\u3000\u3 Guocheng Mining Co.Ltd(000688) 003 Suzhou Tztek Technology Co.Ltd(688003) )
Machine vision leader, actively expand new business and maintain the “buy” rating
The company released its 2021 annual report on April 14, 2022, with annual revenue of 1.265 billion yuan, a year-on-year increase of + 31.23%; The net profit attributable to the parent company was 134 million yuan, a year-on-year increase of + 24.91%; Deduct non net profit of 97 million yuan, a year-on-year increase of + 16.73%. It is calculated that the single quarter revenue of 2021q4 is 673 million yuan, a year-on-year increase of + 26.57% and a month on month increase of + 205.48%; The net profit attributable to the parent company was 112 million yuan, a year-on-year increase of + 25.16% and a month on month increase of + 467.05%; Deduct the non net profit of 108 million yuan, a year-on-year increase of + 31.36%, turning losses into profits month on month. Based on the core technology of industrial vision, the construction of the company’s industrial AI capability platform has been continuously promoted, and new businesses have grown rapidly with sufficient growth momentum. We maintain 20222023 and add a profit forecast for 2024. It is estimated that the company will realize a net profit of 195 / 256 / 325 million yuan and EPS 1.5 million yuan in 20222024 01 / 1.32/1.68 yuan, and the current share price corresponds to pe25 9/19.7/15.5 times, maintaining the “buy” rating.
New businesses began to grow in large quantities, with sufficient growth momentum
In 2021, on the basis of consolidating a set of industrial AI capability platform, the company deeply cultivated six industries and made remarkable progress. Consumer electronics: in 2021, the revenue was 635 million yuan, a year-on-year increase of – 25.26%, and the gross profit margin was 51.87%. Photovoltaic semiconductor: in 2021, the revenue was 294 million yuan, a year-on-year increase of + 471.11%, and the gross profit margin was 40.84%. The company’s photovoltaic silicon wafer automatic detection and sorting equipment has reached the international advanced level in terms of defect detection accuracy and detection speed, and has successfully realized import substitution. In 2021, on the basis of completing the acquisition of 100% equity of German muetec company, the company actively promoted the technical upgrading of muetec product line to cover 55nm, 28nm and other process nodes. Automobile: in 2021, the revenue was 220 million yuan, a year-on-year increase of + 422.67%, and the gross profit margin was 31.98%. The company focuses on new energy vehicles and key parts of vehicle intellectualization and electrification, and provides complete intelligent solutions. PCB: the company launched LDI laser direct imaging equipment at the end of 2020. In the first year of 2021, the company achieved an operating revenue of 668371 million yuan and a gross profit margin of 21.81%. The long-term market space is broad and the profitability is expected to be improved in the future. In addition, PCB oriented defect detection equipment began to enter the stage of small batch trial for customers. Smart Internet connection: in 2021, the revenue was 496949 million yuan, a year-on-year increase of + 330.68%, and the gross profit margin was 5.62%. In 2021, the company became the gold medal partner of NVIDIA Jetson product line solution. Based on NVIDIA’s embedded GPU, the company built an AI edge computing platform, which is deeply applied to various scenarios in the field of intelligent networking, and the market space is broad. In addition, the proportion of the company’s non consumer electronics business rose to 49.78%, with sufficient growth momentum.
Risk warning: industry competition intensifies; New business expansion is less than expected.
