\u3000\u3 China Vanke Co.Ltd(000002) 655 Gettopacoustic Co.Ltd(002655) )
The company released the 2021 annual report and the first quarter report of 2022, and Q1 continued to grow month on month. In 2021, the company achieved a revenue of 937 million, a year-on-year decrease of 20.62%; The net profit attributable to the parent company was 66 million, with a year-on-year increase of 42.71%; Deduct non net profit of 68 million, with a year-on-year increase of 49.08%; The comprehensive gross profit margin was 27.74%, with a year-on-year increase of 6.17pct. In 2021, the downstream consumer electronics market was relatively weak, and the company’s revenue was affected to a certain extent. Through resource integration, market development and the improvement of market position, the company further optimized its product structure, significantly optimized its profitability, and significantly increased its gross profit margin.
In 2022q1, the company’s revenue was 235 million, with a year-on-year increase of 1.63%; The net profit attributable to the parent company was 19 million, a year-on-year decrease of 22.22% and a month on month increase of 174.22%; Deducting non net profit of 18 million, a year-on-year decrease of 26.19% and a month on month increase of 20.37%; The comprehensive gross profit margin was 25.56%, a year-on-year decrease of 3.25pct and a month on month increase of 2.66pct. 2022q1 company’s product structure continues to be optimized, and its gross profit margin is also improving month on month. The company continues to dig deep into the field of acoustics, and continues to make new breakthroughs in the fields of micro speakers, MEMS sensors, TWS smart wireless headphones, VR / AR, smart wear, smart home, smart car and so on.
Attach importance to R & D and continue to increase R & D investment. In 2021, the company invested 63 million in R & D, with a year-on-year increase of 9.03%; The R & D expense ratio was 6.76%, with a year-on-year increase of 1.84pct. The company attaches importance to research and development. In 2021, it increased investment in research and development, integrated resources and strengthened new product research and development. The number of patent applications and product technology level continued to improve. It was recognized by customers and established cooperative relations in the fields of micro speakers, MEMS sensors, TWS wireless headphones, AR / VR and so on.
The high growth of vehicle voice market drives the demand for vehicle acoustics. In terms of vehicle control, the on-board voice is better than the key or touch scheme, which can avoid driver distraction and improve the driving experience. In addition, as the entrance to the Internet of vehicles, on-board voice is as important as smart speakers. Many automobile brands actively layout voice interaction. The company’s on-board microphone continued to break through and was highly recognized by customers. The company’s on-board microphone module supports the design and production of HFM / ANC / RNC microphones. On the product side, the company began to supply on-board microphones in 2007; MEMS mass production in 2008; In 2016, MEMS microphones were used in vehicles, and more than 10 million vehicles were shipped; In 2020, the company’s A2B car microphone will be delivered in batches. In terms of customers, the company won the best quality of H customer vehicle in 2018. In addition, Gettopacoustic Co.Ltd(002655) in the annual supplier rating of H client, a has been continuously rewarded and recognized for five consecutive years.
The upgrading trend of micro electro acoustic industry is obvious, the demand of downstream terminals blooms at many points, TWS continues to penetrate, and smart watches, AR VR and bracelets are ready to go. In recent years, the growth of smart phones has been relatively stable, and the company’s share of customers is expected to continue to increase. At the same time, it continues to cut into new supply chains and new product categories. The functionality of smart watches and smart bracelets continued to break through and quickly detonated the market. Smart watch is an electronic product that users expect to wear close to their body anytime and anywhere. From the analysis of user needs and product characteristics, we believe that the possible development direction of smart watch in the future is: supporting TWS headset “strong combination”, replacing smart phone, more powerful endurance display, independent product experience and providing more professional health services. The explosion of downstream terminals also quickly pulled the explosion of upstream electroacoustic components and electroacoustic components.
The company is expected to deepen technology, strengthen strategic coordination with Wuxi Weigan and accelerate the development of acoustic business. In the future, the company is expected to take advantage of Wuxi Weigan’s advantages in MEMS acoustic chip design, further improve the company’s existing micro electro acoustic components and electro acoustic components industry chain, and play a positive role in strategic cooperation in the field of acoustic components and semiconductor devices, such as business expansion, industrial coordination and resource sharing, so as to promote the transformation and upgrading of the company’s business.
Profit forecast and valuation suggestions. We expect that in 2022e / 2023e / 2024e, Gongda electroacoustic will achieve a revenue of RMB 1.55523333266 billion, with a year-on-year increase of 66.0% / 50.0% / 40.0%. It is expected that in 2022e / 2023e / 2024e, the net profit attributable to the parent company will be RMB 157 / 270 / 406 million, with a year-on-year increase of 139.5% / 71.9% / 50.6%, Gettopacoustic Co.Ltd(002655) at present, the share price corresponds to PE of 17.4/10.1/6.7x, maintaining the “buy” rating.
Risk tip: the downstream demand is less than expected and the industry competition is intensified
