\u3000\u3 Guocheng Mining Co.Ltd(000688) Jinhe Biotechnology Co.Ltd(002688) 002)
The annual report of the company was released, with annual revenue of 202y + 1.7 billion yuan and recent events of 202y + 1.7%; Net profit attributable to parent company: 460 million yuan, yoy-21.1%; Deduct non net profit of 410 million yuan, yoy-19.8%. The annual performance is consistent with the data disclosed in the performance express, which is lower than the previous market expectation. We believe that it is mainly due to the delayed delivery and increased costs of some industries.
The sharp decline in 4q21 net interest rate was due to the increase in expenses. In a single quarter, 2021q1 ~ Q4 achieved revenue of 380 million yuan, 490 million yuan, 340 million yuan and 570 million yuan respectively, yoy + 64.9%, + 5.9%, - 12.0% and + 18.2%; The net profit attributable to the parent company is 121 million yuan, 198 million yuan, 105 million yuan and 37 million yuan, yoy + 42.0%, - 11.3%, - 33.0%, - 68.6%. 2021q1 ~ Q4 gross profit margins are 60.0%, 66.1%, 56.1% and 52.0% respectively; The net interest rates were 31.7%, 40.4%, 31.0% and 6.2% respectively. The change of product structure leads to the decline of gross profit margin; During the period, the substantial increase in expenses and the year-on-year decrease in financial management income and equity investment income led to the decline of net interest rate.
The gross profit margin decreased due to the adjustment of product structure. In terms of products, in 2021, 1) the revenue of infrared detector and movement module was 820 million yuan, yoy + 8.4%, accounting for 46.3% of the total revenue, and the gross profit margin decreased by 1.4ppt to 67.7% year-on-year. Among them, the output of uncooled infrared detectors is 320000, yoy-10.1%; Sales volume: 50000 pieces, yoy-61.1%; The output of thermal imaging movement module is 390000, yoy + 93.0%; Sales volume: 150000 pieces, yoy + 135.6%. 2) The whole infrared thermal imager achieved a revenue of 890 million yuan, yoy + 21.2%, a year-on-year decrease of 6.5ppt to 50.5%, and an output of 160000 pieces, yoy + 34.0%; Sales volume: 130000 pieces, yoy + 38.0%. The comprehensive gross profit margin of the company's infrared thermal imaging sector was 58.5%, with a year-on-year decrease of 4.68ppt, which was due to the adjustment of product structure.
During the period, the expense rate increased by 3.3ppt to 10.9% year-on-year; The R & D team continues to grow. 1) The management fee rate was 6.7%, with a year-on-year increase of 2.6ppt; 2) The sales expense ratio was 4.4%, with a year-on-year increase of 1.4ppt; 3) The R & D cost is 420 million yuan, yoy + 83.0%; The R & D expense rate was 23.5%, with a year-on-year increase of 8.8ppt. By the end of 2021, the company had 905 R & D personnel, accounting for 43.8% of the total employees, an increase of 300 over the end of 2020.
Expansion of asset scale; Acquisition of Wuxi huatest to expand the microwave field. By the end of 2021, the company's 1) accounts receivable and bills were 770 million yuan, an increase of 62.2% over the beginning of the year; 2) The advance payment was 130 million yuan, an increase of 150.4% over the beginning of the year; 3) The inventory was 1.2 billion yuan, an increase of 68.6% over the beginning of the year; 4) The total assets were 4.89 billion yuan, an increase of 38.0% over the beginning of the year. One of the reasons was the increase in current assets such as receivables and prepayments; The second is the increase of fixed assets, construction in progress and other non current assets under the promotion of raised investment projects; The third is the acquisition of Wuxi Huaci for consolidation.
Investment suggestion: in the development strategy from 2022 to 2030, the company said that the infrared business will maintain a rapid development trend; Microwave business will quickly break through and become a new growth point; Multi dimensional sensing fields such as laser and terahertz will continue to advance. We expect the net profit attributable to the parent company from 2022 to 2024 to be 666 million yuan, 899 million yuan and 1116 million yuan respectively. The current share price corresponds to 30x / 22x / 18x PE from 2022 to 2024. Taking into account the mass production advantages and technical advantages of the company's full range of products, we give 35 times PE in 2022, EPS in 2022 is 1.50 yuan / share, and the corresponding target price is 52.37 yuan. For the first coverage, give a "recommended" rating.
Risk warning: downstream demand growth is less than expected; The production and delivery of products are not as expected.
