\u3000\u3 China Vanke Co.Ltd(000002) 180 Ninestar Corporation(002180) )
Event: the company disclosed the first quarterly report of 2022 and the annual report of 2021. The shipment of bentu original toner cartridges was better than expected, the chip was slightly lower than expected, and the other data were basically consistent with our expectations. Content:
\u3000\u3000（1） 2022Q1：
In 2022q1, the sales volume of Bento printer increased by + 33% year-on-year, and the original consumables increased rapidly with the increase of ownership, with a year-on-year increase of + 60%, and the overall net profit was 156 million;
2022q1 has a total shipment of 104 million chips and an operating revenue of 504 million yuan, including 357 million yuan of revenue from printer general consumables chip business, 87 million yuan of revenue from industrial control / security chip business, 45 million yuan of revenue from consumer electronics chip business, 14 million yuan of revenue from vehicle specification chip business and 02 million yuan of other revenue. Aipaike’s net profit in the first quarter was 250 million yuan, a year-on-year increase of more than 10%.
(2) 2021 annual report:
The shipment of original printers increased by more than 74% year-on-year in 2021, with a rapid growth of more than 60% in the global commercial consumables market.
In 2021, Lexmark’s annual operating revenue was US $2.177 billion, an increase of about 8.75% over the same period last year. Under the data caliber of the management report, the annual EBITDA of Lexmark reached US $273.5 million, an increase of 18% year-on-year.
In 2021, the operating revenue of general printing consumables business was 5.494 billion yuan, a year-on-year increase of 5.55%; The net profit was 253 million yuan, a year-on-year decrease of 32.15%. The main reason is affected by the rising cost of global bulk materials and shipping, as well as the fierce competition in overseas markets and e-commerce.
In 2021, the chip shipment volume was 444 million chips (- 3.27%), and the operating revenue was 1.432 billion yuan, including 1.060 billion yuan from the printer general consumables chip business, 191 million yuan from the industrial control / security chip business, 142 million yuan from the consumer electronics chip business, 32.3 million yuan from the vehicle specification chip business, and 07 million yuan from other businesses.
In terms of R & D, the company successively established new R & D centers in Zhengzhou and Chengdu in 2021. The R & D teams in Zhuhai, Shanghai and Hangzhou were further expanded, and the technical R & D strength increased significantly. The company achieved the leading listing of two strategic general consumables encryption chips, once again laying a leading position in the printing chip industry.
In terms of IOT chips, the company launched a new MCU product based on cortex m4f series, realizing a complete product line layout based on cortex M0 + / m3 / m4f core; In the application fields of high-end products such as automotive electronics, new energy and industrial control, a number of new MCU chip products will be released and listed in 2022. It is expected that several MCU chip products will achieve vehicle regulation aec-q100 certification. At the same time, ISO 26262 vehicle functional safety system certification and related new product research and development are also progressing smoothly according to the progress.
Investment suggestion: we estimate that the average consumption rate of bentu’s original toner cartridges has increased from 0.73 in 2020 to 0.82 in 2021, indicating that the increase in the ownership of the whole machine can significantly drive the sales of high margin consumables. Therefore, we continue to be optimistic about the company’s performance this year, maintaining the predicted revenue of 33.413 billion yuan in 2022, the net profit attributable to the parent company of 1.658 billion yuan and the “buy” rating unchanged.
Risk tips: covid-19 epidemic risk, goodwill impairment risk, exchange rate risk, insufficient supply of components, increased industry competition risk, etc.
