\u3000\u3 China Vanke Co.Ltd(000002) 241 Goertek Inc(002241) )
On April 26, the company released the first quarterly report of 22 years: the revenue was 20.11 billion yuan, a year-on-year increase of + 43.4%; The net profit attributable to the parent company was 900 million yuan, a year-on-year increase of – 6.7%; The non net profit deducted was 880 million yuan, a year-on-year increase of + 46.1%. The company released the forecast of H1 performance in 22 years: it is expected to realize the net profit attributable to the parent company of RMB 2.08-2.42 billion, with a year-on-year increase of 20% – 40%; It is estimated that the net profit deducted from non parent company is 1.9 billion yuan, with a year-on-year increase of 35% – 55%.
22 Q1 performance was in line with expectations, and net profit after deduction increased significantly. The company achieved a revenue of 20.11 billion yuan in 22q1, a year-on-year increase of + 43.4%; The net profit attributable to the parent company was 900 million yuan, a year-on-year increase of – 6.7%; The non net profit deducted was 880 million yuan, a year-on-year increase of + 46.1%; The gross profit margin was 13.7%, year-on-year -0.84pct, month on month + 0.91pct; The net interest rate was 4.5%, year-on-year -2.41pct, month on month + 0.78pct. According to wellsenn data, 2.75 million VR units were shipped worldwide in Q1 in 22 years (meta: 2.33 million units; Pico: 170000 units; PSVR: 80000 units), a year-on-year increase of + 24%. The company’s 22q1 revenue and net non deduction profit have increased significantly. We believe that on the one hand, it benefits from the continuous improvement of the demand for VR, TWS and intelligent wearable products, on the other hand, it also benefits from the improvement of the company’s management ability and the continuous optimization of product production process.
Benefiting from the new VR products, it is expected that the revenue of 22h1 will continue to increase. The company expects that the net profit attributable to the parent company in H1 in 22 years will be 2.08-2.42 billion yuan, with a year-on-year increase of 20% – 40%; It is estimated that the net profit deducted from non parent company is 1.9 billion yuan, with a year-on-year increase of 35% – 55%. According to the median value, the net profit attributable to the parent company of Q2 was 1.35 billion yuan, a year-on-year increase of + 76.4%; Deduct non net profit of RMB 1.17 billion, a year-on-year increase of + 44.2%. We expect that new Quest 2 products will be released in the second quarter and the coming summer holidays will drive the sales of VR hardware products to further increase.
The VR market continues to boom, the company has deep ar technical reserves, and VR / AR leaders are expected to enjoy track dividends. According to IDC data, the global VR shipment in 21 years was 10.95 million units, breaking the industry inflection point of annual shipment of 10 million units. Among them, the sales of Quest 2 were strong during the Christmas holiday, reaching 8.8 million units in 21 years, and the breakthrough of VR from end B to end C was further. According to wellsenn data, the global VR shipment volume is expected to reach 16 million units in 22 years (including meta: 12.5 million units; Pico: 1.8 million units), with a year-on-year increase of about 55%. It is expected that new products such as Quest 2 upgrade and Sony PSVR 2 to be released in 22 years will further expand consumer demand. Goer is an ODM leading enterprise in VR industry, deeply binding with VR core brands such as meta, Sony and Pico at home and abroad. The sustainable development of VR industry will drive the company’s performance growth. According to wellsenn data, it is estimated that the global ar shipment will reach 470000 units in 22 years (including hollens2100000 units). In the AR field, we expect that in the future, with the gradual increase of the popularity of nano imprint lithography in the AR field, the company will fully benefit from its own technology accumulation and existing nano imprint lithography production lines. In addition, the company’s overall product lines such as TWS headphones, game consoles and smart wearable are expected to bring revenue increment to the company in 2022.
Investment suggestion: we expect that the company will realize revenue of 106.8/129.4/156.7 billion yuan in 22-24 years, net profit attributable to the parent company is 62.77/96 billion yuan, and the corresponding PE is 15 / 12 / 10. Considering the company’s leading edge in VR track and the potential growth brought by the company’s technology accumulation in AR optical waveguide, the “recommended” rating is maintained.
Risk tips: acoustic innovation slows down, VR / AR demand is less than expected, and the impact of the epidemic.
