\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 20 Advanced Fiber Resources (Zhuhai) Ltd(300620) )
In the first quarter of 2022, due to the influence of internal and external factors, the operating pressure was great, and the operating revenue and profit fell simultaneously. In the first quarter of 2022, the revenue was 141 million yuan (- 2.96%), the net profit attributable to the parent company was 22.95 million yuan (- 7.56%), and the net profit attributable to the parent company after deduction was 13.26 million yuan (- 40.3%). The decline in revenue was mainly due to the weak demand caused by the de inventory of downstream customers of optical fiber laser devices and the intensification of the epidemic in Guangdong in the first quarter, which affected the normal production and logistics scheduling. The decline in net profit attributable to parent company after deduction of non parent company is larger than that of income, which is mainly due to (1) the impact of the epidemic on production and operation efficiency; (2) The company increased R & D investment; (3) Affected by the Russian Ukrainian war, the cost and expense of upstream raw materials have increased, and there is great pressure on short-term operation. The company's short-term operation is under pressure, and the follow-up is expected to improve quarter by quarter. In the first quarter of 2022, the gross profit margin and net profit margin decreased by 0.77 PCT and 0.81 PCT year-on-year. The rate of sales / management / R & D / financial expenses changed by -1.18pct / -0.93pct/5.16pct/4.26pct respectively year-on-year. The company increased investment in R & D, the interest income decreased compared with the same period of last year, and the overall cost rate of sales and management expenses increased. The first quarter is the off-season of the whole year. Subsequently, with the delivery of optical fiber laser devices and lithium niobate modulator products and the continuous climbing of the production capacity of raised investment projects, the operation of the company is expected to improve quarter by quarter.
The traditional business has developed steadily and the downstream demand is booming. The fiber laser industry has strong demand. The company's isolator and fiber Bragg grating products share is in the leading position in the industry. Relying on long-term and stable customer relations, there is still room to improve the market share of other categories such as beam combiner and high-power laser head. The optical communication business benefits from the construction demand growth of the data center market and is expected to maintain stable development.
The raised investment project is expected to contribute to the increment in the second half of the year, and a new generation of thin film lithium niobate modulator is ready to go. At present, the production progress of the company's fund-raising projects has been delayed due to the epidemic in the first quarter, and it is expected to contribute to the increment in the second half of the year. The downstream demand of lithium niobate modulator remains strong, and the order delivery is expected to be accelerated in the second quarter. The performance index of the new generation thin film lithium niobate modulator samples developed by the company has been further improved, and the sample certification has been continuously promoted. Thin film lithium niobate modulator has the advantages of high performance, low cost, small size, mass production and compatibility with CMOS process. It is a highly competitive solution for high-speed optical interconnection in the future. It has broad application space and is expected to drive the new growth of the company. Risk tip: the progress of new products is less than expected, the competition is intensified, and the profitability is less than expected.
Investment suggestion: lower the profit forecast and maintain the "overweight" rating.
Due to the impact of the current situation, the net profit of the Ukrainian film company is expected to be 35. With the release of the company's new production capacity and the breakthrough of thin-film lithium niobate modulator products, there is still broad development space in the future and maintain the "overweight" rating.
