\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 66 Ningbo Exciton Technology Co.Ltd(300566) )
Event: the company released 2021 annual report and 2022q1 quarterly report. In 2021, the company's revenue was 1.92 billion yuan, yoy + 36%; The net profit attributable to the parent company is 120 million yuan, yoy-13%; The gross profit margin is about 22% and the net profit margin is about 6%. 2022q1 company's revenue is 520 million yuan, yoy + 35%; Net profit attributable to parent company: RMB 40 million, yoy + 15%; The gross profit margin is about 20% and the net profit margin is about 8%. The company benefits from the localization supporting opportunities brought by the rise of downstream Chinese panel plants. At the same time, the rapid penetration of miniled and quantum dot technology has greatly boosted the demand for high-end membranes; The company's production capacity, technology and investment are fully distributed to help the high growth of revenue! 21q4 gross profit margin 19.35%, year-on-year -6.8pt; 22q1 gross profit margin was 19.65%, with a year-on-year rate of -6.6pt and a month on month rate of + 0.3pt, which stabilized month on month. Since 21q3, the pressure on profit margin is mainly due to the rising cost of raw materials.
The high-end optical film has a rapid volume, and the new growth engine has a strong performance. In 2021, the revenue of optical film was 1.32 billion yuan, accounting for + 68% and yoy + 22%. Among them, the revenue of high-end display films such as quantum dot films and composite films was 620 million yuan, yoy + 85%; The revenue of brightening film is 440 million yuan, yoy-12%; The revenue of diffusion membrane was 260 million yuan, a year-on-year increase of + 7%. In 2021, many terminal manufacturers jointly promoted the commercialization of miniled display, and the demand for high-end optical film continued to grow due to the explosion of downstream demand. The company actively promotes the assembly scheme of composite film instead of brightening film and diffusion film, and will continue to improve the production capacity and revenue proportion of high-end optical films such as composite film and quantum dot film, so as to optimize the profitability.
The photovoltaic backplane has doubled in growth, benefiting from the high boom supported by policies. In 2021, the revenue of Cecep Solar Energy Co.Ltd(000591) backplane was 520 million yuan, accounting for 27%, yoy + 97%. The high increase in revenue was mainly due to the country's vigorous development of clean photovoltaic industry, high market prosperity and full orders. The company has delivered to a number of leading component industry leaders, increased its share in customers' p-type and TOPCON component products, and mass produced and delivered TPO, transparent backplane and other new products in Jingke, Longji and other places. In addition, the company's fixed raised investment fund was in place, and the production capacity of Poe packaging film was built smoothly.
Investment in multi-point layout & continuous incubation of new products supports long-term development, and the functional membrane platform is growing day by day! In 2021, the company's window film revenue increased by 8.09%, and has been mass produced in two new energy models; OCA optical adhesive has been delivered in small-scale mass production; The company will continue to make efforts to replace small-size optical films with domestic ones. In addition, the company's new fluorescent film for miniled has been trial produced in small quantities. In the test of uniform light film, it will fill the gap in China after passing the test. The company will expand new products horizontally based on core coating technology and continue to promote the capacity expansion of functional film platform. In 2021, the company will increase the construction of Cecep Solar Energy Co.Ltd(000591) packaging film production line with vertical layout to strengthen the competitiveness of photovoltaic module auxiliary materials.
Profit forecast and investment suggestions: we expect the company's revenue from 2022 to 2024 to be RMB 2733 / 3689 / 4796 million; Net profit attributable to parent: 250 / 402 / 565 million yuan; Corresponding to pe16 6 / 10.3 / 7.3x, maintain the "buy" rating.
Risk warning: the penetration of emerging display technologies is less than expected, and the cost of raw materials fluctuates
