\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 02 Eoptolink Technology Inc.Ltd(300502) )
Event:
The company released its annual report for 2021, realizing an operating revenue of 2.908 billion yuan, a year-on-year increase of 45.57%; The net profit attributable to the parent company was 662 million yuan, a year-on-year increase of 34.60%; Net profit deducted from non parent company was 598 million yuan, with a year-on-year increase of 30.29%.
The company released the first quarterly report of 2022, realizing an operating revenue of 739 million yuan, a year-on-year increase of 18.29%; The net profit attributable to the parent company was 132 million yuan, a year-on-year increase of 17.81%; Net profit deducted from non parent company was 137 million yuan, with a year-on-year increase of 27.01%.
Comments:
In 21 years, the overseas business increased significantly, and the gross profit margin of 22q1 recovered: in 2021, the company's overseas business increased significantly by 100% year-on-year, accounting for 78.17% of revenue. With the continuous improvement of the scene tolerance of data center cities around the world, the demand for high-speed optical module products in the global market has increased significantly, and the market prospect of high-speed optical module is broad. The company has established a good cooperative relationship with global mainstream communication equipment manufacturers and Internet manufacturers, further optimized the product and customer structure, and continuously increased the market share.
The company's Q1 gross profit margin in 2022 was 33.12%, an increase of about 0.5pct compared with the previous quarter; The R & D expenditure in a single quarter was 37 million yuan, a year-on-year doubling, affecting the performance of net profit.
The company's product layout is comprehensive and the research and development of cutting-edge technologies have made progress: the company has successfully developed 25g, 50g, 100g and 200g series optical module products covering 5g forward transmission, intermediate transmission and return transmission and realized batch delivery. At the same time, it is one of the few enterprises in China that batch delivered 100g, 200g and 400g high-speed optical modules used in the data center market. The company attaches importance to the research in frontier fields. At present, it has successfully launched 800g optical module product series combination, 400g optical module product based on silicon optical solution and 400gzr / Zr + coherent optical module.
The company is committed to implementing vertical integration around its main business, and the acquisition of alpineoptoelectronics, Inc., an overseas joint-stock company, is progressing in an orderly manner. Through this acquisition, the company will deeply participate in the market competition of silicon optical module, coherent optical module and silicon photonic chip technology.
Profit forecast, valuation and rating: according to the prediction of lightcounting, the global optical module market will maintain double-digit growth in the next five years. The company will increase R & D investment in this field and gradually move towards high-end products, which is expected to benefit from the development of the industry for a long time. We raised the net profit attributable to the parent company in 2022 and 2023 to 812 million yuan (+ 53%) and 988 million yuan (+ 70%), which were originally predicted to be 530 million yuan and 582 million yuan, and added a new profit forecast for 2024. We estimate that the company's operating revenue from 2022 to 2024 will be RMB 3819 / 4686 / 5587 million respectively, and the net profit attributable to the parent company will be RMB 812 / 988 / 1181 million respectively. The current market value corresponding to PE is 14 / 12 / 10 times respectively, maintaining the "overweight" rating of the company.
Risk tip: overseas demand is less than expected and market competition intensifies.
