polar ear cutting, silicon rod grooving, photovoltaic application and so on. With China’s market share exceeding IPG for the first time in the reporting period, the company’s leading position in domestic industry was further consolidated, The continuous spread of new application scenario products is expected to shape a new growth curve and open the growth ceiling for the company.
Profit forecast and valuation. It is estimated that from 2022 to 2024, the company will achieve revenue of 4.573 billion yuan, 5.753 billion yuan and 6.837 billion yuan, and the net profit attributable to the parent company will be 697 million yuan, 905 million yuan and 1.147 billion yuan respectively. The corresponding PE of the current stock price is 25.4, 19.5 and 15.4 times respectively, maintaining the “overweight” rating.
Risk tip: the laser price war continues, and the prosperity of the industry is declining
