\u3000\u3 China Vanke Co.Ltd(000002) 241 Goertek Inc(002241) )
Conclusions and suggestions:
The company released its annual report for 21 years. Thanks to the rapid increase of revenue related to VR and game consoles, the revenue increased by 36% and the net profit increased by 50% in 21 years. At the same time, the company’s 1q22 net profit after deduction is expected to increase by 40% – 50%, which is optimistic. As a global leading manufacturer of VR machines, the company will directly benefit from the rapid development of VR industry. It is estimated that the company will realize net profits of 5.5 billion yuan and 6.9 billion yuan in 202223, yoy will increase by 29% and 26%, EPS will be 1.61 yuan and 2.02 yuan, corresponding to 21 times and 17 times of PE respectively, and investment suggestions of “buy” will be given.
VR has made great efforts, and its performance has grown significantly in 2021: in 2021, the company achieved a revenue of 78.2 billion yuan, and yoy increased by 35.5%; The net profit was 4.27 billion yuan, yoy increased by 50.1% and eps1.5% 29 yuan. Among them, in the fourth quarter, the company achieved revenue of 25.4 billion yuan, yoy increased by 10.5%, net profit of 940 million yuan, yoy increased by 13.3%. In terms of business, intelligent hardware increased by 86% to 32.8 billion yuan, which is the main driving force for performance growth; Intelligent acoustic machine increased by 14% to 30.3 billion yuan; Precision parts and components increased by 13% to 13.8 billion yuan. In terms of gross profit margin, the company’s comprehensive gross profit margin in 2021 was 36.1%, a decrease of 1.9 percentage points over the same period last year, mainly due to the decrease of 4.5 percentage points to 10.3% in the gross profit margin of intelligent acoustic machine business.
1q22 guidelines are optimistic: the company expects 1q22 net profit of 870 million yuan to 970 million yuan, unchanged – decreased by 10% year-on-year (compared with the same period of the previous year, the change in the fair value of kopin Corporation’s equity investment held by the company affects 1q22 net profit of 300 million yuan to 340 million yuan), and the net profit after deduction is 840 million yuan to 900 million yuan, an increase of 40% – 50% year-on-year, thanks to the growth of sales revenue of vr virtual reality, intelligent game console and other products and the improvement of profitability, 1q22 company’s net profit after deduction of non profits increased rapidly.
Profit forecast: looking forward to the future, we expect the demand for AR / VR to grow rapidly. As the global leader in the OEM of VR machines, the company has high-quality customer resources. At the same time, the combination of optical and acoustic products of the company will be closer. We expect the company to achieve net profits of 5.5 billion and 6.9 billion yuan in 202223, with yoy increasing by 29% and 26%, EPS of 1.61 yuan and 2.02 yuan, corresponding to 21 times and 17 times of PE respectively. We give “buy” investment suggestions.
Risk warning: the impact of the epidemic exceeded expectations, and the price fluctuation of raw materials exceeded expectations;
