\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 08 Shanghai Weihong Electronic Technology Co.Ltd(300508) )
Event:
The company announced its 2021 annual report: in 2021, the company achieved a revenue of 413 million yuan, a year-on-year increase of 97.61%; The net profit attributable to the parent company was 59.11 million yuan, a year-on-year increase of 103.25%; The net profit deducted from non parent company was 48.62 million yuan, with a year-on-year increase of 234.57%.
Comments:
1. The performance of the annual report is at the upper limit of the notice, and the growth rate of endogenous net profit in 2021 is 30.1%
In 2021, China’s machine tool industry continued the stable and positive trend since the second half of 2020, and the year-on-year growth rate was at a high level, but under the influence of the base, the growth rate was high before and low after. Affected by the industry cycle, although the performance growth of the company slowed down in the second half of 2021, it still maintained high growth throughout the year. The annual net profit attributable to the parent and net profit deducted from non attributable to the parent were at the upper limit of the previous performance forecast range. Since Nanjing, a wholly-owned subsidiary, was opened in February 2021 and began to consolidate statements, excluding the impact of consolidation, if internal offset is not considered, we calculate that the company’s endogenous net profit in 2021 is about 37.84 million yuan, a year-on-year increase of 30.1%.
2. The revenue of laser product line increased by 55% year-on-year, and it is optimistic that the share will continue to increase in the future
In 2021, the company integrated and adjusted the organizational structure of the product system into metal cutting products department, laser processing products department, home decoration manufacturing products department and servo products department. In 2021, the revenue growth of each product department was 38%, 55%, 20% and 33% respectively. The laser product line led the endogenous growth. On the one hand, the sales volume of laser cutting equipment industry has maintained high growth in recent years; On the other hand, in 2021, the company obtained market recognition in the laser cutting motion control system. At present, a perfect product matrix has been formed. Through in-depth cooperation and differentiated development with head customers, the market share has increased rapidly. We believe that the company’s share is expected to continue to increase in the future.
3. After the acquisition, the opening performance of Nanjing has increased greatly, and there is broad growth space in the direction of high-end
Nanjing, a wholly-owned subsidiary of the company, opened the motion control system of positioning CNC machine tools, which filled the gap in the field of CNC lathes after the acquisition. At the same time, the company enabled Nanjing to develop towards the high-end direction of turning milling compound through technical empowerment. As the core of “industrial machine tool”, the motion control system has a broad growth space for the localization of high-end CNC machine tools. The opening of Nanjing in 2021 achieved a revenue of 139 million yuan, a year-on-year increase of 115.65%, and a net profit of about 22.62 million yuan, a year-on-year increase of 376.2%. The enabling role of Weihong has been reflected.
Profit forecast and investment suggestions: we are optimistic about the continuous improvement of the market share of the company’s laser product line and the growth of domestic high-end CNC machine tools. Combined with the performance of 2021, we adjusted the company’s revenue forecast for 2022 / 2023 from 615 / 819 million yuan to 540 / 676 million yuan, and the revenue in 2024 is expected to be 826 million yuan; The net profit forecast for 2022 / 2023 is adjusted from 168 / 226 million yuan to 77 / 100 million yuan. The net profit in 2024 is expected to be 126 million yuan. The net profit from 20222024 corresponds to 36.06/28.04/22.09 times of the current stock price PE respectively, maintaining the “buy” rating.
Risk tip: the prosperity of the industry is lower than expected; The R & D and customer expansion of laser cutting products are less than expected, and the industry competition is intensified; The opening and development of the subsidiary in Nanjing was less than expected.
