\u3000\u3 China Vanke Co.Ltd(000002) 008 Han'S Laser Technology Industry Group Co.Ltd(002008) )
Event: the company released the first quarterly report of 2022.
The epidemic affected the confirmation of order revenue, and the revenue end of Q1 was lower than the market expectation
In 2022q1, the company achieved a revenue of RMB 3.394 billion, a year-on-year increase of + 8.27%, which was lower than the market expectation, mainly due to the impact of the Shenzhen epidemic at the end of March, and some revenue recognition was delayed. We expect that the impact on revenue is about RMB 500 million. In terms of business: 1) PCB equipment: the downstream demand is still strong. With the addition of the company's high value-added products such as laser drill and LDI, Han's CNC 2022q1 achieved an operating revenue of 925 million yuan, a year-on-year increase of + 33%, which is the main driving force of the company's revenue growth. 2) New energy equipment: downstream customers expanded their production on a large scale. We judge that the company signed more than 3 billion yuan in 2021. Under the background of the impact of the epidemic on revenue recognition, the relevant revenue still increased significantly. 3) Consumer electronic equipment: 2022 is a small year for the industry. Due to the impact of the Russian Ukrainian war, customers' capital expenditure tends to be cautious. We judge that there is a certain decline in revenue year-on-year.
The increase of expense rate will affect the improvement of profitability, waiting for the cost reduction effect of follow-up management reform
In 2022q1, the company realized a net profit attributable to the parent company of 332 million yuan, a year-on-year increase of + 0.67%; The net profit deducted from non parent company was 324 million yuan, a year-on-year increase of + 6.73%; The net profit margin of sales was 10.55%, with a year-on-year increase of -0.36pct; The net interest rate excluding non sales was 9.53%, with a year-on-year decrease of -0.14pct, and the profitability decreased slightly. Specifically: 1) gross profit side: the gross profit margin of 2022q1 company's sales is 37.10%, year-on-year -0.01pct, basically unchanged. 2) Expense side: during 2022q1, the expense rate was 27.98%, with a year-on-year increase of + 2.29pct, which was the main reason for the slight decrease of net interest rate. Among them, the expense rates of sales, management, R & D and finance were -0.72 / + 0.31 / + 1.21 / + 1.49pct year-on-year respectively, and the R & D and financial expense rates increased, which were respectively due to the increase of R & D investment and the fluctuation of US dollar exchange rate. 3) In 2022q1, the company's other income reached 119 million yuan, a year-on-year increase of + 263%, mainly due to more software tax rebates and government subsidies, which hedged the negative impact of the rise of some expense rates. In the short term, with the continuous promotion of management reform, the company's cost control ability is expected to be significantly enhanced, which is expected to boost the company's profitability.
Many businesses are in the upward cycle, and the company's medium and long-term performance growth momentum is strong
1) new energy equipment: the company has successfully entered the Contemporary Amperex Technology Co.Limited(300750) industrial chain and continued to expand AVIC lithium battery, honeycomb and other customers. The existing R & D projects include winding equipment, lamination equipment, split capacity test equipment, etc. the winding equipment has been verified by some customers and will fully benefit from the expansion of power battery production. 2) PCB equipment: under the background of PCB product structure upgrading, the market demand for high-precision PCB special equipment continues to grow, and there is still a large growth space for related businesses. 3) High power laser processing equipment: the company has a high proportion of self-made core components, and the laser welding equipment has also achieved a rapid breakthrough, which has the potential to continuously improve the market share. 4) The company's Mini led cutting, splitting, stripping and repair equipment has formed a system solution; The share of display panel industry has increased steadily; Semiconductor and photovoltaic equipment have been introduced into the supply chain of key customers, which is expected to meet the rapid growth.
Profit forecast and investment rating: considering the impact of the epidemic, we adjusted the forecast of the company's net profit attributable to the parent company from 2022 to 2024 to be 2.395 billion yuan (original value 2.486 billion yuan), 2.853 billion yuan (original value 2.951 billion yuan) and 3.397 billion yuan (original value 3.457 billion yuan), respectively. The corresponding dynamic PE of the current stock price is 14 / 12 / 10 times respectively. Based on the potential of continuous expansion of the company's business scale, maintain the "buy" rating.
Risk tip: the investment in manufacturing industry is less than expected, the industry competition intensifies, and the expansion of new business is less than expected.
