\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 552 Triumph Science & Technology Co.Ltd(600552) )
Event: the company released the first quarterly report of 22 years. In 22q1, the company achieved a revenue of 1.31 billion yuan, yoy-19.2%, a net profit attributable to the parent company of 25 million yuan, yoy + 57.4%, a deduction of non performance of 16 million yuan, yoy + 65.7%, an inflow of 105 million yuan from CFO, yoy + 64%, and the performance exceeded our and market expectations. The company's profit growth rate is significantly higher than that of revenue, and the profit margin has increased significantly. We judge that it is mainly due to the rapid growth of high gross profit new material revenue and the increase of its proportion.
The downturn in consumer electronics has dragged down the scale of revenue, and the development trend of new materials business is good
The company's Q1 revenue decreased by 19.2%. We judge the reasons: 1) the revenue of display module business decreased, which is mainly due to the weak demand for consumer electronics products such as tablet computers and the increase in the proportion of OEM in the company's revenue, but the revenue of the company's laptop Business is expected to grow rapidly; 2) The substantial growth of new material business income may be related to the high year-on-year growth of product prices, and the production and sales of new materials of subsequent companies are also expected to achieve rapid growth.
The profitability is improved. With the increase of UTG volume, the profitability is expected to enter the upward channel
The net profit margin of the company increased by 1.59pct year-on-year, mainly due to the increase of gross profit margin by 1.49pct: 1) the proportion of revenue from new materials business with high gross profit increased; 2) The proportion of OEM in the display module business has increased, and the scale effect of laptop has appeared, which has a positive impact on the gross profit margin. We believe that the follow-up companies still have room to improve the gross profit margin of the module. If the volume of UTG business is gradually increased, it is expected to have a positive impact on the profitability of the company. In the group, the original film custody is overweight, and the subsequent acquisition may take place at an appropriate time
The company plans to host three ultra-thin glasses of Bengbu Zhongxian, Longhai glass and Longmen glass, with a hosting fee of 1 million / year. The entrusted target company mainly produces 0.12mm ~ 1.1mm ultra-thin electronic glass raw sheet, which is an important upstream raw material of ITO conductive glass of the company. After the entrusted equity management, the company will better realize the industrial chain coordination with the upstream glass raw materials and realize the optimal allocation of resources. In the future, the company may timely acquire the three entrusted enterprises according to the strategic layout and business development needs, so as to further enhance the core competitiveness of products.
UTG volume is ready to come out and maintain the "buy" rating
We believe that the company's traditional display module and new material businesses are expected to achieve steady expansion, and the profitability has great room for improvement. From the perspective of product release trend, we continue to be optimistic about the rapid volume of folding screen mobile phone market in the future. The company has obvious technical advantages in UTG field and has great domestic substitution ability in the future. The application scope of UTG ultra-thin glass in the industry has expanded from mobile phones to notebook / scroll display / screen sound generation, on-board display and other flexible display products. Considering that UTG shipments may be mainly concentrated in the second half of the year, we expect the company's net profit attributable to the parent company in 22-24 years to be RMB 248 / 463 / 637 million, CAGR + 59%, corresponding to pe23 / 12 / 9 times, maintaining the "buy" rating.
Risk tip: float glass price persistence is less than expected; The company's photovoltaic / electronic / medicinal glass production line construction and reaching production were not as expected
