\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 02 Jutze Intelligent Technology Co.Ltd(300802) )
The pioneer of 3D machine vision inspection, Q1 revenue in 2022 increased by 24.13% year-on-year
The company released the performance report for the first quarter of 2022. In Q1 of 2022, the operating revenue was 141 million yuan, with a year-on-year increase of 24.13%, the net profit attributable to the parent was 23 million yuan, with a year-on-year decrease of 9.15%, and the net profit deducted from non net profit was 21 million yuan, with a year-on-year decrease of 11.01%. After excluding the impact of share based payment expenses, the net profit attributable to the shareholders of the listed company was 31 million yuan, with a year-on-year increase of 23.18%. In view of the impact of the epidemic and the price pressure of upstream raw materials, we slightly lowered the profit forecast for 20222024. It is estimated that the net profit attributable to the parent company in 20222024 will be 128 (- 3.0%), 1.87 (- 3.1%) and 250 (- 3.0%) million yuan respectively, corresponding to 0.79 (- 2.5%) / 1.15 (- 3.4%) / 1.54 (- 3.1%) yuan / share in 20222024, and the current share price corresponding to PE will be 31.1/21.3/15.9 times respectively. Considering the high growth space of 3D machine vision equipment, Maintain the “buy” rating.
The operating cash flow has been improved, and high R & D investment has accumulated strength for long-term development
The company’s Q1 prepayment in 2022 was 17 million yuan, an increase of 56.96% compared with the end of 2021, mainly due to the prepayment of suppliers’ loans and other receivables of 39 million yuan, an increase of 100.35% compared with the end of 2021, mainly due to the payment of bid security deposit. Under the background of the low performance cycle in the first quarter, the company’s production and operation in the first quarter of 2022 was orderly promoted. At the same time, the net cash flow generated by the company’s Q1 operating activities in 2022 was 09 million yuan, with a year-on-year increase of 181.98%, mainly due to the increased payment collection and tax return in this period compared with the same period in 2021. The company’s R & D expenses in 2022q1 were 12 million yuan, an increase of 96.00% year-on-year, mainly due to the increase in R & D projects and labor costs compared with the same period in 2021, and the year-on-year increase in share based payment expenses of employee stock ownership. The company’s high R & D investment can continuously consolidate the technical moat of 3daoi, 3dspi and other products, which will help the company quickly expand its business scale and market share.
Miniled and other new fields have expanded steadily and are expected to contribute new increments of performance
The company’s new industry application focuses on the two business segments of miniled and semiconductor. In terms of miniledaoi, the company’s miniledaoi can realize the product appearance defect detection of multiple process links in the miniled backlight process. It has been supplied in batches. The miniled market has a broad space and the industry has developed rapidly, which is expected to create a new business growth point for the company in the future. In terms of semiconductors, some models of AOI products in the semiconductor industry of the company have been delivered to customers. With the continuous progress of R & D process, relevant new products in the semiconductor field are worth looking forward to.
Risk warning: the promotion of new products is less than expected, and the impact of the epidemic is intensified
