\u3000\u3 China Vanke Co.Ltd(000002) 859 Zhejiang Jiemei Electronic And Technology Co.Ltd(002859) )
Core view
The net profit attributable to the parent company in 21 years increased by 34.5% year-on-year, and the performance of 4q21 fell month on month. According to the annual report issued by the company, the revenue of 21 years was 1.861 billion yuan (YoY + 30.6%), the net profit attributable to the parent company was 389 million yuan (YoY + 34.5%), and the net profit attributable to the parent company after deduction was 380 million yuan (YoY + 36.0%); Among them, 4q21 has a revenue of 404 million yuan (yoy-5.7%, qoq-16.4%), and a net profit attributable to the parent company of 59.2 million yuan (yoy-23.8%, qoq-44.8%). The high growth of the company's performance in 21 years is due to: 1) the rapid development of 5g, consumer electronics, new energy vehicles and other fields has driven the strong demand of MLCC, and the company has sufficient orders; 2) Promote the company's capacity expansion and efficiency reduction. However, the company's 4q21 revenue and net profit attributable to the parent decreased year-on-year, which were mainly affected by external adverse factors such as the fluctuation of downstream MLCC demand, the rise of raw material cost and the continuous appreciation of RMB.
Affected by freight adjustment, raw material price increase and other factors, the gross profit margin in 21 years fell by 2.40pct year-on-year. The gross profit margin of the company fell 2.40pct to 38.27% year-on-year in 21 years, mainly due to: 1) freight and customs declaration fee of 47.09 million yuan were adjusted from sales expenses to operating costs; 2) Upstream raw material prices rose. In terms of business, the revenue of paper tape carrier in 21 years was 1.335 billion yuan (YoY + 28.7%), and the gross profit margin was 42.59% (yoy-0.26pct); The belt revenue is 266 million yuan (YoY + 28.8%), and the gross profit margin is 35.59% (yoy-8.16pct); The revenue of plastic belt is 113 million yuan (YoY + 50.2%), and the gross profit margin is 30.39% (yoy-9.65pct); The revenue of release film was 112 million yuan (YoY + 26.7%), and the gross profit margin was 9.34% (yoy-5.92pct). In 21 years, the price of petrochemical commodities increased sharply, and the cost of purchased base film increased, resulting in the gross profit margin of release film products at a low level. The production expansion project is progressing smoothly, and the release membrane products actively expand the medium and high-end market. For release film, 3 entries
The production line will gradually release the production capacity after the base film is self-produced. The subsequent company will choose the opportunity to add two import production lines in Anji base and two import production lines in Guangdong Zhaoqing base. At the same time, it is preparing to plan Tianjin production base to support Samsung motor and other surrounding customers; The release film products of the company will be sent to Samsung motor at the end of Q1, which is expected to be supplied after passing the verification in Q2. In terms of paper tape, the company's fifth electronic base paper production line is planned to be put into operation in August 22. After reaching the production capacity, the company's paper tape capacity will jump to 120000 tons / year. In addition, the company's annual output of 4.2 million rolls of tape expansion project was promoted as planned; 60 plastic belt production lines with an annual output of 1.5 billion meters have been successfully completed; The CPP membrane was supplied in batches in September, 2001.
Investment suggestion: we are optimistic about the controllable core competitive advantage of the whole industrial chain of the company's thin carrier, and the gradual entry of the company's medium and high-end release film products into Samsung motor, Murata and other international customers. It is expected that the company's operating revenue in 22-24 years will increase by 38.6% / 34.6% / 33.3% to 25.79/34.72/4.630 billion yuan year-on-year, and the net profit attributable to the parent company will increase by 29.7% / 36.7% / 35.4% to 5.04/6.90/934 billion yuan year-on-year, corresponding to 19.6/14.3/10.6 times of PE respectively, Maintain the "buy" rating.
Risk warning: MLCC demand is less than expected; Price fluctuation of upstream raw materials; The release capacity of release film and release film base film of the company or the development of customers are less than expected.
