\u3000\u3 Shengda Resources Co.Ltd(000603) 738 Tkd Science And Technology Co.Ltd(603738) )
Event: on April 9, the company issued a briefing on the operation of the 21st year and an announcement on the pre increase of performance in the first quarter. In 21 years, the company achieved a revenue of 1.241 billion yuan, a year-on-year increase of 97%; The net profit attributable to the parent company was 250 million yuan, a year-on-year increase of 547%; Deduct non net profit of 249 million yuan, a year-on-year increase of 1027%. 22q1 is expected to realize a net profit attributable to the parent company of 60 ~ 80 million yuan, a year-on-year increase of 57% ~ 110%; Deduct non net profit of RMB 40-60 million, with a year-on-year increase of 11% ~ 66%.
The performance of 21 and 22q1 increased year-on-year, in line with expectations. The company's performance in 21 years is close to the previous forecast ceiling, which is in line with expectations. Reasons for the high year-on-year increase in performance in 21 years: the acceleration of the localization process of the superimposed industry driven by aiot demand has significantly increased the demand of the crystal oscillator industry. With the large demand of crystal oscillator and the continuous introduction of domestic large customers, the company's product structure has been significantly optimized, and the proportion of high-end products such as lithography miniaturization and UHF has increased, driving the significant improvement of the overall profitability. Q1 is the decline of consumer demand and the slowdown of industry demand under the disturbance of traditional off-season superimposed epidemic situation. However, the demand for high-end products such as lithography miniaturization, UHF and high stability crystal oscillator of the company is still strong, driving the year-on-year increase of Q1 performance. Reason why the year-on-year increase of non net profit deducted was lower than the net profit attributable to the parent: in January 22, the company transferred all the equity of its holding subsidiary penghe precision. The investment income from equity transfer calculated in accordance with the accounting standards for business enterprises and the provision for impairment of loans from Shenzhen penghe precision had a great impact on the non recurring losses and profits of Q1. In addition, Q1 company has accrued share based payment expenses of about 6.87 million yuan. According to the median value of the performance forecast, the actual operating profit of the company in the first quarter exceeded 70 million yuan.
Continue to optimize the product structure and expand high value-added fields such as automotive electronics and industrial control. The company is the only crystal oscillator manufacturer in the world and the only one in China with mass production capacity of lithography MEMS process, with core competitive advantages. With the acceleration of localization process and the pull of aiot demand, the proportion of high-end crystal oscillator products such as lithography miniaturization, UHF and high stability of the company continues to increase. In addition, the company continues to expand to high value-added fields such as automotive electronics, industrial control and RTC clock modules, creating a second growth curve.
Profit forecast: due to the slowdown in consumer demand disturbed by the epidemic, we lowered the company's performance for 22-23 years to 380 million and 506 million yuan (the previous value was 423 million and 539 million yuan), and maintained the "buy" rating.
Risk tip: industry demand slows down under the disturbance of the epidemic; Industry competition intensifies risks, etc.