\u3000\u3 China Vanke Co.Ltd(000002) 841 Guangzhou Shiyuan Electronic Technology Company Limited(002841) )
In 21 years, the revenue increased by 23.9% year-on-year, and the net profit attributable to the parent decreased by 10.7% year-on-year due to the rise in the price of raw materials. The company’s 21-year revenue was 21.226 billion yuan (YoY + 23.9%), and the net profit attributable to the parent company was 1.699 billion yuan (yoy-10.7%); Among them, 4q21 revenue was 5.943 billion yuan (YoY + 26.6%), and the net profit attributable to the parent company was 477 million yuan (yoy-4.0%). The steady growth of revenue in 21 years is due to: 1) the revenue of interactive intelligent tablet in overseas market increased by 95% year-on-year; 2) The Chinese market is growing steadily driven by the continuous promotion of maxhub and Xiwo new products; 3) The direction of new products of component business, such as IOT module and household electrical appliance board, has achieved rapid growth. The decline in net profit was mainly due to the rise in the price of raw materials such as panels and semiconductors and the year-on-year increase in expense ratio of 2.10pct.
Remarkable achievements were made in overseas market development, and the gross profit margin of 2h21 interactive intelligent tablet rebounded by 2.75pct month on month. In the component business, in 2021, the revenue of LCD main control board card was 6.208 billion yuan (yoy-2.38%), the gross profit margin was 14.18% (yoy-2.90pct), the revenue of household appliances business was 505 million yuan (YoY + 123%), and the revenue of IOT module, projection board card and other new businesses was 293 million yuan (YoY + 49%). In addition, in 2021, the revenue of interactive intelligent tablet was 10.931 billion yuan (YoY + 36.99%), of which the revenue of overseas market was 3.805 billion yuan (YoY + 94.87%); The gross profit margin is 30.10% (yoy-2.45pct), and the gross profit margin level rebounds from 28.33% of 1h21 to 31.08% of 2h21. In the panel price reduction cycle, the trend of month on month improvement of profitability is clear.
In the 21st year, the revenue of education business in the Chinese market increased by 20.53% year-on-year to 6.842 billion yuan. On the basis of continuing to cultivate the K12 public school market, shivo has accelerated the development of preschool education, higher vocational education and other markets. In hardware, the 21 year smart growth of Smart Interactive tablet has also been increasing rapidly. Meanwhile, digital teaching hardware revenue such as recording system and intelligent platform has also been increasing rapidly. According to DISCIEN data, the 21 year old brand of IFPD accounted for 47.5% of Chinese mainland education market sales. In terms of software, shivo upgraded the carrier pigeon teaching and research information system, centralized control management system, shivo whiteboard and other core software. At the end of 21, shivo whiteboard had more than 4.6 million active teachers in primary and secondary schools, 220000 active teachers in kindergartens and 170 million new courseware in 21 years.
In the 21st year, the business revenue of enterprises in the Chinese market increased by 25.25% year-on-year to 1.741 billion yuan. According to DISCIEN data, MAXHUB’s sales share of the smart tablet Market in Chinese mainland in 2021 was 27.5%, ranking 5 in the first consecutive year, and the industry’s leading position is stable. 21 tiktok MAXHUB has set up benchmarking user cases in the fields of government, business, finance, medical treatment, new retail, manufacturing, such as Beijing City sub center, Agricultural Bank Of China Limited(601288) , Industrial And Commercial Bank Of China Limited(601398) , Ping An Insurance (Group) Company Of China Ltd(601318) , West China Hospital, BOLONI, etc., and at the same time, it has increased the coverage of Baidu, today’s headlines and jitter, and has been able to enhance the user cognition of products and brands through the energy distribution channel.
Investment suggestion: the profit inflection point of interactive intelligent tablet leader appears. We expect the company’s net profit attributable to the parent company in 22-24 years to increase by 42.1% / 24.3% / 19.9% year-on-year to 24.14/30.01/3.599 billion yuan. Referring to the 25.10 times PE valuation of the consistent expected average value of wind, a comparable company in 2022, we give the company 24-25 times the expected PE in 2022, corresponding to the target price of 86.92-90.54 yuan, maintaining the “buy” rating.
Risk warning: new business development is not as expected; The demand is less than expected; Intensified industry competition, etc.
