\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 02 Jutze Intelligent Technology Co.Ltd(300802) )
As a pioneer in 3D machine vision inspection, the net profit attributable to the parent company in 2021 increased by 12.99% year-on-year
The company released the annual performance report for 2021, and achieved an operating revenue of 588 million yuan in 2021, with a year-on-year increase of 21.93%; The net profit attributable to the parent company was 101 million yuan, a year-on-year increase of 12.99%. In 2021q4, the revenue was 180 million yuan, a year-on-year increase of 29.78%, a month on month increase of 22.91%, and the net profit attributable to the parent company was 14 million yuan, a year-on-year decrease of 32.01%. The company has formed a full range of 2D / 3D products with independent intellectual property rights, which can provide whole line detection solutions. In view of the downward average price of products and the rising pressure of raw material prices, 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 in 20222024 will be 1.32 (- 21%), 193 (- 20%) and 258 million yuan respectively, The corresponding EPS from 2022 to 2024 is 0.81 (- 21%) / 1.19 (- 20%) / 1.59 yuan / share respectively, and the corresponding PE of the current stock price is 30.2 / 20.6 / 15.4 times respectively. Considering the high growth space of 3D machine vision equipment, the “buy” rating is maintained.
The sales volume of 3D testing equipment continues to grow, with high R & D investment for long-term development
In 2021, the revenue of machine vision equipment of the company was 279 million yuan, with a year-on-year increase of 34.11%, mainly benefiting from the significant increase in sales volume. In 2021, the sales volume increased by 49.71% year-on-year. In terms of gross profit margin, the gross profit margin of machine vision equipment in 2021 was 47.07%, a year-on-year decrease of 6.15%, mainly due to the year-on-year decrease of 10.42% in product price, and the year-on-year increase of 51.72% in cost end due to the rise of upstream raw material price. The company’s R & D expenses in 2021 were 48 million yuan, a year-on-year increase of 68.91%, of which the R & D expenses in 2021q4 were 22 million yuan, a year-on-year increase of 223.44%. Part of the reason for the high increase in R & D expenses was the equity incentive expenses including R & D personnel. The company’s high R & D investment can continuously consolidate the technical moat of 3D AOI, 3D SPI and other products. At the same time, the synergy between 3D products and the original 2D detection equipment will help the company quickly expand its business scale and market share.
The fields of semiconductor and mini led continue to expand and are expected to contribute new increments of performance
The company’s new industry application focuses on the layout of two business segments: Mini led and semiconductor. In terms of mini led AOI, the company’s Mini led AOI can realize the product appearance defect detection of multiple process links in the mini LED backlight process. It has been supplied in batches. The mini LED market has a broad space and the industry is developing rapidly, which is expected to create a new business growth point for the company in the future. In terms of semiconductors, some models of AOI products in the semiconductor industry of the company have been delivered to customers. With the continuous progress of R & D process, relevant new products in the semiconductor field are worth looking forward to.
Risk warning: the promotion of new products is less than expected, and the impact of the epidemic is intensified
