\u3000\u3 China Vanke Co.Ltd(000002) 180 Ninestar Corporation(002180) )
Event: on April 9, 2022, the company released the performance express of 2021 and the performance forecast of the first quarterly report of 2021. In 2021, the net profit attributable to the parent company was 1.163 billion yuan, a year-on-year increase of + 701.22% ( Ninestar Corporation(002180) holds 39.31% of bentu shares from January to September and 100% from October to December). In the first quarter of 2022, the net profit attributable to the parent company is expected to be 420460 million yuan, with a year-on-year increase of 69.24% to 85.36%.
The performance has increased rapidly in 21 years, and the growth momentum of Q1 in 22 years is strong. According to the performance express, the company issued shares and paid cash to buy 100% equity of Bento electronics and raised supporting funds and related party transactions. The project was successfully completed in the fourth quarter of 2021, and Bento printer business was officially injected into listed companies. In 2021, the company achieved an operating revenue of 22.792 billion yuan, a year-on-year increase of + 7.94%; The net profit attributable to the parent company was RMB 1.163 billion, with a year-on-year increase of + 701.22% (based on the share of Bento held by Ninestar Corporation(002180) from January to September, it was calculated as 39.31%, and from October to December, it was calculated as 100%; if based on the full caliber statistics of Bento for the whole year, we estimated that the net profit attributable to the parent company was about RMB 1.5 billion). In 2022, Q1 is expected to realize a net profit attributable to the parent company of 420460 million yuan, with a year-on-year increase of 69.24% to 85.36%.
“Bentu + Lexmark” dual brand collaboration to continuously improve the comprehensive competitiveness. In 2021, bentu’s operating revenue reached 3.87 billion yuan, a year-on-year increase of + 71.87%; The net profit reached 679 million yuan, a year-on-year increase of + 140.21%. Bento printer’s global shipment and operating revenue continued to grow. Bento A4 color laser printer and A4 medium and high-speed black-and-white laser printer were newly launched, and the product line was further expanded. Overseas business scope continued to expand, overseas sales increased by more than 60% year-on-year, and the Chinese market continued to grow, with sales of + 47.7% year-on-year. Lexmark continues to give full play to its advantages in global layout, and has realized batch supply of long-term orders with enterprise strategic partners. In 2021, Lexmark printer sales increased by 14% year-on-year (the shortage of electronic components has delayed the rapid recovery of Lexmark printer sales). In 2022, the Q1 boom continued, the sales volume of Bento printers increased by about 33% year-on-year, and the shipment volume of original consumables increased rapidly by about 60% year-on-year; Meanwhile, the R & D investment of bentu Inga large, medium and high-end models has increased, and the net profit of bentu is expected to increase by about 30% year-on-year in Q1 of 22 years. Lexmark’s Q1 printer sales in 22 years increased by about 7% year-on-year. Under the data caliber of the management report, the EBITDA in the first quarter increased by about 16% year-on-year. The printer business of the company is expected to continue to grow, benefiting from the high landscape of China’s information innovation market and overseas demand, the improvement of China’s household application penetration, the improvement of product level, localization substitution, the advantages of independent brands and other comprehensive factors.
With the rapid growth of integrated circuit business, the general MCU market has broad prospects. In 2021, the operating revenue of aipaike microelectronics was 1.432 billion yuan, of which the operating revenue of its subsidiary Jihai semiconductor (non printing industry chip) was 290 million yuan, and the overall net profit of aipaike microelectronics was 698 million yuan, a year-on-year increase of + 39.83%. The company actively expands new energy, industrial control, automobile and other industries, and has reached stable cooperation with well-known manufacturers (KONE elevator, Huichuan, Changhong, Midea, SAIC Wuling, Xiaopeng, great wall, etc.) to realize batch supply. In the first quarter of 2022, the net profit of integrated circuit business increased by more than 10% year-on-year. The chip business in the printing industry relies on its competitiveness in industry segments, and the business continues to improve; The chip business in non printing industry (industrial control and safety, automobile and new energy, consumer electronics) achieved rapid growth, and the operating revenue increased by more than 150% year-on-year. In terms of MCU products, polar semiconductor launched more than 10 new 32-bit MCU products in 2021. It is expected that in the first half of 2022, the company will have several 32-bit MCU chip products subject to vehicle regulation aec-q100 certification. Meanwhile, iso26262 vehicle functional safety system certification and new product research and development are also progressing smoothly according to the progress.
According to the McLean report released by icinsights, the global MCU market sales will increase by 10% in 2022, and the market scale is expected to reach US $21.5 billion, another record high. Among them, the growth of automobile MCU will exceed that of most other terminal markets, and its sales CAGR is expected to reach 7.7%. The company deepens the layout of MCU field, benefiting from the high prospect of MCU market, the demand for localization substitution and the improvement of the competitiveness of the company’s products. The 32-bit general MCU business is expected to become a new growth pole.
Investment suggestion: we estimate that the company’s revenue from 2021 to 2023 will be 22.792 billion yuan, 29.626 billion yuan and 35.255 billion yuan respectively, and the net profit attributable to the parent company will be 1.163 billion yuan, 2.039 billion yuan and 2.867 billion yuan respectively, maintaining the “Buy-A” investment rating.
Risk warning: market development is less than expected risk; Risk that R & D progress is less than expected.
