\u3000\u3 China Vanke Co.Ltd(000002) 913 Aoshikang Technology Co.Ltd(002913) )
The large-scale typesetting scheme and high-speed standards lead the construction of new production lines, speed up market development and maintain the “buy” rating
The company released the annual report of 2021 and the first quarterly report of 2022, realizing an operating revenue of 4.44 billion yuan, yoy + 52.4%, and a net profit attributable to the parent of 490 million yuan, yoy + 40.4%. In 2022q1, the operating revenue is 1.06 billion yuan, yoy + 18.6%, and the net profit attributable to the parent company is 150 million yuan, yoy + 37.3%, deducting 110 million yuan, yoy + 6.3%. We lowered the profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company will be RMB 670 / 8.8 (the previous value is 7.4 / 9.0) / 1.06 billion, EPS will be RMB 4.1 / 5.5 (the previous value is 4.7 / 5.6) / 6.6, and the current share price corresponds to PE of 15.8 / 12.0 / 10.0 times. Considering the orderly pace of the company’s production capacity investment, professional division of labor is expected to further improve the production efficiency, yield and delivery rate, and maintain the “buy” rating.
Seven professional chemical plants continued to optimize production efficiency, which hedged the rise in raw material prices
Affected by the rising cost of copper clad laminate and the adjustment of transportation cost accounting subjects, the gross profit margin of the company fell to 22.3% year-on-year in 2021. Relying on capacity optimization, the management expense rate decreased to 2.5%, yoy-1.7pct, and the net profit margin was 11.1%, yoy-1.1pct. The company’s production capacity is expected to grow steadily in 2022. At present, it has formed three production bases in Huizhou, Yiyang and Zhaoqing, and plans seven specialized plants with a total production capacity of more than 1.7 million square meters / month. For the part of new capacity, a8 factory has been put into mass production for new energy, Nb and PC products, and A9 factory specializes in the production of miniled products, which has completed the main construction and entered the trial production stage. In the original A1-A3 factory, it is planned to upgrade A3 for automotive electronic products. In 2021, the company’s per capita income will be 890000 yuan, yoy + 41.3%. With the company’s large-scale typesetting and high-speed standard construction of new production lines, the per capita output value after full production is expected to increase to 2.5-3 million yuan.
Broaden the coverage of PCB terminal application products and join hands with upstream Nanya New Material Technology Co.Ltd(688519) to strengthen linkage
In the past, the company’s products were mainly consumer electronics and achieved stable growth in the existing market by virtue of cost advantages. With the expansion of scale, the company strengthened its sales expansion ability, increased the coverage of the terminal market and cut into server and automotive electronics products. At the same time, the company disclosed that it had signed a strategic cooperation agreement with Nanya New Material Technology Co.Ltd(688519) with a validity period of three years, and the annual planned purchase amount increased by no less than 30% compared with the previous year. The company’s active cooperation with the upstream of the industrial chain is conducive to the stability of the raw material supply chain. The cooperation of domestic manufacturers will further give play to the advantages of product performance and cost, unite and drain each other in the customer certification link, and promote the mainland PCB industry to continue to replace overseas PCB industry.
Risk warning: the price of raw materials rises, the downstream demand is less than expected, and the efficiency improvement of new factories is less than expected
