\u3000\u3 China Vanke Co.Ltd(000002) 690 Hefei Meiya Optoelectronic Technology Inc(002690) )
Event: the company issued the 2021 Annual Report
In 2021, the company realized an operating revenue of 1.813 billion yuan, yoy + 21.18%, and a net profit attributable to the parent company of 511 million yuan, yoy + 16.64%; Deduct 483 million yuan of net profit not attributable to parent company, yoy + 24.06% (29 million yuan of non recurring profit and loss, mainly including 26 million yuan of investment income); The comprehensive gross profit margin is 51.15%, yoy-0.66pct; The comprehensive net interest rate is 28.19%, yoy-1.1pct. Abundant cash flow and inventory / contract liabilities ensure the company’s performance. The net cash flow from operating activities was 579 million yuan, yoy + 39.2%. Accounts receivable: 197 million yuan, yoy-17.8%, inventory: 353 million yuan, yoy + 31.6%; Contract liabilities amounted to 86 million yuan, yoy + 88.8% (mainly due to the increase of advance payment received by the company).
21q4 performance: 21q4 company achieved revenue of 440 million yuan, yoy-2.06%; The net profit attributable to the parent company is 82 million yuan, yoy-26.12%, and the comprehensive gross profit margin is 47.11%, yoy-0.5pct; The comprehensive net interest rate was 18.71%, yoy-6.09pct (mainly due to the rise in the cost of raw materials).
Split by business
1) color sorter: the revenue is 1.056 billion and the gross profit margin is 45.95%; 2) X-ray industrial testing machine: revenue 76 million, gross profit margin 58.2%; 3) Medical equipment: revenue 657 million, gross profit margin 59%; 4) Accessories: 24 million.
CBCT equipment cuts through thorns and thorns to escort the company’s performance
In the past 21 years, the cumulative sales volume of oral CBCT equipment reached 2177 units, and the cumulative sales volume exceeded 10000 units, opening a new era of oral CBCT localization. The company launched a new vision (16 10cm) model, with new local CT, three-dimensional panorama, three-dimensional orientation, three-dimensional orthodontic “root bone peeling” and other functions. It was exported to Australia and Africa for the first time and obtained the market access license of Japan.
Accelerate the transformation from “manufacturing strong enterprise” to “intelligent manufacturing strong enterprise”
In the past 21 years, more than 20 intelligent production lines of the company have operated stably, and the results of intelligent manufacturing have achieved initial results. The company released a new generation of American Asian color sorter, multi spectral material sorter, second generation tea sorting Siasun Robot&Automation Co.Ltd(300024) and other innovative equipment produced by intelligent factory. The application of standardization and modularization has been continuously promoted. The company’s color sorter has reduced the number of electronic parts by 49%, the types of standard parts by 27%, and the general rate of parts has reached more than 70%.
Profit forecast: we expect the net profit of the company in 22-24 years to be 6.22/7.35/900 billion respectively (the value was 6.85/8.25 22-23 years ago, mainly due to the impact of the epidemic on the color sorter), and the corresponding PE is 28.73/24.31/19.86x respectively, maintaining the buy rating.
Risk tips: 1) the expected credit loss balance of accounts receivable is 42 million yuan. Pay attention to the possibility of bad debts; 2) With the rapid development of photoelectric identification industry and the gradual reduction of the entry threshold of color sorter, it may face the risk of reducing gross profit margin and declining sales.
