\u3000\u3 China Vanke Co.Ltd(000002) 180 Ninestar Corporation(002180) )
The company's performance forecast and events in Q1: 221. The company's revenue in 21 years increased by 8% to about 22.8 billion yuan, and the net profit attributable to the parent increased by 7 times to 1.16 billion yuan. The net profit attributable to the parent in the first quarter is expected to be 420460 million yuan, with a year-on-year increase of 69-85%. 2) According to reports, Buffett's Berkshire Hathaway company has increased its holdings in HP, the world's leading printer, and has bought nearly 121 million HP shares, with a total value of about $4.2 billion, indicating the company's optimism and confidence in the printer industry.
Printing business: high growth and good performance of Lexmark. 1) Bentu's revenue increased by 72% to 3.87 billion yuan in 21 years, and its net profit increased by 140% to 680 million yuan. The sales volume in overseas and Chinese markets increased by more than 60% and nearly 50% respectively. The new listing of A4 color / medium and high-speed black-and-white laser printers enriched the product line. Under the challenge of epidemic situation and temporary labor shortage in the first quarter of 22 years, the sales volume of Bento printer increased by about 33% year-on-year, and the shipment volume of original consumables with high gross margin increased by about 60% year-on-year with the increase of printer ownership. Considering the increased R & D investment in medium and high-end models, bentu's net profit in the first quarter increased by about 30% year-on-year. 2) In the case of shortage of components, the sales volume of Lexmark printers increased by 14% in 21 years, the revenue increased by nearly 9% to US $2.18 billion, and the EBITDA was US $270 million. In the first quarter of 22, the sales volume increased by about 7% year-on-year. With the gradual elimination of epidemic control in European and American markets, consumable printing began to recover significantly, and EBITDA increased by about 16% year-on-year.
Chip business: continue to expand product lines and customer resources, and the vehicle regulation level certification has been promoted smoothly. The 21-year revenue of aipaike, a holding subsidiary, was 1.43 billion yuan, and the net profit increased by about 40% to nearly 700 million yuan. The revenue of Jihai (non printing chip), a wholly-owned subsidiary of aipaike, was 290 million yuan. Jihai launched more than 10 new 32-bit MCU products in 2021, actively expanded new energy, industrial control, automobile and other industries, and realized mass supply to well-known manufacturers (KONE elevator, Huichuan, Changhong, Midea, SAIC Wuling, Xiaopeng, great wall, etc.). The net profit of the chip business in the first quarter of 22 years increased by more than 10% year-on-year, of which the revenue of Jihai increased by more than 150% year-on-year. More vehicles with the functions of aec-26q100 will continue to pass the certification of aec-26q12 in January.
Profit forecast and investment suggestions
We continue to be optimistic about Ninestar Corporation(002180) as the growth space of China's printer leader. We predict that the company's earnings per share from 2021 to 2023 will be 0.82 yuan, 1.46 yuan and 2.00 yuan respectively (the original forecast for 21-23 years is 0.79/1.45/1.99 yuan respectively, mainly adjusting the business revenue and gross profit rate according to the performance express). According to the PE valuation level of 40 times of the comparable company in 22 years, the corresponding target price is 58.25 yuan, maintaining the buy rating.
Risk tips
Goodwill impairment risk; Industry demand is less than expected; The risk of M & a falling short of expectations; Exchange gain / loss risk.
