\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 15 Guangdong Yizumi Precision Machinery Co.Ltd(300415) )
Key investment points
Event: the company released the annual report of 2021 and the first quarterly report of 2022. Among them, in 2021, the revenue was 3.533 billion yuan, a year-on-year increase of 29.97%, and the net profit attributable to the parent company was 516 million yuan, a year-on-year increase of 64.24%; In the first quarter of 2022, the revenue was 899 million yuan, with a year-on-year increase of 18.28%; The net profit attributable to the parent company was 111 million yuan, a year-on-year increase of 3.07%.
Driven by the high prosperity of the industry and the optimization of its own production efficiency, the company's performance continued to grow.
(1) growth: in 2021, the company's revenue increased by 29.97% year-on-year, and the net profit attributable to the parent company increased by 62.24% year-on-year. Main reasons: ① the industry prosperity of the main products injection molding machine and die casting machine is high, and the company's orders are full; ② With the improvement of production efficiency, the company's injection molding machine lean production line has greatly improved the production efficiency and effectively improved the utilization of the injection molding machine production workshop. In the first quarter of 2022, the company still achieved 18.28% revenue growth on the basis of the high base in the same period last year, which fully proves the growth ability of the company. The growth rate of profit side was 3.07%, which was lower than that of revenue side. We judged that the main reason was the impact of rising raw material prices.
(2) profitability: in 2021, the gross profit margin of the company's sales was 34.51%, basically unchanged year-on-year, and the net profit margin of sales was 14.88%, an increase of 3.10 PCT year-on-year. We believe that under the background of the rise in the price of raw materials in the first half of 2021, the company's gross profit margin can remain stable and the net profit margin can be significantly increased, which fully proves that the scale effect of the company is becoming more and more prominent. On the expense side, in 2021, the company's sales expense rate, management expense rate and financial expense rate decreased by 9.80% / 5.26% / 0.77% respectively, with a year-on-year increase of + 0.14 / - 0.52 / - 0.96pct respectively. The overall expense rate showed a downward trend, indicating that the company's expenses were well controlled during the period.
The assembly of super heavy die casting machine is completed, and the promotion prospect is expected. The integrated die casting process is a subversion of the traditional automobile manufacturing process, which can greatly reduce the number of parts and shorten the manufacturing time. At present, the process is mainly used in the manufacturing field of new energy vehicles. The super heavy die casting machine is the core equipment to realize the integrated die casting process. According to the calculation, the total demand for super heavy die casting machine and supporting auxiliary machines and molds with an annual output of 8 million new energy vehicles in China exceeds 50 billion yuan (that is, according to one super heavy die casting machine, it can produce 100000 vehicles per year. If the whole vehicle adopts the integrated die casting process, the total investment in die casting machine, auxiliary machines and molds is about 700 million yuan). At present, the relevant work of Guangdong Yizumi Precision Machinery Co.Ltd(300415) large die casting machine is progressing smoothly. The R & D work of 6000, 7000, 8000 and 9000 tonnage equipment has been completed. The first 7000 ton super heavy die casting machine has been assembled recently and is undergoing commissioning and die test as planned. At the same time, the company is strengthening market promotion and communicating closely with customers. The promotion prospect is worth looking forward to.
The expansion of production capacity enjoys the high prosperity dividend of the industry. In the context of high industry prosperity, production capacity determines growth elasticity Guangdong Yizumi Precision Machinery Co.Ltd(300415) mainly improves the production capacity through two ways: ① the original production capacity continuously improves the production efficiency. For example, the company's injection molding machine lean production line, by establishing the corresponding modular component relationship, modularized the parts, improved the design quality, shortened the design cycle and final assembly cycle, greatly improved the production efficiency, reduced the inventory, and effectively improved the utilization of the injection molding machine production workshop. At present, the company's lean production line is mainly used in general injection molding machines with a capacity of less than 320 tons; ② New capacity. In China, the company's Wusha No. 3 plant has started construction, and it is expected to expand its production capacity by about 2 billion after completion. Overseas, the construction of new plant projects in India is under way, and it is expected to expand its production capacity by about Shenzhen Jt Automation Equipment Co.Ltd(300400) million after completion (data source: record form of investor relations activities of the company on June 23). The above-mentioned new production capacity is greater than the income of the company's injection molding machine sector in 2020. We believe that the rapid expansion of production capacity has opened a high-speed growth path for the company, which is expected to fully enjoy the high prosperity dividend of the industry, so as to realize the rapid increase of share.
Maintain the "overweight" rating: considering that the price of raw materials continues to remain high and the impact of multiple outbreaks of the national epidemic and other factors, we adjust the company's profit forecast. It is estimated that the net profit attributable to the parent company in 20222024 will be 587 million yuan, 653 million yuan and 711 million yuan (previous value: 641 million yuan and 813 million yuan in 20222023), and the corresponding PE will be 10, 9 and 8 times respectively.
Risk tip: the growth of new orders is less than expected, and the promotion progress of heavy die casting machine is less than expected.
