\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 93 Beijing Relpow Technology Co.Ltd(300593) )
Event: the company released its 2021 annual report on April 22, with annual revenue of 1.48 billion yuan, yoy + 75.4%; The net profit attributable to the parent company was 270 million yuan, yoy + 122.0%. At the same time, the first quarter report of 2022 was released, and the revenue in the first quarter was 470 million yuan, yoy + 66.5%; The net profit attributable to the parent company was 87 million yuan, yoy + 69.7%. The company's performance exceeded previous market expectations. Driven by the rapid development demand of special fields and communication industries outside China, the company, as the leader of special power supply, has continuously expanded its production capacity and continuously increased its market share.
The growth of traditional power products is more than 60%; Power micro module increased by 396%. In terms of products, 1) the revenue of module power supply is 800 million yuan, accounting for 54.0% of the total revenue, yoy + 75.0%; 2) The revenue of customized power supply is RMB 1.7 billion, accounting for 6.2% of the total revenue; 3) The revenue of high-power power supply and power supply and distribution system is 340 million yuan, accounting for 22.7% of the total revenue and yoy + 68.7%. The revenue of the three categories of products accounted for 94.5% of the total revenue in 2021, which was stable compared with that in 2020. In addition, the revenue of "power micro module" product in 2021 is 15.5 million yuan, yoy + 396.0%. This product is based on Power IC design and high power density SIP integration technology, and has great development potential.
Improve the ability of cost control; Increase R & D investment and enrich product matrix. The company's comprehensive gross profit margin in 2021 was 47.3%, with a year-on-year decrease of 1.0ppt; The net interest rate was 19.8%, up 2.6ppt year-on-year. During 2021, the expense rate was 24.3%, with a year-on-year decrease of 5.2ppt. Specifically, 1) the sales expense ratio was 4.1%, with a year-on-year decrease of 0.7ppt; 2) The management fee rate was 5.2%, with a year-on-year decrease of 2.5ppt; 3) The financial expense ratio was 1.5%, with a year-on-year decrease of 1.1ppt; 4) The R & D expense rate was 13.6%, with a year-on-year decrease of 1.0ppt. However, the R & D investment is 220 million yuan, yoy + 57.0%; The company has always attached importance to R & D. by the end of 2021, the company had 730 R & D personnel, accounting for 32% of the total employees, with a year-on-year increase of 128. Localization needs more R & D resources. At the same time, SIP power microsystem products have been preliminarily mass produced, and the supplement of R & D personnel will further expand the product series.
Inventories increased by 78% over the beginning of the year; Steady progress was made in increasing production and expanding production. By the end of 2021, the company had: 1) accounts receivable and notes were 760 million yuan, an increase of 56.7% over the beginning of the year; 2) The inventory was 740 million yuan, an increase of 77.5% over the beginning of the year, which was caused by the increase of raw material reserves due to the increase of orders and the increase of products in process due to the long production and acceptance cycle; 3) The advance payment was 20 million yuan, an increase of 81.4% over the beginning of the year; 4) Contract liabilities amounted to 40 million yuan, an increase of 94.0% over the beginning of the year; 5) The net cash flow from operating activities was - 65.085 million yuan (16.384 million yuan in the same period last year), which was due to the increase of raw material payment due to the increase of material reserve and the increase of employee salary due to the increase of personnel. 6) On January 28, the company announced that it planned to increase production capacity by no more than 1.58 billion yuan. On March 9, the company signed a strategic cooperation framework agreement with Beijing Changping District government and reached a cooperation intention for the construction of a fixed increase project in Nanshao Town, Changping District.
Investment suggestion: the company is the leader of China's special power supply, and was selected into the national "specialized, special and new" enterprise directory in 2020. We expect the net profit attributable to the parent company from 2022 to 2024 to be 420 million yuan, 630 million yuan and 920 million yuan respectively. The current share price corresponds to PE of 25X / 16x / 11x from 2022 to 2024. Considering the leading position of the company's traditional power products and the market competitiveness of new products, we give 30 times PE in 2022, EPS in 2022 is 1.58 yuan / share, and the corresponding target price is 47.41 yuan. Maintain a "recommended" rating.
Risk warning: the development progress of new products is less than expected; The epidemic affects production, etc.
