\u3000\u3 Guocheng Mining Co.Ltd(000688) 686 Opt Machine Vision Tech Co.Ltd(688686) )
Event overview
Opt Machine Vision Tech Co.Ltd(688686) issued the 2021 annual report on March 29. In 2021, the company realized an operating 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%; Net profit deducted from non parent company was 262 million yuan, with a year-on-year increase of 13.19%.
The performance is in line with expectations, and the high prosperity of new energy and new products drive the revenue
On the revenue side, the company achieved an operating revenue of 875 million yuan in 2021, a year-on-year increase of 36%. The main reasons are as follows: 1) the machine vision industry is booming, with CAGR exceeding 25% in recent years; 2) Deepening industrial application, the overall solution penetration of 3C industry further increased, and the revenue of new energy industry increased by 242%; 3) The company actively promoted the growth of self-developed parts, cameras and related accessories by 96% and 125% respectively. From the profit side, the net profit attributable to the parent company was 303 million yuan, a year-on-year increase of 24%. The main reasons are: 1) the proportion of new energy revenue with low gross profit margin increased, resulting in the decline of the overall gross profit margin of the company; 2) The R & D expense ratio and sales expense ratio increased by 2.45pct and 3.77pct respectively year-on-year. We believe that, on the one hand, the company benefits from the high vision of the downstream new energy industry; On the other hand, the company continues to increase R & D investment and promote the sales of self-developed parts. In the long run, the company's performance is expected to continue to grow steadily and achieve profit improvement with the completion of R & D.
It is expected to continue to benefit from the high prosperity of new energy, increase R & D and maintain core competitiveness
In terms of downstream industries, in 2021, the company's 3C industry revenue was 520 million yuan, a year-on-year increase of 4%; The revenue of the new energy industry was 260 million yuan, with a year-on-year increase of 242%. The proportion of new energy revenue has been close to 30%. At the same time, three new customers in the new energy industry have been introduced into the company's top five customers. Looking to the future, on the one hand, the prosperity of the new energy industry is high. Head manufacturers such as Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , honeycomb and AVIC lithium battery have planned a large number of new production capacity, and the demand for machine vision is increasing; On the other hand, the company continues to invest in R & D, and relevant products and solutions are gradually mature, which is expected to continue to benefit. In terms of R & D investment, the company invested 137 million yuan in R & D in 2021, with a year-on-year increase of 79%, and the R & D expense rate increased by 2.45 PCT; 166 new R & D personnel; Nine new invention patents, 64 utility model patents and 21 software copyrights have been obtained. We believe that in the short term, the company is expected to continue to benefit from the high outlook of the new energy industry; The long-term and strong R & D investment will help the company maintain its competitive advantage, continue to seize opportunities and expand to other industries.
Machine vision is widely used, and the company has a large growth space
In 2021, the Ministry of industry and information technology again issued the 14th five year plan for intelligent manufacturing development (Draft for comments), which proposed to vigorously build domestic brands related to intelligent manufacturing. In 2022, the 14th five year plan for digital economy also mentioned the in-depth implementation of intelligent manufacturing engineering. According to the prediction of China machine vision industry alliance, the scale of China's machine vision market will increase from 18.1 billion yuan in 2021 to 29.6 billion yuan in 2023, with an average annual compound growth rate of 28%, becoming one of the fastest growing markets in the world. We believe that, on the one hand, under the background of the decline of demographic dividend, industrial vision has become an important technical means for enterprises to reduce costs and increase efficiency; On the other hand, machine vision is an important technical means for the upgrading of China's manufacturing industry. Compared with overseas industries, the industry has five times the upward space for a long time. From the perspective of the company, the company has focused on the field of machine vision since its establishment. After more than ten years of accumulation, the company has formed a relatively complete core software and hardware product system of machine vision, completed the layout of independent R & D products, and mastered profound industry experience and data accumulation. In the long run, the company is expected to seize the opportunity of industrial upgrading and accelerated intelligent manufacturing for rapid development.
Investment advice
Opt Machine Vision Tech Co.Ltd(688686) as the leader of China's industrial vision, it is expected to continue to benefit from the sustained high prosperity of the new energy industry in the short term and the accelerated trend of China's intelligent manufacturing in the long term. While expanding the application of downstream industries, it will increase the value of single customer through product line expansion, and the subsequent growth momentum is abundant. We expect the company to achieve revenue of RMB 1.22 billion / 16.6 billion / 2.21 billion from 2022 to 2024, with a year-on-year increase of 40% / 36% / 34%; The net profit attributable to the parent company was RMB 400 / 560 / 740 million, with a year-on-year increase of 33% / 38% / 32%, maintaining the "buy" rating.
Risk tips
1) the risk that the development progress of downstream application fields is less than expected;
2) the risk of excessive concentration of downstream major customers;
3) the risk that the R & D and sales of self-developed hardware products are less than expected;
4) the risk that the R & D and sales of visual software products are less than expected.
