\u3000\u3 China Vanke Co.Ltd(000002) 008 Han'S Laser Technology Industry Group Co.Ltd(002008) )
Event: the company released the report for the first quarter of 2022. In the first quarter of 2022, it realized an operating revenue of 3.394 billion yuan, a year-on-year increase of 8.27%; The net profit attributable to the parent company was 332 million yuan, a year-on-year increase of 0.67%; The net profit deducted from non parent company was 324 million yuan, with a year-on-year increase of 6.73%.
Short term pressure on Q1 performance in 2022
(1) growth analysis: in the first quarter of 2022, the company's revenue increased by 8.27% year-on-year, and the net profit attributable to the parent company increased by 0.67% year-on-year. The short-term pressure on performance is mainly due to the short-term pressure on the company's production and operation under the background of repeated epidemic, affected by factors such as logistics and transportation, raw material supply and equipment delivery.
(2) profitability analysis: the gross profit margin of sales in the first quarter of 2022 was 37.10%, a year-on-year decrease of 0.01pct; The net profit margin on sales was 10.55%, a year-on-year decrease of 0.36pct. During the first quarter of 2022, the expense ratio was 27.98%, with a year-on-year increase of 2.29pct, of which the sales / management / financial expense ratio was 9.95% / 7.09% / 1.49% respectively, with a year-on-year increase of -0.72pct / + 0.31pct / + 1.49pct respectively. The reason for the large year-on-year increase of the financial expense ratio was that the financial expense increased sharply due to the fluctuation of the US dollar exchange rate.
(3) analysis of operating capacity and operating cash flow: in the first quarter of 2022, the company's accounts receivable turnover days were 158.45 days, an increase of 37.55 days year-on-year; The net cash flow generated from the company's operating activities was -686 million yuan, a year-on-year decrease of 335846%, mainly due to the decrease in sales receipts and more operating payments such as personnel salaries and taxes.
(4) continuously increase R & D Investment: in the first quarter of 2022, the company's R & D investment was 321 million yuan, a year-on-year increase of 24.16%, accounting for 9.45% of operating revenue. The continuous improvement of R & D investment will help the company's products maintain industry-leading advantages.
Steadily promote the development strategy of "leading basic device technology and deep application of industrial equipment"
(1) the internal reform was successfully completed, and the expectation of cost reduction and efficiency increase continued to be fulfilled. The company will complete the internal management system reform in 2021 and will take the business center as the unit to carry out work in the future. Implement differentiated assessment and incentive methods in combination with the different development stages of each business center. After the reform, the flat organizational structure is more conducive to the cultivation and incubation of emerging businesses.
(2) reshape the business structure and highlight the advantages of vertical integration. In 2021, the company reorganized its business structure and divided its main business into three major businesses: general components and industry popular products, industry special aircraft and extreme manufacturing. Its business scope also expanded from industrial laser processing equipment and automation and other supporting equipment to the field of upstream key devices. The company will steadily promote the development strategy of "leading basic device technology and deep cultivation and application of industrial equipment", continue to increase the R & D investment in basic devices and industry-specific equipment, gradually push them to the market and realize independent external sales.
(3) the successful spin off and listing of Han's CNC, or bring demonstration effect to other product centers. Han's CNC, the holding subsidiary of the company, has been successfully split and listed, becoming the first fruit since the reform of the company's internal management system. The company also adjusted / implemented corresponding equity incentive measures for its subsidiaries Han's photovoltaic and Han's sealed test, continuously improved the internal incentive mechanism, fully demonstrated the company's confidence in the performance evaluation objectives, and greatly mobilized the enthusiasm of other product centers.
The overall value of the leading laser equipment may be significantly underestimated. As the leader of laser equipment, the company has basically completed the product layout of industrial laser application fields such as laser marking, laser welding and laser cutting. In recent years, all businesses of the company are in the stage of sustained and rapid development. As of April 20, 2022, the overall market value of the company is 34.7 billion yuan, and the market value of Han CNC is about 22.4 billion yuan. However, the company still holds 85% equity of Han CNC, and the corresponding market value is 19 billion yuan, which means that after excluding Han CNC business, the corresponding market value of Han'S Laser Technology Industry Group Co.Ltd(002008) other businesses is only 15.7 billion yuan; According to the calculation of the corresponding net profit expectation of 1.519 billion yuan in 2022 (excluding the net profit expectation of 1.078 billion yuan in 2022), the corresponding PE of this part of business is only 10 times. Referring to the valuation of comparable companies in the same industry, the value may be significantly underestimated.
Maintain the "buy" rating. We maintain the previous profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 2.597 billion yuan, 3.200 billion yuan and 3.920 billion yuan respectively; According to the share price on April 20, 2022, the corresponding PE is 13, 11 and 9 times respectively. Maintain the "buy" rating.
Risk warning: the shares pledged by the controlling shareholder and the actual controller account for a relatively high risk; Risk that R & D progress is less than expected; New business expansion is less than expected risk; The downstream expansion progress of PCB industry is less than the expected risk; The prosperity of the new energy industry is less than the expected risk.
