\u3000\u3 China Vanke Co.Ltd(000002) 281 Accelink Technologies Co.Ltd(002281) )
Key investment points
Announcement of the company: (1) the company released the annual report of 2021. The annual revenue was RMB 6.486 billion, with a year-on-year increase of 7.28%, the net profit attributable to the parent was RMB 567 million, with a year-on-year increase of 16.39%, and the net profit deducted from non attributable to the parent was RMB 470 million, with a year-on-year increase of 3.44%. (2) The company plans to raise no more than 1.773 billion yuan in non-public offering, which is mainly used to expand production and improve R & D capacity.
The performance met expectations and overseas revenue continued to grow. Under the adverse factors such as the price rise of upstream materials and the increase of logistics costs, the company maintained a steady growth in its annual performance. In terms of business, the transmission business achieved a revenue of 3.848 billion yuan, a year-on-year increase of 12.07%, and the access and data business achieved a revenue of 2.602 billion yuan, a year-on-year increase of 5.19%. Under the basic condition of ensuring the stable revenue of the Chinese market, the company continued to make efforts in the overseas market, realizing an overseas revenue of 2.119 billion yuan in the whole year, with a year-on-year increase of 21.46%, accounting for 32.66% of the revenue, achieving growth for three consecutive years. The comprehensive gross profit margin was 24.2%, with a year-on-year increase of 1.16 PCT. The sales / management / R & D expense ratio is divided into 2.34% / 2.07% / 10.19%, with a year-on-year increase of + 0.13 / – 0.07 / + 1 PCT respectively. Considering the price fluctuation of upstream raw materials, based on the principle of prudence, the company made a provision for impairment of various assets of 135 million yuan and reduced the net profit attributable to the parent company by 113 million yuan. The company is the world’s leading supplier of optoelectronic devices and subsystem solutions. According to omdia data, the company’s overall market share in the first three quarters of 2021 was 7.8%, with a year-on-year increase of 1%. The share growth mainly came from the transmission business and data business market, in which the transmission business market share increased by 2% and the data business market share increased by 1.1%.
The market demand continues to rise, and the company improves its vertical integration ability. The global optical module market is growing steadily. In terms of access and transmission market, the construction and application of global 5g and gigabit optical networks are in the stage of rapid popularization. The pace of 5g construction in China has been adjusted periodically, and the overall demand for optical modules remains stable. In terms of fixed network, driven by the dual Gigabit policy, the three operators accelerated the centralized purchase and deployment of 10gpon, and the growth rate of 10G PON access module reached a record high in 2021. In terms of data communication market, the global cloud computing market is still in the stage of rapid development. The construction demand of data center drives the growth of data communication optical modules. The data communication optical modules applied in large data centers are being upgraded from 100g to higher rate optical modules such as 200g and 400g. The company realizes full product coverage and has the ability of vertical integration from chips to devices, modules and subsystems to meet the needs of the forefront of the market. Focusing on the market and customer demand, the company has made good progress in 5g forward transmission, 10gpon, 100g / 200g / 400g data communication modules, UWB optical amplifiers, new intelligent devices, coherent devices and modules. The company’s core product clusters are highly complete, which greatly reduces the technical risks caused by changes in the external environment.
Increase R & D investment, increase production and R & D capacity. Based on technology, the company continued to increase R & D investment, with an annual R & D investment of 748 million yuan, a year-on-year increase of 14.96%. There are 993 R & D personnel, accounting for 22% of the total number of employees. At present, the company’s research projects include high-speed laser and detector chips, coherent optical devices, high-end optical modules in the data center, etc., so as to ensure the company’s leading edge in technology and enhance the comprehensive competitiveness of products. In recent years, the production and marketing rate of the company has maintained a high level. This time, it is planned to increase 1.773 billion yuan for capacity expansion and R & D center construction, of which the total investment of high-end optical communication device production and construction project is 1.285 billion yuan, and the construction period of the project is 2.5 years. After completion and operation, 6.1 million 5g / F5G optical devices, 133500 related devices, modules and advanced white boxes and 700000 data communication optical modules will be added, which will help to improve the production capacity of the company, Upgrade the process platform and packaging capacity, improve the supply capacity of high-end products, fully meet the delivery requirements of customers, gradually expand the market share and consolidate the leading position of the company in the industry. The total investment of the high-end optoelectronic device R & D center project is 880 million yuan. After completion, it will enhance the company’s development ability in the field of silicon optics.
Investment suggestion: the company continues to benefit from the global demand for information infrastructure and has a good development trend. At the same time, we will increase advanced technology reserves and overseas market development. We expect that the net profit attributable to the parent company will be 671 million yuan, 771 million yuan and 871 million yuan respectively from 2022 to 2024, and the corresponding EPS will be 0.96, 1.1 and 1.25 yuan respectively. Maintain buy rating.
Risk warning: the operator’s investment does not meet the expected risk, the optical chip development progress does not meet the expected risk, the expansion capacity of mainstream devices does not meet the expected risk, and the competition risk
