\u3000\u3 China Vanke Co.Ltd(000002) 036 Lianchuang Electronic Technology Co.Ltd(002036) )
Event: on April 25, the company released 2021 annual report and 22q1 report. 1) In 2021, the company achieved a revenue of 10.56 billion yuan, a year-on-year increase of + 40.2%; The net profit attributable to the parent company was 110 million yuan, a year-on-year increase of - 31.3%; Deduct the net profit not attributable to the parent company of RMB 20 million, a year-on-year increase of - 20.9%; The gross profit margin was 9.6%, with a year-on-year increase of -1.8pct; The net interest rate was 0.8%, with a year-on-year increase of -1.1pct. 22q1 achieved a revenue of 2.01 billion yuan, a year-on-year increase of - 12.1%; The net profit attributable to the parent company was 40 million yuan, a year-on-year increase of + 10.9%; Deducting the net profit not attributable to the parent company of RMB 30 million, a year-on-year increase of + 6.9%. In addition, 22q1 is affected by equity incentive expenses. If it is added back, the actual performance will be better.
The substantial increase in R & D expenses in the past 21 years has led to poor performance of 21q4: 21q4 company achieved a revenue of 3.44 billion yuan, a year-on-year increase of + 83.2% and a month on month increase of + 48.8%; The net profit attributable to the parent company was - 80 million yuan, with a year-on-year increase of - 64.9% and a month on month increase of - 183.5%; Net profit deducted from non parent company was - 100 million yuan, up + 9.1% year on year and - 266.0% month on month. In 2021, the company's revenue increased significantly, mainly due to the smooth development of various businesses and the remarkable growth of revenue, with touch display business + 92.1% and optical business + 70.6% year-on-year. Among them, HD wide-angle lens and image module kept good shipments, with a year-on-year increase of + 81.6%; Vehicle lens and module business grew rapidly, with a year-on-year increase of + 615.4%. The annual profit side performed poorly, especially the profit of 21q4 decreased significantly, mainly due to the large number of on-board reserve projects and the significant increase of relevant R & D expenses. The R & D expenses in 2021 were RMB 990 million, a year-on-year increase of + 161.5%, and most of them were included in 21q4.
The 22q1 optical business continued to grow rapidly, and the structural optimization raised the profitability: the 22q1 company's core optical business continued to grow significantly, with a year-on-year revenue of + 103.8%. Among them, the business progress of vehicle lens and module is gratifying, with a significant year-on-year increase of 1042.9%; HD wide-angle lens and image module cooperated deeply with GoPro, Dajiang, Yingshi and other industry leaders, and 22q1 revenue maintained a high growth, with a year-on-year increase of + 51.2%. With the increase of the revenue proportion of the core optical business, the company's product structure has been continuously optimized, and the overall profitability has been significantly improved. 22q1 gross profit margin reached 12.0%, year-on-year + 3.3pct, month on month + 0.94pct; The net interest rate was 1.85%, with a year-on-year increase of + 0.56pct and a month on month increase of + 4.5pct.
The cooperation between automobile enterprises is progressing smoothly, and the transformation of the main business continues to be optimized: in 2021, the company increased its cooperation with Tesla and obtained four new project fixed points. Two new projects have entered mass production, and the other two have passed the customer certification. It is expected to be mass production in the middle of 22 years; We have cooperated with Weilai and Byd Company Limited(002594) to develop a number of 8madas vehicle image module and DMS image module products and obtained fixed points. At present, mass production preparation has been completed, and Weilai et7 supplied by the company has been officially delivered in March; Continue to deepen the strategic cooperation with Mobileye, NVIDIA, Huawei, Aurora and other intelligent driving platform manufacturers. The products developed in cooperation with Valeo, Magna, APTIV, mcnex and other international mainstream Tier1 manufacturers are in large quantities, and gradually cut into the ADAS vehicle lens supply chain of well-known car companies such as Mercedes Benz, BMW, Volvo and Honda. In addition, affected by the weak demand for consumer electronics, the capacity utilization rate of traditional main industries such as touch display is low. The company actively transforms touch display products to vehicle applications with better profitability, gives full play to the synergy of existing businesses, increases the capacity release of overseas bases such as India, and takes more strict cost control measures, which has gradually alleviated the negative impact of industry prosperity.
Investment suggestion: considering the impact of the downturn of the industry boom and the low capacity utilization of traditional main industries such as touch display, we lowered our profit forecast. Previously, it was estimated that the net profit attributable to the parent company in 202223 would be 500 / 800 million yuan. After adjustment, it is estimated that the net profit attributable to the parent company in 202224 would be 4 / 6 / 1 billion yuan, corresponding to 28 / 19 / 11 times of PE, maintaining the "buy" rating.
Risk warning: the intelligent upgrading of vehicles is not as expected, the terminal demand is not as expected, and the information and data used in the research report are not updated in time.
