\u3000\u3 Guocheng Mining Co.Ltd(000688) 665 Cubic Sensor And Instrument Co.Ltd(688665) )
Event: the company released the annual report of 2021. In 2021, the company realized an operating revenue of 547 million yuan, a year-on-year increase of 77.80%, a net profit attributable to the parent of 180 million yuan, a year-on-year increase of 112.70%, and a net profit deducted from non attributable to the parent of 173 million yuan, a year-on-year increase of 114.23%; In line with market expectations.
In 2021, the performance accelerated and the profitability improved rapidly.
(1) growth analysis: in 2021, the company's revenue increased by 77.80% year-on-year; The net profit attributable to the parent company increased by 112.70% year-on-year, and the net profit excluding non attributable to the parent company increased by 114.23% year-on-year. The main reasons are: ① the application fields of gas sensors such as air quality and medical health have increased, the company's market share has increased, the on-board sensors have entered the output period, and the foreign trade business has maintained rapid growth; ② The company improves the self production rate of key parts and components and increases the sales of high gross profit products; ③ Effectively control sales and management expenses through precision marketing, cost reduction and efficiency increase.
(2) profitability analysis: in 2021, the gross profit margin of the company's sales was 50.93%, with a year-on-year increase of 3.77pct; The net profit margin of sales was 33.15%, with a year-on-year increase of 5.80pct; Mainly because: ① the company's product structure is improved, the proportion of high gross profit products is increased, and the self-produced types and ratio of key parts and components are increased; ② The scale advantage is prominent, and the expense rate further decreases. In 2021, the sales expense rate, management expense rate and financial expense rate are 5.85%, 3.75% and - 1.79% respectively, with a year-on-year decrease of 0.91pct, 0.74pct and 2.09pct respectively.
(3) analysis of operating capacity and operating cash flow: the company's operating capacity was further improved. In 2021, the company's accounts receivable turnover days were 58.68 days, a year-on-year decrease of 11.73 days; The company's cash flow level increased significantly, and the net cash flow from operating activities reached 134 million yuan, a year-on-year increase of 81.28%.
(4) continuously increase R & D Investment: in 2021, the company's R & D investment was 437192 million yuan, with a year-on-year increase of 119.75%, accounting for 7.99% of operating revenue, with a year-on-year increase of 1.53 PCT; The main reasons are as follows: ① the company's technology center was moved to the new park in August 2021, and the R & D conditions were greatly improved. The corresponding R & D material costs, testing costs and depreciation of fixed assets of the R & D center increased; ② The recruitment of R & D personnel was accelerated, and the number of R & D personnel reached 174, a year-on-year increase of 34.88%. By the end of 2021, the company has obtained 112 patents, including 37 invention patents at home and abroad; Obtained 4 national key new products; 4 provincial scientific and technological achievements have been identified; Won one patent gold award of Hubei Province.
The gas sensor has doubled and its market share has increased rapidly.
(1) the gas sensor has a wide coverage and the brand influence continues to improve. The company's products have covered the fields of air quality, environmental monitoring, industrial process, safety monitoring, medical and health care, intelligent measurement and so on, and have formed a product portfolio of initial scale; It has been matched with Philips, Daikin, Panasonic, Midea, Gree, Haier, Hisense, Xiaomi, TCL, Kingclean Electric Co.Ltd(603355) , Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) , Jaguar Land Rover, Valeo, Mahler, Bosch, FAW Volkswagen, FAW Hongqi, Changan Ford, great wall, Hezhong new energy and other well-known brands at home and abroad. In 2021, the company's gas sensor revenue reached 486 million yuan, with a year-on-year increase of 103.67%, and the gross profit margin was 50.56%, with a year-on-year increase of 7.59pct.
(2) air quality gas sensors continue to grow at a high speed. With intelligence and energy conservation becoming the main consumption trend and the gradual implementation of the dual carbon policy, the concentration of the downstream household appliance industry has increased. By taking the composite air quality sensor as the standard configuration and superimposing the advantages of quality, brand and large-scale delivery, the company has continuously increased its market share in the fields of environmental appliances and clean appliances. In 2021, the company's air quality gas sensor revenue reached 422 million yuan, with a year-on-year increase of 107.19%, and the gross profit margin was 49.14%, with a year-on-year increase of 9.19 PCT; Among them, CO2 gas sensor and dust sensor, as core products, increased by 256.78% and 61.81% respectively year-on-year.
