\u3000\u3 China Vanke Co.Ltd(000002) 414 Wuhan Guide Infrared Co.Ltd(002414) )
Event: on the evening of April 7, the company released the annual report of 2021 and the performance forecast of the first quarter of 2022
The company's net profit attributable to the parent company in 21 years increased by 11% year-on-year, and it is expected to increase by 30-50% year-on-year in Q1 in 22 years
The company achieved a revenue of 3.5 billion yuan in 2021, with a year-on-year increase of 5%; The net profit attributable to the parent company was 1.11 billion yuan, a year-on-year increase of 11%. In the first quarter of 2022, the company expects to realize a net profit attributable to the parent company of RMB 310360 million, with a year-on-year increase of 30-50%, mainly due to the abundant orders in hand and the continuous delivery of signed contract models.
The business of the company expanded smoothly, and the revenue of non epidemic prevention products maintained rapid growth
Military products: the revenue of the company's model products continued to grow rapidly, and many new models were ordered in batches for the first time; The foreign trade business company has completed the approval of foreign trade export projects of various products, and the overall equipment system has been delivered overseas; The orders of Handan Electromechanical, a subsidiary of ammunition business company, increased rapidly, and the revenue increased by 88% year-on-year in 2021.
Civil products: with the improvement of the epidemic situation, the company's revenue of epidemic prevention products decreased significantly in 2021, but with the smooth expansion of security, industry, personal consumption and other businesses, it filled the gap caused by the decline of epidemic prevention products. We expect that the high growth of the company's non epidemic prevention civil products business is expected to continue.
The company has abundant orders, and the core supporting models are expected to be in large quantities this year
By the end of 2021, the company's inventory had reached 1.66 billion yuan, an increase of 15% over the beginning of the year, and the contract liabilities had reached 660 million yuan, a significant increase of 185% over the beginning of the year, indicating that the company had full production and abundant orders. At the same time, the company actively participates in the bidding of various arms and models, and the bid winning rate remains at a high level, which is expected to continue to be converted into orders in the future.
According to the announcement on December 15, 2021, the company signed an order contract of 1.45 billion yuan with customers for a certain model of products, which is the centralized large-scale procurement of a core supporting model of the company after winning the bid. It is expected to be large-scale this year.
China's leading infrared equipment, military and civil products, two wheel drive
As China's leading infrared company, the company has established the overall layout of the whole infrared industry chain from infrared chip to detector movement, to complete machine and complete equipment system. As the only private enterprise in China that has obtained the overall qualification of equipment, the company in the field of military products has crossed from the 10 billion level supporting market to the 100 billion level overall market, opening up long-term growth space. In the field of civil products, the company actively distributes many industries such as temperature measurement, security, industry and electronics (consumer electronics and automotive electronics), and its business is expected to achieve further expansion.
Wuhan Guide Infrared Co.Ltd(002414) : the compound growth rate of performance in the next three years is expected to be 29%
We expect the net profit attributable to the parent company from 2022 to 2024 to be RMB 1.49/19.1/2.37 billion respectively, with a year-on-year increase of 35% / 28% / 24%, corresponding to 27 / 21 / 17 times of PE, maintaining the "buy" rating.
Risk tips:
1) the overall business order progress is less than expected; 2) Deterioration of trade environment; 3) The promotion of infrared civilian products is less than expected; 4) Risk of decline in gross profit margin of products.
