\u3000\u3 China Vanke Co.Ltd(000002) 635 Suzhou Anjie Technology Co.Ltd(002635) )
[matters]
The company released the forecast for the first quarter of 2022. It is estimated that the net profit attributable to the parent company will reach 75-100 million yuan in 2022q1, with a year-on-year increase of 156711% – 212281%. Deduct non net profit of 70-95 million yuan, with a year-on-year increase of 427910% – 577164%. During the period, the company actively overcame the pressure caused by the external environment on the operation, continuously optimized the product structure, continuously improved the management efficiency and operation efficiency, greatly improved the overall profitability and achieved a significant increase in performance.
[comments]
The company continues to improve its product competitiveness in the fields of new energy vehicles, smart phones, all-in-one computers, laptops, tablets, virtual reality (VR) / augmented reality (AR), smart homes and other fields, actively explore new businesses, continuously improve business orders in the above fields, and continuously increase the proportion of new energy vehicle business revenue. The company has continuously improved its R & D technology capacity and delivery capacity. At the same time, with the gradual release of the company’s expanded production capacity, the company’s operating revenue has achieved steady growth.
According to IDC statistics, in 2021, the global shipment of VR products was about 9.36 million units, a year-on-year increase of 68.6%, and the global shipment of AR products was about 330000 units, a year-on-year increase of 13.8%. According to the prediction of trendforce Jibang consulting, the global shipments of VR / AR equipment will maintain rapid growth, and the CAGR is expected to be 53.1% in the next five years. The company participates in vr/ar product projects of global technology giants and continues to deepen customer cooperation. The value of precision functional parts and precision structural parts in related products continues to grow, which will directly benefit from the continuous improvement of vr/ar and other product shipments.
In the field of new energy vehicle business, the company has provided customers with diversified products including precision functional devices, precision structural parts, modules and other products to build a precision manufacturing platform. At the same time, based on its own R & D and manufacturing advantages, the company actively develops high-voltage connecting wire components, battery cover sectors, etc. According to the prediction of Gaogong lithium battery, the global and Chinese Shanxi Guoxin Energy Corporation Limited(600617) automobile output is expected to reach 8.5 million and 6 million respectively in 2022. The company is looking forward to the layout of wireless charging of new energy vehicles and hydrogen fuel cell technology, and strive to achieve the dual carbon goal. In 2021, the company has obtained the fixed-point project of new energy vehicle wireless charging system of brand car factory. According to the prediction of researchhandmarkets, the market scale of electric vehicle wireless charging will reach 407 million US dollars in 2025, and the CAGR will reach 117.56% from 2020 to 2025. The hydrogen fuel cell industry continues to usher in favorable policies. The company has made clear plans, increased R & D investment and promoted the commercialization of hydrogen fuel cells.
[investment suggestions]
We are optimistic about the company’s continuously improving product competitiveness and deepening customer relationship in new fields such as new energy vehicles and VR / ar. based on the company’s strong R & D strength, forward-looking market layout and deepening customer relationship, it is expected to directly benefit from the continuous volume of downstream demand. The company’s 2022q1 performance guidance is strong. We raised the expected revenue scale of the company from 2022 to 2023, adjusted the expense rate during the period, and increased the profit forecast for 2024. It is estimated that the company’s revenue from 2022 to 2024 will be 4.935 billion yuan, 6.654 billion yuan and 8.184 billion yuan respectively, the net profit attributable to the parent company will be 410 million yuan, 569 million yuan and 653 million yuan respectively, and the EPS will be 0.60, 0.83 and 0.96 yuan / share respectively, corresponding to 21, 15 and 13 times of the current PE respectively, maintaining the “overweight” rating.
[risk tips]
Downstream market demand is lower than expected
The continuous rise of upstream costs has put pressure on the profitability of the company
The sharp fluctuation of exchange rate has an impact on profits
