\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 06 Jiangsu Sidike New Materials Science & Technology Co.Ltd(300806) )
In 2021, the non net profit deducted increased by 70% year-on-year, and the main materials increased the profit and maintained the “buy” rating
On April 24, the company released its 2021 annual report, realizing a revenue of 1.984 billion yuan, a year-on-year increase of 28.89%; Deduct non net profit of 174 million yuan, with a year-on-year increase of 70.08%; The corresponding Q4 single quarter revenue was 538 million yuan, a year-on-year increase of + 31.9% and a month on month increase of + 9.0%; Deduct non net profit of 72 million yuan, a year-on-year increase of + 80.1% and a month on month increase of + 19.6%. We maintain the profit forecast for 20222023 and add the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 336, 486 and 587 million yuan, corresponding to EPS of 1.77, 2.56 and 3.09 yuan / share respectively. The current share price corresponds to PE of 19.2, 13.3 and 11.0 times. We are optimistic that the company will rely on a strong R & D system, continue to make efforts to build a cost moat in the main material market, continue to extend new products, new customers and new markets, and maintain the “buy” rating.
The company has made efforts to expand sales and target the main material market, and the main business scale and profitability have been steadily improved
In 2021, the company’s main revenue increased by 26.2% year-on-year. With the growth of sales scale and sales personnel, the company’s sales expenses increased by 54.17% year-on-year; The gross profit margin of the main business increased to 27.39%, with a year-on-year increase of + 2.19 PCTs, of which the revenue of electronic adhesive materials, functional film materials and film packaging materials increased by + 56.63%, – 4.47%, + 41.92% year-on-year, and the gross profit margin increased by + 1.13 PCTs, -1.86 PCTs, + 3.98 PCTs year-on-year. At the same time, OCA optical film products achieved a breakthrough in some sub terminal brands and entered the repair market and white brand market. We believe that, on the one hand, the company continues to explore the market, improve the customer structure, continuously optimize the product structure and help the business extension; On the other hand, the company is actively expanding to the upstream of the industry. With the successful production of the first functional pet optical film in the fourth quarter of 2021, the self-made ratio of the company’s key raw materials continues to increase, and the superposition of high-level glue self-made ability will help alleviate the impact of oil price fluctuations on the main raw materials such as PET film, BOPP film and butyl acrylate, effectively reduce production costs and form a closed loop of the industrial chain, The profitability has been steadily improved.
In the first quarter of 2022, the deduction of non net profit increased by 600% – 650% in advance, and the company’s operation continued to improve
The company expects to deduct non net profit of RMB 129031138248 million in 2022q1, with a year-on-year increase of 600% – 650%, of which the impact of non recurring profit and loss on net profit is about RMB 5.05 million, with a year-on-year increase of about RMB 950000. We are optimistic that the company will continue to break through major customers and projects with its rapid market response ability. At the same time, we will actively promote the construction of OCA optical glue, precision release film and other projects, and usher in the performance release after new projects are put into operation.
Risk tip: the terminal demand of consumer electronics and new energy vehicles is less than expected, and the customer certification is not smooth.
