\u3000\u3 China Vanke Co.Ltd(000002) 559 Jiangsu Yawei Machine Tool Co.Ltd(002559) )
The company released the annual report of 2021, and the revenue increased by 22.00% year-on-year: 1) the annual operating revenue of 21 years was 1.999 billion yuan, yoy + 22.00%; Net profit attributable to parent company: 130 million yuan, yoy-4.41%; Deduct 103 million yuan of net profit not attributable to parent company, yoy + 0.16%. 2) In Q4 of 21 years, the operating income was 482 million yuan, with a year-on-year increase of + 9.05% and a month on month increase of – 1.37%; The net profit attributable to the parent company was -09 million yuan, a year-on-year increase of -127.82% and a month on month increase of -121.35%; Net profit deducted from non parent company was -20 million yuan, with a year-on-year increase of -176.78% and a month on month increase of -154.27%. 3) The net operating cash flow of the company in the whole year was 165 million yuan, with a year-on-year decrease of – 36.33%. The year-on-year decrease was mainly due to the increase in cash paid for purchasing goods and receiving labor services. The net profit of operating cash flow attributable to the parent company was 126.92%, and the operating quality was high.
The gross profit margin remained stable and the expense rate was well controlled during the period: in 21 years, the overall gross profit margin of the company was 25.47%, a year-on-year decrease of 1.21pct, and the net profit attributable to the parent was 6.49%, a year-on-year decrease of 1.79pct. The price of raw materials increased by 27.0% year-on-year, while the price of raw materials in the Chinese market continued to rise to a stable level of + 33.0%; The gross profit margin of overseas business was 17.95%, with a revenue of 390 million yuan, a year-on-year increase of 60%. The decrease of the company’s gross profit margin in 21 years was mainly due to the rapid growth of new businesses with low gross profit margin abroad. The overall financial indicators of the company’s expense rate are excellent, and the scale effect is obvious: in terms of expense rate, the expense rate during the 21-year period is 17.70%, yoy-1.77pct, of which the sales / management / R & D / financial expense rate is 6.80% / 4.56% / 6.15% / 0.19% respectively, yoy changes by -0.14% / – 0.35% / – 1.23% / – 0.05% respectively, and all expense rates are reduced.
Affected by the epidemic, the company’s business losses dragged down the company’s performance, waiting to be repaired under the cooperation of business: the decline in Q4 net profit was mainly due to the large losses of Yawei Aosi and the Korean LIS company, which participated in shares, affecting the net profit and investment income. Yawei Aosi had a 21-year revenue of 75.338 million yuan, a net profit of – 16.22 million yuan, a LIS revenue of 310 million yuan, a net profit of – 253 million yuan, and a 21-year investment net income of – 52.2 million yuan, Among them, the investment income from associated enterprises and consolidated enterprises is – 57.65 million yuan. In the 21st year, Yawei EOS has achieved mass sales and delivery capacity in China’s display panel business. In the 22nd year, Yawei EOS will continue to develop Chinese display panel customers and strive for order breakthroughs in Cecep Solar Energy Co.Ltd(000591) and pan semiconductor businesses. LIS Co., Ltd. is a joint-stock company invested by the company in 2019. It is mainly engaged in precision laser processing equipment and other businesses. At present, it is still in the business development period. The business expansion is less than expected due to factors such as the epidemic in 21 years, and the provision of more bad debts leads to losses. At present, the company has taken a series of measures, such as actively assisting LIS in introducing new strategic shareholders and planning new businesses, and its performance is expected to be repaired under industrial coordination.
Looking forward to the future, the new pattern of diversified business layout of the company has begun to appear, and the business pattern of “metal forming machine tools + precision automation equipment + intelligent manufacturing services + new materials” has initially taken shape: ① metal material laser processing equipment has continued to further promote international market development, the business layout of precision laser processing equipment has achieved initial results, Yawei AIOs has obtained batch orders, and the localization of technology has initially been implemented; ② 21h1 invested in Suzhou core testing, arranged the business of high-end semiconductor memory chip testing equipment, increased the capital of Weimai core materials, entered the business field of photoresist main materials, increased the capital of Shentong new materials, and promoted the sustainable development of OLED light-emitting materials business upstream of the precision laser industry chain.
Profit forecast and investment rating: considering the downturn of the machine tool industry and the lower than expected LIS integration of the company, we expect the net profit attributable to the parent company in 20222024 to be 152 million (the former value was 242 million), 182 million (the former value was 313 million) and 218 million respectively, corresponding to PE of 24.31, 20.33 and 16.95 respectively. We are optimistic about the layout of the company in new products such as presses and maintain the “buy” rating!
Risk tip: the volume of new products is lower than expected, the deterioration of competition pattern and the entry of major shareholders bring business changes
