\u3000\u3 China Vanke Co.Ltd(000002) 913 Aoshikang Technology Co.Ltd(002913) )
Events
After hours on April 19, the company disclosed the annual report of 2021 and the report of the first quarter of 2022:
① the company achieved an operating revenue of 4.435 billion yuan in 2021, an increase of 52.38% year-on-year; The net profit attributable to the parent company was 490 million yuan, an increase of 40.35% year-on-year; The net profit attributable to the parent company after deduction was 436 million yuan, an increase of 49.75% year-on-year.
② the company achieved an operating revenue of 1.058 billion yuan in the first quarter of 2022, an increase of 18.58% year-on-year; The net profit attributable to the parent company was 149 million yuan, a year-on-year increase of 37.34%; The net profit attributable to the parent company after deduction was 110 million yuan, an increase of 6.34% year-on-year.
The expansion of production released the flexibility of performance, and the performance of automobile and server products was brilliant
The company's performance in 21 years is in line with expectations. In the environment of continuous rise in the price of PCB raw materials, tight supply, increase in production costs and continuous impact of the epidemic, the company's business continues to grow significantly, mainly due to:
① the newly expanded capacity completes trial production and mass production, adding new strength to the company's capacity reserve. By the end of the year, the total production capacity of the company had exceeded 1.7 million square meters, with a year-on-year increase of nearly 7 million square meters. Among them, the newly added capacity is mainly Yiyang A1, A2 and A3 plants and Zhaoqing A6, a8 and A9 plant bases, and its downstream applications are automotive electronics, ar/vr meta universe related products, miniled, servers, high-end consumer electronics and other products. At present, the company's new production capacity climbs smoothly and the plant space is abundant. There is still a large space for production expansion in the future.
② the company has an early layout in PCB gold tracks such as automotive electronics, servers and miniled, and the first mover advantage has brought rapid growth and rapid growth of product business. At present, the company has accumulated a number of high-quality automobile and server customers including BorgWarner, Byd Company Limited(002594) , Siemens, Inspur, HP, etc. The company's automotive electronics revenue increased by more than 40% and servers by more than 200% in the past 21 years.
Profitability continues to improve and performance continues to grow
The company's Q1 non recurring income is nearly 40 million yuan, which is mainly due to the government's subsidy to qualified excellent enterprises. Under the background of the disturbance of the epidemic and the decline of consumer demand, the company's net profit returned to the parent company after deducting non-profit in Q1 still maintained positive growth on a month on month basis; At the same time, benefiting from the continuous price reduction of upstream CCL and the application of large panel technology, the profitability of the company has been continuously improved, and the gross profit margin has achieved quarter on quarter growth for two consecutive quarters. We believe that with the continuous production of new production capacity, the weakening of the impact of the epidemic and the continuous improvement of the company's own profit quality, the company's 22-year performance can be expected to continue to grow.
Investment advice
We estimate that the net profit attributable to the parent company from 2022 to 2024 will be RMB 654 million, RMB 888 million and RMB 1154 million, with corresponding P / E ratios of 16, 12 and 9 times, maintaining the "buy" rating.
Risk tips
The commercial process of miniled is less than expected, and the sales volume of new energy vehicles is less than expected.
