Juguang Technology (688167)
Key points of announcement: the company released the annual report of 2021 and the performance report of the first quarter of 2022, which met our expectations. In 2021, the company achieved a revenue of 476 million yuan, a year-on-year increase of + 32.2%, and a net profit attributable to the parent company of 68 million yuan, a year-on-year increase of + 94.3%; The net profit deducted from non parent company was 49 million yuan, a year-on-year increase of + 148.4%. Q4 achieved a revenue of 133 million yuan in 2021, a year-on-year increase of + 40.3% and a month on month increase of + 6.1%; The net profit attributable to the parent company was 11 million yuan, up + 18.0% year-on-year and – 53.9% month on month; The net profit deducted from non parent company was RMB 05 million, with a year-on-year increase of + 234.2% and a month on month increase of – 76.9%; In 2022, Q1 achieved a revenue of 111 million yuan, a year-on-year increase of + 20.8% and a month on month increase of – 16.8%; The net profit attributable to the parent company was 20 million yuan, with a year-on-year increase of + 120.9% and a month on month increase of + 85.5%; The net profit deducted from non parent company was RMB 11 million, with a year-on-year increase of + 540.0% and a month on month increase of + 132.0%.
Expand the market share of upstream core devices and make continuous breakthroughs in the field of intelligent driving. In 2021, the company’s semiconductor laser business achieved a revenue of 199 million yuan, a year-on-year increase of + 42.53%. It is expected that millions of prefabricated Gold Tin ceramic heat sinks will be mass produced and delivered in 2022. Lidar business achieved a revenue of 52 million yuan, a year-on-year increase of + 77.56%. The company continued to deliver mass-produced flashlidar surface light source module products and lidar optical shaping devices to customers in the automotive industry. In 2021, the company obtained the written fixed-point notice of the second lidar launch module project, and is expected to enter mass production in the third quarter of 2022.
In 2022, Q1 gross profit margin rebounded month on month, and the expense rate decreased, driving the growth of performance. In 2022, Q1 company achieved a gross profit margin of 54.55%, a month on month increase of + 12.56pct, a year-on-year increase of -0.09pct, basically returning to the level of Q1 in 2021. During the period, the expense rate was 37.36%, with a month on month ratio of -2.07pct and a year-on-year ratio of -13.30pct, of which the R & D expense rate was 13.74% and a year-on-year ratio of -6.64pct. The rise of gross profit margin and the decline of expense rate jointly promote the high growth of Q1 performance in 2022 on a month on month basis.
Continuous high-intensity scientific and technological innovation and continuous breakthroughs in product technology: the company attaches importance to the development and innovation of new products and technologies. With continuous high-intensity scientific and technological innovation, the company made significant progress in R & D in 2021: in the field of automobile intelligent driving, the company released a variety of line spot lidar emission module products based on eel and VCSEL lasers: in the field of advanced manufacturing, the company is engaged in prefabricated Gold Tin ceramic heat sink New progress has been made in laser stripping system, wafer laser annealing system and other products; In the field of medical and health care, the company has improved the customer experience of laser skin cleansing through technological innovation.
Profit forecast and investment rating: we maintain the company’s revenue forecast, which is 705 / 1226 million yuan in 20222023 and 2.015 billion yuan in 2024, with a year-on-year increase of + 48.07% / + 73.98% / + 64.36% respectively. Based on the international situation and the uncertainty of the global epidemic, we adjusted the net profit attributable to the parent company from RMB 131 / 219 million in 20222023 to RMB 113 / 189 million, from RMB 326 million in 2024, respectively + 67.27% / + 66.96% / + 72.29 year-on-year, corresponding EPS of RMB 1.26/2.10/3.62 and PE of 67.65/40.52/23.52 times, maintaining the “buy” rating.
The supply of electric chips is less than expected, and the risk of intelligent automobile industry is higher than expected.
