\u3000\u3 Guocheng Mining Co.Ltd(000688) 686 Opt Machine Vision Tech Co.Ltd(688686) )
Event: the company released its 2021 annual report, realizing a revenue of 875 million yuan, a year-on-year increase of 36.21%; The net profit attributable to the parent company was 303 million yuan, a year-on-year increase of 24.04%. Among them, Q4 achieved a revenue of 232 million yuan in a single quarter, a year-on-year increase of 29.06%; The net profit attributable to the parent company was 84.9 million yuan, a year-on-year increase of 35.32%.
The company also issued a profit distribution plan for 2021, which plans to distribute a cash dividend of 11.50 yuan (including tax) for every 10 shares, accounting for 31.32% of the net profit attributable to the parent company in the current year.
The revenue of new industries such as new energy has increased significantly, and continue to cultivate machine vision. In terms of industries, the company’s 3C, new energy and other industries achieved revenue of 518 million yuan, 258 million yuan and 995322 million yuan respectively in 21 years, with year-on-year growth rates of 4.39%, 241.69% and 39.82% respectively. Significant revenue growth has been achieved in lithium battery, semiconductor and automobile industries. Looking forward to the future, on the one hand, in the field of 3C and new energy, the company has long-term cooperation experience with well-known end customers and equipment manufacturers. It will continue to cultivate customer needs by virtue of brand advantages, and actively promote the application of new industries such as semiconductor and automobile; On the other hand, the company will continue to introduce new products and enrich the existing product lines, including industrial code readers, 3D laser sensors, deep learning products, etc.
The gross profit margin decreased due to the influence of product structure, and the sales and R & D rates increased. The gross profit margin of the company’s sales in 2021 was 66.51%, a decrease of 7.43 PCT compared with that in 2020, mainly due to the increase in the proportion of new energy revenue with low gross profit margin. In 2021, the company’s sales / management / R & D / financial rates were 16.31% / 3.09% / 15.67% / – 2.11% respectively, with a change of 2.45 / – 1.18/3.77/ – 1.79pct respectively compared with 2020. The sales and R & D rates increased. This is because the company continued to strengthen the expansion of R & D and sales personnel and increased the expense rate in the short term.
Profit forecast and investment suggestions: it is estimated that the operating revenue of the company from 2022 to 2024 will be 1.157 billion yuan, 1.556 billion yuan and 2.025 billion yuan respectively, the net profit attributable to the parent company will be 392 million yuan, 516 million yuan and 737 million yuan respectively, and the corresponding EPS will be 4.76 yuan, 6.26 yuan and 8.94 yuan respectively, maintaining the “buy” rating.
Risk tip: lithium demand fluctuates and industry competition intensifies.
