\u3000\u3 China Vanke Co.Ltd(000002) 415 Hangzhou Hikvision Digital Technology Co.Ltd(002415) )
21 and 1q22 achieved steady growth. In the 21st year, the company achieved revenue of 81.420 billion yuan (YoY + 28.21%), net profit attributable to parent company of 16.8 billion yuan (YoY + 25.51%), net profit not attributable to parent company of 16.445 billion yuan (YoY + 28.42%) and gross profit margin of 44.33% (yoy-2.20 PCT). 1q22’s revenue is 16.522 billion yuan (YoY + 18.11%), the net profit attributable to the parent company is 2.284 billion yuan (YoY + 5.29%), the net profit not attributable to the parent company is 2.210 billion yuan (YoY + 9.30%), and the gross profit margin is 43.72% (yoy-3.10pct, QoQ + 3.72pct). Among them, if the impact of freight accounting adjustment is deducted, the corresponding gross profit margin of 21 years and 1q22 is 44.88% and 44.38%.
The three BGS and overseas businesses have made steady progress, and their anti volatility ability has been continuously enhanced. In the 21st year, PBG business achieved revenue of 19.161 billion yuan (YoY + 19.85%), EBG business achieved revenue of 16.629 billion yuan (YoY + 12.94%), and SMBG business achieved revenue of 13.49 billion yuan (YoY + 46.49%); The overseas business achieved a revenue of 18.926 billion yuan (YoY + 15.09%). If the change in the statistical caliber of the micro film business is excluded, the growth rate of each business group will increase, and the growth rate of EBG will be adjusted to 24%. At the same time, under the influence of external factors such as the epidemic, the company has achieved stable product delivery through strategies such as high inventory, supply chain and logistics adjustment, and its cycle smoothing ability has been continuously enhanced.
Siasun Robot&Automation Co.Ltd(300024) , high growth of automotive electronics and multi-point flowering of innovative business. In the past 21 years, the company’s innovative business achieved a revenue of 12.271 billion yuan (YoY + 98.9%). The operating revenue of five innovative businesses including smart home, Siasun Robot&Automation Co.Ltd(300024) , thermal imaging, automotive electronics and storage exceeded 1 billion yuan, and the net profit was positive: Siasun Robot&Automation Co.Ltd(300024) business expanded rapidly in the field of mobile Siasun Robot&Automation Co.Ltd(300024) and machine vision, with a year-on-year increase of 103.26%; The automotive electronics business focused on cameras, millimeter wave radars and other products based on video technology. Some products were designated by head independent brands such as great wall, Geely and Chang’an, as well as international brands such as Volkswagen, Volvo, Mazda and Toyota, with a year-on-year increase of 118.92%.
Positioning “intelligent IOT aiot”, diversified applications will drive the company’s continuous growth. Following the company’s transformation from a security leader to an intelligent Internet of things solution and big data service provider with video technology as the core, in recent years, with the horizontal spread of the business scenario with light as the axis, the company has gradually formed the business positioning of “intelligent Internet of things aiot”. In the past 22 years, based on the company’s accumulation of supporting technologies, hardware and software products, system capabilities, business organization and marketing system related to intelligent IOT, multiple business lines represented by EBG and innovative business will continue to grow driven by the upgrading demand of intelligent IOT in various industries. In October of 21, the company issued equity incentive again. The incentive conditions include that the CAGR of 5-year revenue is not less than 15%, and the future growth of the company can be expected.
Investment suggestion: the company’s innovative business and EBG have fast growth and large development space, and maintain the “buy” rating. We expect that the company’s revenue from 2022 to 2024 will be 96.1/115.5/1373 billion yuan, and the net profit attributable to the parent company will be 19.2/23.47/27.96 billion yuan. The current share price corresponding to PE is 19 / 17 / 14x respectively, maintaining the “buy” rating.
Risk tip: China’s demand is less than expected, and the expansion of innovative business is less than expected.
