\u3000\u3 China Vanke Co.Ltd(000002) 241 Goertek Inc(002241) )
Event:
The company released the report of the first quarter of 2022 and the performance forecast of 2022h1. In 2022q1, the company realized a revenue of 20.112 billion yuan, an increase of 43.37% at the same time; The net profit attributable to the parent company was 901 million yuan, down 6.71% at the same time; The net profit deducted from non parent company was 878 million yuan, an increase of 46.06% at the same time. In 2022h1, the company is expected to realize the net profit attributable to the parent company of RMB 2.077-2.423 billion, an increase of 20% – 40% at the same time, of which the net profit attributable to the parent company of Q2 is expected to be RMB 1.176-1.522 billion, an increase of 53.73% – 98.98% at the same time.
Comments:
2022q1vr, intelligent game console and other products continue to promote the high growth of non deduction performance. Benefiting from the growth of the company’s sales revenue of vr virtual reality, intelligent game console and other products, the company achieved a revenue of 20.112 billion yuan in 2022q1, an increase of 43.37% at the same time. In terms of profitability, 22q1 company realized a net profit attributable to its parent company of 901 million yuan, down 6.71% from the same period. The non recurring profit and loss of 22q1 was significantly different from that of the same period. The non recurring profit and loss of 22q1 was 23 million yuan and that of 21q1 was 365 million yuan. The difference was mainly caused by the change in the fair value of kopin Corporation’s equity investment in trading financial assets and liabilities. The fair value of trading financial assets and liabilities in 22q1 was a loss of 5.8901 million yuan and a gain of 403 million yuan in the same period last year. After deducting non recurring profits and losses, the company realized a net profit of 878 million yuan deducted from non parent company in 2022q1, an increase of 46.06% at the same time, achieving high growth.
The performance of 22h1 increased rapidly, and VR entered the fast lane. Driven by the growth of sales revenue of vr virtual reality, intelligent game console and other products of the company, the company’s 22h1 profit is expected to grow rapidly, and the net profit attributable to the parent company is expected to be 2.077-2.423 billion yuan, an increase of 20% – 40% at the same time; It is expected to realize a net profit of 1.903-2.185 billion yuan, an increase of 35% – 55% at the same time. In Q2, the net profit attributable to the parent company is expected to be 1.176-1.522 billion yuan in the single quarter, an increase of 53.73% – 98.98% at the same time; It is estimated that the net profit deducted from non parent company is 1.025-1.307 billion yuan, an increase of 26.77% – 61.65% at the same time. VR business has entered the fast lane and is expected to continue to promote performance. According to IDC, the global volume of VR head display will reach 15.73 million units in 2022, with a year-on-year increase of 43.6%. Goer is the leader of VR / AR assembly. VR OEM business is bound with high-quality large customers. Customers cover the world’s mainstream VR head display brands and achieve in-depth cooperation in the growth period, including meta, Sony, HTC and Pico. It exclusively OEM metaquest2. The volume of medium and high-end VR head display accounts for more than half of the world’s total. In the future, with the further increase of VR / AR global demand, the company’s intelligent hardware business is expected to continue to grow.
The R & D continued to increase, the cost control effect was remarkable, and the cash flow improved significantly. The company’s R & D continued to increase, and the R & D expenses of 22q1 increased by 58.07% to 1.114 billion yuan, and the R & D expense rate increased by 0.52pct. At present, the company has established a product R & D and manufacturing platform integrating materials, electronic circuits, software algorithms, advanced processes and other technologies, and has carried out long-term cooperation with Tsinghua University and other universities and scientific research institutions. In terms of fee control, the company’s 22q1 sales / management / financial expense ratio was 0.70% / 2.36% / 0.24% respectively, with a total of 3.3%, down 1.26pct at the same time, and the effect of fee control was remarkable. In addition, the cash flow from operating activities of 22q1 company was 1.466 billion yuan, an increase of 67.93%, mainly due to the expansion of the company’s business scale and the increase of sales receipts.
Profit forecast, valuation and rating: under the background of the improvement of self-sufficiency rate of domestic semiconductor components, the stable growth of TWS downstream market and the rapid increase of VR / AR shipments will promote the rapid development of the company’s intelligent acoustic machine and intelligent hardware business and drive Goethe into a rapid growth channel. We maintain the net profit forecast from 2022 to 2024, which are RMB 5.764 billion / 74.94/9.368 billion respectively. The corresponding PE is 16x / 13X / 10x respectively, maintaining the “buy” rating.
Risk tip: the risk that the development process of wearable device market is slow or less than expected; Risks caused by the slow progress of 5g construction or policy changes; Affected by the global macroeconomic downturn.