(3) extend the product line of medical and health gas sensors to form an overall solution. The company's main products include ultrasonic oxygen sensor, ultrasonic oxygen concentration and flow sensor (which can replace the traditional zirconia sensor), NDIR medical ETCO2 sensor, DLCO gas sensor and lung function measurement equipment, which are mainly used in the fields of ventilator, oxygen generator, high flow oxygen therapy instrument, anesthesia machine, monitor, diffuse lung function instrument, cardiopulmonary analyzer and sectorau diffuse oxygen concentration monitoring, Form a relatively perfect medical and health gas sensor solution. In 2021, the company's revenue from medical and health gas sensors reached 525529 million yuan, with a year-on-year increase of 128.70% and a gross profit margin of 62.79%.
(4) the on-board sensor product line is constantly enriched, entering the mass production period from the output period. The gas sensor product line of automobile comfort system extends from vehicle air quality sensor to vehicle air quality improvement device, from monitoring CO2, dust, formaldehyde and VOC to anion, plasma and fragrance generator, and further improves the contribution of single vehicle value and industry threshold through functional integration; The field of vehicle safety includes refrigerant leakage monitoring sensor, new energy vehicle power battery thermal runaway sensor, etc. By the end of 2021, the company has obtained about 10 million fixed-point sensors for the on-board sensor project. The gas sensor in the field of automotive comfort system has entered the production period, and continues to expand the field of on-board safety, especially the market development of thermal runaway sensor of power battery of new energy vehicles. In 2021, the company's on-board sensors were applied in the field of automotive comfort system and on-board safety, and the sales revenue increased by 139.94% year-on-year.
The double carbon policy drives the demand for gas analysis instruments, and ultrasonic gas meters are expected to grow rapidly.
(1) the implementation of the "14th five year plan" double carbon policy was accelerated to drive the demand for carbon emission monitoring. With the in-depth implementation of carbon neutralization policy, the market demand for corresponding online gas analysis instruments will be released. The company has a good technical and industrial foundation in the field of carbon emission monitoring. It began to engage in carbon measurement business as early as 2012. Based on the industrial gas sensor technology platform and the special project of the Ministry of industry and information technology on the Internet of things for biogas engineering, the company provides CH4, CO2 and other gas measurement devices for large and medium-sized biogas engineering, biomass gas engineering, coalbed methane gas comprehensive utilization engineering and many other fields, Providing basic data for clean development mechanism (CDM) and carbon trading, the company's gas analysis instrument business is expected to grow further.
(2) the national standard of ultrasonic gas meter is implemented, and the raised investment project is about to release production capacity. The ultrasonic gas meter (GB / t398412021) jointly issued by the State Administration of market supervision and the National Standards Commission has been implemented since October 2021. The promulgation of this standard further defines the technical standards and monitoring methods of ultrasonic gas meters, which is conducive to promoting the rapid development of China's ultrasonic gas meter sensors and supporting instruments and meters industry. With more than ten years of technology accumulation, the company has formed a number of invention patents, realized the self-production of ultrasonic gas meter module and the small-scale sales of ultrasonic gas meter, especially the independent production capacity of core components (ultrasonic gas meter module), showing stronger market adaptability and competitiveness, and the industry status is expected to be further improved.
Maintain the "overweight" rating. Benefiting from the strong market demand for smart home and intelligent automobile, the company's performance continued to increase rapidly in 2021. We expect the company's revenue to be 800 million yuan, 1.064 billion yuan and 1.313 billion yuan from 2022 to 2024 respectively; Year on year growth of 46.19%, 32.94% and 23.38% respectively; The net profit attributable to the parent company was 246 million yuan, 335 million yuan and 436 million yuan respectively, with a year-on-year increase of 36.96%, 36.23% and 30.13% respectively; EPS is 3.52 yuan, 4.79 yuan and 6.23 yuan respectively; According to the share price on April 20, 2022, the corresponding PE is 31.8, 23.3 and 17.9 times respectively; Maintain the "overweight" rating.
Risk warning: risks with small business scale and weak anti risk ability; Adverse risks of technology R & D and product innovation; The risk of intensified market competition; Risks of MCU and other electronic components procurement; The risk of covid-19 pneumonia continuing; Risk of exchange rate fluctuations.
