\u3000\u3 China Vanke Co.Ltd(000002) 281 Accelink Technologies Co.Ltd(002281) )
Key points
Event: the company released its annual report for 2021 and achieved an operating revenue of 6.5 billion yuan, a year-on-year increase of 7%; The net profit attributable to shareholders of listed companies was 570 million yuan, a year-on-year increase of 16%; Among them, Q4 achieved an operating revenue of 1.76 billion yuan in a single quarter, a year-on-year decrease of 2%; The net profit attributable to the parent company in a single quarter was RMB 110million, a year-on-year increase of 13%; As expected.
Market share increased steadily. According to the data quoted in the annual report, the overall market share of the company increased by 1% in the first three quarters of 21 years, of which the transmission market share increased by 2% and the digital communication market share increased by 1%. In 2021, the company has made good progress in 5g forward transmission, 10g PON, 100g / 200g / 400g data communication module, UWB optical amplifier, new intelligent devices, coherent devices and modules, which is in line with the development trend of the industry.
In 2022, capex, the operator, increased slightly, and the proportion of transmission network investment increased. According to the data disclosed in the operator's annual report, the capital expenditure of China Mobile and telecom increased slightly in 2022, and China Unicom is expected to be stable. Among them, the proportion of China mobile transmission network investment increased by 1PCT. We expect that China Unicom Telecom transmission network investment is also expected to rise, driving the rise of industry prosperity. In addition, with the advancement of the East West digital computing project, it brings construction increment to the East West optical communication network. The company's transmission business accounts for a high proportion, which is expected to benefit from the recovery of transmission network market prosperity of operators.
Raise funds to expand the production capacity of optical devices. The company plans to raise no more than 1.77 billion yuan for the production and construction of high-end optical communication devices and the construction of high-end optoelectronic device R & D center. After being put into operation, it will form an annual scale of 6.1 million 5g / F5G optical devices, 133500 coherent devices, modules and advanced white boxes, and 700000 digital communication modules. It will help to improve the production capacity, upgrade the process platform and packaging capacity, improve the supply capacity of high-end products, gradually expand the market share, enhance its own profitability and consolidate the company's leading position in the industry. Underestimated China's optical chip leader. The company has seven technical platforms: optical chip, coupling packaging, hardware, software, testing, structure and reliability, and three photoelectric chip platforms: PLC (planar optical waveguide), III-V and SIP (silicon light). III-V laser chip realizes the full coverage of FP / DFB / EML / VCSEL, and is in a leading position in China in the industry competition pattern. According to the company's announcement, according to the data of consulting firm omdia, Accelink Technologies Co.Ltd(002281) accounted for 7.8% of the global market share in the first three quarters of 2021, ranking fourth in the global industry.
Maintain the "buy" rating: considering the rapid growth of R & D expenses, the net profit for 22-23 years is reduced from 680 / 760 million yuan to 660 / 710 million yuan, with an adjustment range of - 3% / - 7%. It is predicted that the net profit for 24 years is 730 million yuan. The impact of additional issuance dilution is not considered temporarily, corresponding to PE 17x / 16x / 16x. We believe that the demand of digital communication optical module market may be uncertain, and the market outlook of operators is expected to recover. The company's transmission business accounts for a high proportion and is expected to benefit from the recovery of transmission Netscape. The company is the leader of optical chips in China. At present, the valuation is at a low level and maintains the "buy" rating.
Risk tip: the peak of wireless access construction fell, the peak of data communication boom fell, the medium and long-distance 400g optical module was limited by the output of EML chip, the substitution risk of thin-film lithium niobate high-speed optical modulation chip for InP and sip, and the concentration of 400g pattern was lower than expected
