\u3000\u3 Shengda Resources Co.Ltd(000603) 297 Ningbo Yong Xin Optics Co.Ltd(603297) )
On April 25, 2022, the company released the 21st Annual Report and 22q1 financial report. In the 21st year, the company achieved a revenue of 800 million yuan and a net profit attributable to the parent of 260 million yuan; 22q1 achieved a revenue of 210 million yuan and a net profit attributable to the parent company of 54 million yuan, which was in line with market expectations as a whole.
Revenue grew steadily and operating efficiency improved. In 21 years, the company achieved a revenue of 800 million yuan, a net profit attributable to the parent of 260 million yuan and a deduction of 160 million yuan, which was in line with the previous performance forecast. 22q1 achieved a revenue of 210 million yuan, a year-on-year increase of + 21%, unchanged month on month; The net profit attributable to the parent company was 54 million yuan, a decrease of 55% at the same time, mainly due to the profit and loss on asset disposal of 78 million yuan in 21q1, a month on month increase of + 23.9%; Deduction of non RMB 41 million, with a year-on-year increase of + 11% and a month on month increase of + 7.5%, which is slightly affected by exchange rate factors as a whole. The gross profit margin of Q1 was 40.3%, with a month on month ratio of -2.2pct, and the net profit margin was 25.78%, with a month on month ratio of + 5.48pct, mainly benefiting from the improvement of the company’s operating efficiency.
New increment in medical and industrial fields, and smooth expansion of new customers of high-end microscope. Before the epidemic, the sales revenue of high-end microscopes has reached 60 million yuan, mainly from the medical and industrial fields. Among them, the revenue of industrial detection microscope increased by more than 70% year-on-year. The new nx1000 / 2000 series products used for semiconductor wafer detection achieved batch sales, and the 818 large magnification used for cleanliness detection achieved rapid growth compared with stereomicroscope. In the medical field, the company has further expanded the emerging market of embedded Microsystems, and new products such as digital slice scanner, pathological diagnosis electric microscope and NCM cell imager have also been sold in small quantities. In 2021, the company mass produced high-end confocal microscope, broke the monopoly of foreign Leica, Zeiss and other manufacturers, and had more than 20 Trial customers. The gross profit margin of high-end microscope can reach 40-50%. The policy support accelerates the domestic substitution of high-end microscope, which is expected to increase revenue and profit.
Lidar fixed-point cooperation has been steadily promoted, and bar code scanning and machine vision have been rapidly expanded. 1) The first year of lidar: in 2021, the lidar business revenue exceeded 10 million yuan. The company has successively established cooperation with well-known enterprises at home and abroad in the field of lidar such as quanergy, Hesai, innoviz, Magna, innovusion and Beixing photonics, and obtained more than 10 fixed-point cooperation projects during the reporting period. The company has expanded its lidar customer base from passenger cars and commercial vehicles to rail transit, industrial automation, intelligent security, vehicle networking and other fields, and expanded its products from parts to lidar OEM. 2) Car lens: the sales volume of car lens front film increased by more than 90% year-on-year, laying a foundation for cutting into the car lens assembly business; 3) Bar code scanning lens and machine vision lens were rapidly in large quantities, and the revenue increased by more than 60% year-on-year. At the same time, the company has accurately grasped the needs of customers and accelerated the introduction of new products. The ultra dural window independently developed by the company has gradually replaced the sapphire window and has been applied to tens of thousands of desktop scanners. The high-speed focusing liquid lens supplied to Cognex and zebra is favored by customers because of its excellent product performance, and the product is fast and large-scale; The company accelerated its entry into the complex component business of bar code scanning lens and continued to consolidate its competitive advantage and market share in the core optical component of bar code scanning products.
Investment suggestion: it is estimated that the company will achieve revenue of 1.1/15/2.05 billion yuan and profit of 2.8/3.8/500 billion yuan in 22-24 years, corresponding to pe29 / 21 / 16 times PE, and maintain the “recommended” rating.
Risk tip: the laser radar is not as expected, the domestic replacement of microscope is not as expected, the epidemic affects production, and the exchange rate is disturbed.
