\u3000\u3 China Vanke Co.Ltd(000002) 036 Lianchuang Electronic Technology Co.Ltd(002036) )
The annual report of 2021 and the quarterly report of 2022q1 were released, and the business was promoted in an orderly manner
The company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company realized a revenue of 10.558 billion yuan, a year-on-year increase of 40.18%, and a net profit attributable to the parent company of 112 million yuan, a year-on-year decrease of 31.33%. In 2021q1, the revenue was 2.005 billion yuan, a year-on-year decrease of 12.12%, and the net profit attributable to the parent company was 40 million yuan, a year-on-year increase of 10.90%. As the leader of optical lens, the company deeply benefits from the upgrading of automobile lens and market expansion, and has broad development prospects. Based on the performance report, we adjusted the company’s performance expectations. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 376 (- 1.28) / 631 (- 0.04) / 832 million yuan respectively, the corresponding EPS will be 0.35 (- 0.12) / 0.59 (- 0.04) / 0.78 yuan / share respectively, and the PE corresponding to the current stock price will be 30.2/18.0/13.7 times respectively, maintaining the “buy” rating.
The rapid growth of optical business promotes the improvement of the company’s performance
The company’s optical components have started to grow rapidly. In 2021, the revenue was 2.669 billion yuan, with a year-on-year increase of 70.58%, of which the revenue of wide-angle optics increased by 81.63%, the revenue of vehicle lens and module increased by 615.39% and the revenue of mobile phone lens and module increased by 59.38% year-on-year. In 2022q1, the optical components sector continued to achieve 103.79% growth, including 51.21% year-on-year growth in high-definition wide-angle, 104285% year-on-year growth in vehicle lens and module, and 99.84% year-on-year growth in mobile phone lens and module. The growth of leading companies in the optical industry mainly depends on the increase of market share. In addition, the company’s touch display business realized a revenue of 4.946 billion yuan, a year-on-year increase of 92.10%, which also strongly supported the rapid development of the company’s performance.
The layout of wide-angle and vehicle mounted lenses is perfect and has broad prospects. We are ready to actively expand production
In the field of wide-angle optics, relying on GoPro, the company entered Dajiang supply chain and achieved rapid increase in shipments in 2021. It became the exclusive supplier of Axion, a police law enforcement instrument company, and cooperated with Huawei in many fields. In the field of vehicle optics, the company has obtained four new Tesla projects and gradually mass produced them. It has extensive cooperation with chip companies such as NVIDIA, international Tier1 suppliers, local industrial chain suppliers such as Huawei and Baidu, and well-known car manufacturers such as Weilai, Byd Company Limited(002594) and so on. The product extends from the lens to the module with higher value. The card position camera is an essential high-end product for upgrading, and has broad prospects. On the production capacity side, the company has arranged the industrialization project of 24 million automotive optical lenses and 6 million image modules, and plans to form the production capacity of 50 million vehicle lenses and image modules by the end of 2025, which is expected to perfectly meet the market demand and achieve performance take-off.
Risk tip: the slow release of production capacity and the price fluctuation of upstream raw materials affect profitability.
