\u3000\u3 China Vanke Co.Ltd(000002) 180 Ninestar Corporation(002180) )
Core view
Event: the company released the 21st Annual Report and the first quarterly report of the 22nd year. The company’s revenue increased by 8% to 22.8 billion yuan in 21 years, and the net profit attributable to the parent company increased by 7 times to 1.16 billion yuan. The gross profit margin increased by 1.7pct to 34.1% against the trend in complex environment, of which the gross profit margin of original printers and consumables increased by 33.6% and 3.1pct. 1q22 revenue increased by 7% year-on-year to 5.83 billion yuan, net profit attributable to parent increased by 78% year-on-year to 440 million yuan, and net profit excluding non attributable to parent doubled to nearly 400 million yuan. In the first quarter, the gross profit margin further increased to 36.1%, up 2.5pct year-on-year and 3.0pct month on month.
Bentu’s revenue increased by 72% to 3.87 billion yuan in 21 years, and its net profit increased by 140% to 680 million yuan. The new listing of A4 color / medium and high-speed black-and-white laser printer enriched the product line. Under the challenge of epidemic situation and temporary labor shortage in the first quarter of 22 years, the sales volume of Bento printer increased by about 33% year-on-year. With the increase of printer ownership, the shipment volume of original consumables with high gross margin increased by about 60% year-on-year, and the net profit in the first quarter increased by about 30% year-on-year to 156 million yuan. 2) The sales volume of Lexmark printers increased by 14% in 21 years, the revenue increased by nearly 9% to US $2.18 billion, and the EBITDA was US $270 million. In the first quarter of 22, the sales volume increased by about 7% year-on-year, the printing of consumables began to recover significantly, and the EBITDA increased by about 16% year-on-year. Zhuhai Gaolan Port Phase I project with a construction area of 420000 square meters is progressing smoothly. The company plans to invest 5 billion yuan in Hefei to build a printer and consumables production base, regional headquarters and R & D center, so as to help the company hit the goal of 25% of the global laser printer market share within five years.
The volume of non printing chips is large, and the vehicle regulation level certification is smooth: the holding subsidiary aipaike has a revenue of 1.43 billion yuan in 21 years, with a net profit increase of about 40% to nearly 700 million yuan, and the revenue of non printing chip Jihai is 290 million yuan. Jihai has launched more than 10 new 32-bit MCU products in 21 years, actively expanded new energy, industrial control, automobile and other industries, and has supplied KONE elevator, Huichuan, Changhong, Midea, SAIC Wuling, Xiaopeng, great wall and other customers in batches. In the first quarter of 22, the shipment volume of chips exceeded 100 million, and the revenue exceeded 500 million yuan, including 14 million yuan of vehicle specification chips and 250 million yuan of net profit. A product of Jihai passed the vehicle regulation aec-q100 certification in January, and will continue to promote the vehicle regulation aec-q100 certification and iso26262 vehicle functional safety system certification of more products. In the past 21 years, the company has strengthened its R & D centers in Zhuhai, Shanghai and Hangzhou, set up new R & D centers in Zhengzhou and Chengdu, and will also invest 2.2 billion yuan in Shanghai Lingang Holdings Co.Ltd(600848) to build chip R & D projects
Profit forecast and investment suggestions
We predict that the company’s earnings per share in 22-24 years will be 1.47/2.02/2.80 yuan respectively (the original forecast of 22-23 years is 1.46/2.00 yuan respectively, with a slight increase in the forecast of revenue and gross profit margin), maintain the PE valuation level of 40 times that of the comparable company in 22 years, the corresponding target price is 58.75 yuan, and maintain the buy rating.
Risk tips
Goodwill impairment risk; Industry demand is less than expected; The risk of M & a falling short of expectations; Exchange gain / loss risk.
