\u3000\u3 China Vanke Co.Ltd(000002) 815 Suntak Technology Co.Ltd(002815) )
The company returned to the growth curve, achieved results in the transformation of large quantities of orders, and maintained the “buy” rating
In 2021, the company achieved an operating revenue of 6 billion yuan, yoy + 37.3%, and a net profit attributable to the parent company of 550 million yuan, yoy + 25.7%. In 2021q4, the operating revenue in a single quarter was 1.52 billion yuan, yoy + 40.9%, the net profit attributable to the parent was 96 million yuan, yoy + 46.5%, the gross profit margin in a single quarter was 25.8%, and qoq-2.1pct. The company has overcome the two major difficulties of changing its business strategy from technology driven to cost driven and direct selling customer reserve. The business situation has improved and returned to growth. We maintain the profit forecast for 20222023 and add the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 850 / 10.4 / 1.21 billion, yoy + 54.2% / 22.0% / 16.4%, EPS is RMB 0.98/1.19/1.39, and the current share price corresponding to PE is 11.8/9.7/8.3 times, maintaining the “buy” rating.
The production process is continuously optimized, and the reserves of large customers and large quantities of orders are abundant
The company’s production process is continuously optimized to create the cost advantage of mass PCB production. It cooperates with IBM and Oracle to establish ERP system and intelligent flexible production line, and promotes the orderly production of products by formulating production process scheduling table and product production batch control card, so as to improve the per capita production efficiency. In 2021, the per capita income will reach 996000 yuan, yoy + 24.3%. The company actively promotes capacity expansion and helps to undertake orders from major customers. With the release of Zhuhai Chongda phase I capacity (designed annual capacity of 2.7 million square meters), the company’s overall capacity will reach 5.829 million square meters in 2021, yoy + 40.6%. The company has advantages in the layout of hard board, soft board and IC carrier board. Among them, pronovi produces IC carrier board products. In the past, it mainly focused on MEMS sensor products. At present, it is also rapidly expanding RF products for 5g applications. The company’s customer base is becoming richer and richer, which is expected to disperse business risks.
The company announced the draft restricted stock incentive plan, and the high growth target indicates that the operation is moving towards a new stage
The company announced the restricted stock incentive plan to actively bind the interests of the core management. The number of restricted shares to be granted is 17.51 million, accounting for 2.0% of the total share capital on the announcement date of the draft. 14774000 shares will be granted for the first time, including middle and senior managers and core technical backbones of the company. The price of restricted shares granted to incentive objects is 6.09 yuan / share. The release of restricted shares reserved for the company’s equity incentive is linked to the company’s performance evaluation, including benchmark growth rate and target growth rate. The benchmark growth rate target is based on 2021, and the net profit growth rate in 2023 / 2024 is not less than 60% / 16%, indicating that the operation will return to high growth.
Risk tip: the price increase of raw materials erodes the cost, the downstream demand is less than expected, and the yield of PCB is less than expected.
