\u3000\u3 China Vanke Co.Ltd(000002) 036 Lianchuang Electronic Technology Co.Ltd(002036) )
Event: on April 25, 2022, the company released the 21st Annual Report and 22q1 financial report. In 2021, the company realized a revenue of 10.56 billion yuan and a net profit attributable to the parent company of 112 million yuan; 22q1 achieved a revenue of 2 billion yuan and a profit of 40 million yuan.
High R & D growth supported subsequent growth, and the pressure profit in the off-season was in line with market expectations. The company achieved a revenue of 10.56 billion yuan in 2021, with a year-on-year increase of 40%, its Costar Group Co.Ltd(002189) revenue increased by 70.6%, vehicle optical revenue increased by 615% year-on-year, and realized a net profit of 112 million yuan, with a year-on-year decrease of 31%, mainly due to the significant increase in the R & D expenses of new projects such as vehicle. The R & D expenditure of the company reached 989 million yuan in 2021, with a year-on-year increase of 161%, and the R & D expenses in 21 years reached 387 million yuan. In Q1 2022, the company realized a revenue of 2 billion, a year-on-year decrease of 12%, and a net profit of 40 million, a year-on-year increase of 11%, which is in line with market expectations as a whole. Among them, the company’s Q1 optical revenue increased by 104% year-on-year, and Q1 vehicle optical revenue increased by 10 times year-on-year.
The fixed point of vehicle enterprises exceeded expectations, and the on-board optical platform was gradually formed. In 21 years, the revenue of on-board optics increased by 615% year-on-year, and that of 22q1 increased by 10 times year-on-year. The on-board business entered a large-scale cycle. The camp of partners continues to expand. The company has carried out strategic cooperation with intelligent driving solution platform providers Mobileye, NVIDIA, Aurora, Huawei, etc., and the vehicle series lenses cooperating with Tier1 manufacturers such as Valeo, Magna, APTIV, mcnex are in large quantities. Latest progress in customer certification of automobile enterprises: 1) increased cooperation with Tesla, and achieved the fixed point of four new projects. Two new projects entered mass production, and the other two new projects passed customer certification, which is expected to be mass production in the middle of 2022. The company’s on-board optical business extends from the lens end to the on-board image module, and a number of high-end 8madas on-board image modules and DMS image modules developed in cooperation with terminal vehicle manufacturers Weilai and BYD have won fixed points. Continue to develop and expand the capability circle, and gradually form the on-board optical platform. Based on the industry position of the vehicle camera, the profound technical accumulation in the optical field and the customer resources accumulated by the vehicle camera, the company is actively arranging lidar, arhud, intelligent cockpit (in vehicle monitoring, in vehicle lighting and in vehicle touch display screen, etc.). In the next 3-5 years, in addition to the continuous growth of the vehicle camera business, the vehicle optical platform will also be gradually formed.
Accelerate the expansion of non mobile phone business of consumer electronics, and multi-point flowering of high-definition wide-angle and bar code scanning. Mobile phone optics continues to maintain cooperation with important mobile phone ODM customers such as Huaqin, Wentai and Longqi. It supplies mobile phone manufacturers ZTE and Lenovo, and also directly supplies glass plastic hybrid lenses and other products for brand mobile phone customers. Based on high-definition wide-angle lens products, the company has accelerated business expansion in the field of consumer electronics and non mobile phones. 1) high definition wide-angle: it mainly serves well-known customers at home and abroad in the fields of GoPro, Dajiang, Yingshi, axon and other sports cameras, UAVs, panoramic cameras and police monitoring. It has carried out in-depth cooperation with Huawei in many fields such as intelligent monitoring and intelligent driving, and Dajiang in aerial photography, intelligent obstacle avoidance and other fields, Axion has become the exclusive supplier of police camera modules for international law enforcement companies. 2) Bar code scanning: three bar code scanner lenses and image modules cooperated with zebra, a world-famous bar code scanner company, have been successfully mass produced and shipped.
Investment suggestion: it is estimated that the net profit attributable to the parent company in 22-24 years will be 4.0 / 6.8 / 1.01 billion yuan, corresponding to pe28 / 17 / 11 times. The company is the core manufacturer of ADAS lens, with strong competitive advantage and maintains the “recommended” rating.
Risk tip: the on-board shipment is less than expected, the epidemic affects the demand, and the industry competition intensifies.
