\u3000\u3 Guocheng Mining Co.Ltd(000688) 003 Suzhou Tztek Technology Co.Ltd(688003) )
Events
The company released the annual report of 2021: the operating revenue was 1.27 billion yuan, a year-on-year increase of 31.2%; The net profit attributable to the parent company was 134 million yuan, a year-on-year increase of 24.9%; Excluding the impact of share based payment expenses, the net profit attributable to the parent company was 180 million yuan, a year-on-year increase of 47.3%.
Excellent platform expansion ability and new business volume
Focusing on the machine vision technology platform, the company has achieved remarkable results in exploring new fields. At the end of 2020, the company launched LDI laser direct imaging equipment for PCB field. In the first year, the company achieved a revenue of 66.84 million yuan and a gross profit margin of 21.8%. With the increase of sales volume, the profitability will have great room for improvement. As a new PCB manufacturing process, the penetration rate of LDI will gradually increase, and the company’s LDI products are expected to become a new performance growth point. In addition, the company’s defect detection avi equipment around the PCB industry has entered the stage of small batch trial for customers. In the field of intelligent networking, the company’s AI edge computing equipment and vehicle road coordination scheme achieved a revenue of 49.69 million yuan in 2021, a year-on-year increase of 331%. The company actively promotes the front and rear installation applications of intelligent driving domain controller, and continues to promote AI edge computing equipment and vehicle road coordination scheme, with promising potential. The company has actively expanded and arranged in many fields, which reflects the company’s deep technical reserve and peaceful Taihua expansion ability.
Multi-point flowering, machine vision has great potential
The gradual increase of new businesses has brought a multi-point flowering situation to the company’s profits, and the proportion of non consumer electronics business has increased to 49.8%. Among them, the company’s intelligent manufacturing system solution for the automotive industry achieved a revenue of 220 million yuan in 2021, with a year-on-year increase of more than 4 times, and the gross profit margin rebounded to 32.0%, showing a significant recovery; The company’s layout in the photovoltaic semiconductor industry has entered the harvest period. In 2021, the revenue was 294 million yuan, with a year-on-year increase of 471%, and the gross profit margin rebounded significantly to 40.8%. With the acceleration of the upgrading process of manufacturing industry, the application scope of China’s machine vision products has gradually expanded from semiconductor and consumer electronics industry to automobile manufacturing, photovoltaic semiconductor and other fields. There are also a large number of applications in transportation, Siasun Robot&Automation Co.Ltd(300024) and other industries, and the application scenarios have been further widened. The company is deeply engaged in machine vision, with strong technical scalability, and has shown rapid breakthrough ability in many fields. At this stage, the company’s layout around the fields of semiconductor, PCB and intelligent network connection is expected to contribute to the medium and long-term development of the company.
Profit forecast
It is estimated that the company’s revenue from 2022 to 2024 will be 1.7 billion yuan, 2.25 billion yuan and 2.98 billion yuan respectively; The net profit attributable to the parent company is 209 million yuan, 292 million yuan and 392 million yuan respectively, and the corresponding dynamic PE of the current stock price is 25, 18 and 13 times respectively. Maintain a “recommended” rating.
Risk tips
The risk of market demand decline caused by macroeconomic fluctuations; The risk of declining profitability due to intensified market competition; Management risks caused by the expansion of the company’s scale, etc.
