\u3000\u3 China Vanke Co.Ltd(000002) 241 Goertek Inc(002241) )
Event: the company released the annual report of 21 years and the performance forecast of 22q1. In 21 years, the operating revenue was 78.221 billion yuan, yoy + 35.47%, the net profit attributable to the parent was 4.275 billion yuan, yoy + 50.09%, and the net profit not attributable to the parent was 3.832 billion yuan, yoy + 38.91%. 22q1 is expected to realize the net profit attributable to parent company of 869 ~ 966 million yuan, a year-on-year decrease of 0% – 10%, deducting the net profit not attributable to parent company of 842 ~ 902 million yuan, yoy + 40% ~ 50%.
Comments: in the 21st century, the annual performance was brilliant, and the revenue and net profit reached a new high. In the 21st year, the operating income was 78.221 billion yuan, yoy + 35.47%, the net profit attributable to the parent company was 4.275 billion yuan, yoy + 50.09%, and the net profit not attributable to the parent company was 3.832 billion yuan, yoy + 38.91%. In the whole year of 21, the gross profit margin was 14.13%, yoy-1.90pct, and the net profit margin was 5.51%, yoy + 0.57pct. Corresponding to the single quarter of 21q4, 21q4 achieved a revenue of 25.432 billion yuan, yoy + 10.52%, a net profit attributable to the parent company of 942 million yuan, yoy + 13.29%, and a net profit deducting non attributable to the parent company of 814 million yuan, yoy + 4.95%, corresponding to a gross profit margin of 12.81%, yoy-0.75pct, qoq-2.44pct, a net profit margin of 3.68%, yoy + 0.05pct, qoq-3.54pct. The gross profit margin is affected by the phased pressure on the demand for intelligent acoustic machines and other factors. In terms of products, in the past 21 years, the revenue of precision parts and components, intelligent acoustic machine and intelligent hardware reached 138.40/30.297/32.809 billion yuan, yoy + 13.39% / 13.58% / 85.87%, gross profit margin was 23.11% / 10.33% / 13.91%, yoy-0.79pct / – 4.54pct / + 1.40pct respectively. The ratio of sales / management / R & D / financial expenses in 2021 is 0.57% / 2.50% / 5.33% / 0.21%, yoy-0.26pct / – 0.33pct / – 0.60pct / – 0.64pct respectively. In the fields of automation, machine vision and artificial intelligence related to intelligent manufacturing, the company has continued to invest in independent research and development. As of December 31, 2021, the company has obtained 15525 patent licenses, including 4165 invention patents.
22q1 is expected to realize the net profit attributable to the parent company of 869 ~ 966 million yuan, yoy-0% ~ 10%, deducting the net profit not attributable to the parent company of 842 ~ 902 million yuan, yoy + 40% ~ 50%. The performance change is mainly due to the improvement of the profitability of the company’s vr virtual reality, intelligent game console and other products. The growth rate of return to parent was slightly lower, mainly due to the increase in the fair value of kopin Corporation’s equity investment in the same period last year.
Wearable layout is comprehensive, capacity expansion + cooperative head customers are expected to achieve high growth. The company extends from traditional acoustic components to downstream intelligent acoustic machines and intelligent hardware, and the strategy is advancing smoothly. Wireless earphones: the production of convertible bonds will be expanded, with an annual output of 28.6 million TWS earphones, breaking through the production bottleneck (the production capacity will be gradually released during the construction period), and the sector is flexible; Smart Bracelet / watch: we judge that with the solution of endurance pain point + improvement of ESIM card independence + price sinking + brand strength, smart Bracelet / watch is expected to replicate the growth of wireless headphones and achieve high growth. The wearable layout of the company is comprehensive, with complete solution capability, and is expected to benefit from the high growth of customers’ products (Huawei / Fitbit, etc.).
Optical accumulation helps the 5g era, and VR / AR is expected to benefit from the return of key customer strategy to high growth. The company has mastered the core technical capabilities such as system integration, industrial design, sensor, optical design, EE design and large-scale mass production required for VR / AR production, can provide one-stop ODM / JDM mass production services, self-made parts can account for 30% of the output value of VR OEM products, and holds front-line customer resources such as Sony / oculus / Huawei. We judge that with the accelerated construction of 5g + hardware iteration of mainstream terminal manufacturers + improvement of ecological chain + Solution of technical improvement pain points, the VR / AR industry is growing rapidly. The company has a deep optical accumulation and takes the lead (can mass produce optical waveguides, master DOE + / Fresnel / free-form surface and other design capabilities), expand production and continue to store energy (3.5 million sets of VR / AR products and 5 million pieces of precision optical lenses and modules are added in convertible bonds), and we are optimistic about the upward elasticity of the sector.
Investment suggestion: with reference to the profit margin level of the annual report of 21 years, the net profit of the company in 22 / 23 years will be reduced from 5.87 billion yuan and 7.61 billion yuan to 5.0 billion yuan and 6.5 billion yuan.
Risk tip: 22q1 performance is the preliminary calculation result, which is subject to the first quarterly report of 22 years; The sales volume of VR and TWS is lower than expected; Intensified market competition and loss of company share; The R & D Progress in VR, acoustics and optics is less than expected
