\u3000\u3 China Vanke Co.Ltd(000002) 180 Ninestar Corporation(002180) )
Event: on April 28, 2022, the company released the annual report of 2021 and the report of the first quarter of 2022. In 2021, the operating revenue reached 22.792 billion yuan, a year-on-year increase of 7.94%; The net profit attributable to the parent company was 1.163 billion yuan, a year-on-year increase of 701.23%; Net profit deducted from non parent company was 658 million yuan, with a year-on-year increase of 116414%. In the first quarter of 2022, the operating revenue was 5.834 billion yuan, a year-on-year increase of 6.74%; The net profit attributable to the parent company was 441 million yuan, a year-on-year increase of 77.68%; Net profit deducted from non parent company was 395 million yuan, with a year-on-year increase of 100.03%. The above year-on-year caliber is that Ninestar Corporation(002180) holds 39.31% of the share of bentu from January to September and 100% from October to December in 2021.
The annual performance increased rapidly in 2021, and the Q1 performance continued to increase in 2022. According to the announcement of the company, Ninestar Corporation(002180) completed the 100% equity delivery of bentu electronics on October 9, 2021, and achieved consolidation in the fourth quarter. The three main lines of “bentu + Lexmark + chip” worked together. According to the company’s annual report, the operating revenue in 2021 was 22.792 billion yuan, a year-on-year increase of 7.94%; The net profit attributable to the parent company was 1.163 billion yuan, a year-on-year increase of 701.23%; In 2022, Q1 achieved an operating revenue of 5.834 billion yuan, a year-on-year increase of 6.74%; The net profit attributable to the parent company was 441 million yuan, with a year-on-year increase of 77.68% (based on the share of bentu held by Ninestar Corporation(002180) in 2021, 39.31% from January to September and 100% from October to December). In terms of product structure, the company’s original printers and consumables (bentu + Lexmark) achieved an operating revenue of 16.745 billion yuan in 2021, a year-on-year increase of 8.63%, accounting for 73.47% of the operating revenue, a year-on-year increase of 6.63%; General consumables and accessories achieved an operating revenue of 4.624 billion yuan; Chip (external sales) achieved an operating revenue of 711 million yuan, a year-on-year increase of 31.76%, accounting for 3.12% of operating revenue, a year-on-year increase of 0.56%, a gross profit margin of 65.01% and a sales volume of 451 million.
“Bentu + Lexmark” coordinated development and layout of the whole industrial chain of the printing industry. According to the company’s annual report, the overall shipment volume of the company’s printer business ranks fourth in the global laser printer market share. Among them, Bento’s laser printer business has achieved double growth in shipment and market share for six consecutive years. In 2021, Bento’s global printer shipment increased by 54% year-on-year, and the shipment of original consumables increased rapidly by 74%. The sales volume maintained a growth rate of more than 60% in the global commercial market, the profitability and market share continued to improve, actively built a localized supply chain, and continued to strengthen innovation in the information and innovation market, The whole series of products have successfully entered the relevant national procurement catalogue, and Xinchuang’s market share continues to lead; Lexmark laser printers have a leading share in the global market segment of medium and high-end laser printers. With the gradual relaxation of epidemic control in European and American countries and the recovery of market demand for office printing, Lexmark’s annual printer sales increased by 14% (the shortage of electronic components periodically delayed the rapid recovery of Lexmark printer Sales). New OEM orders were shipped successively in 2021, and the OEM business is expected to grow further. At the same time, Opportunities to cooperate with famous e-commerce dealers in Europe and America. In 2022, Q1’s “Bento + Lexmark” synergy continued. According to the company’s first quarterly report, the sales volume of Bento printers increased by 33% year-on-year, the shipment volume of original consumables increased by about 60%, and increased the R & D investment of medium and high-end models, realizing an overall net profit of 156 million yuan; With the further recovery of the printing market in Europe and the United States, Lexmark printer shipments increased by 7% year-on-year, and the EBITDA of the management’s report data increased by 16% year-on-year. Benefiting from the comprehensive factors such as the high landscape of China’s information innovation market and overseas demand, the improvement of China’s household application penetration, the improvement of product energy level, localization substitution and the advantages of independent brands, the development of the company’s printing industry is expected to reach a higher level.
The integrated circuit industry continues to make efforts to accelerate its entry into the field of general MCU. According to the company’s annual report, in 2021, aipaike microelectronics achieved 444 million pieces of shipments and 1.432 billion yuan of operating revenue, including 1.06 billion yuan of revenue from printer general consumables chip business, 191 million yuan of revenue from industrial control / security chip business, 142 million yuan of revenue from consumer electronics chip business and 323 million yuan of revenue from vehicle specification chip business; The company has 21 years of chip design experience in the field of integrated circuits, has R & D centers in many places around the world, and has more than 500 chip designers. The integrated circuit business is based on the application of the printer industry (printing consumables chip, printer master SOC chip), and gradually expands to applications outside the printer industry (such as general MCU, Internet of things information security chip, etc.). According to the company’s annual report, in terms of printer general consumables chip business, the company achieved the leading listing of two strategic general consumables encryption chips in 2021, once again laying a leading position in the printing chip industry; With the continuous overflow of printer chip design capacity, the company’s MCU business will achieve rapid growth in medium and high-end application fields such as industrial control and automobile in 2021. It will launch MCU products based on cortex m4f series and realize 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 chips will be released in 2022, It is expected that several MCU chip products will achieve vehicle specification aec-q100 certification. Meanwhile, iso26262 vehicle functional safety system certification and related new product research and development will continue to advance smoothly. The company has reached cooperation with well-known manufacturers (KONE elevator, Huichuan, Changhong, Midea, SAIC Wuling, Xiaopeng, great wall, etc.) to continue to launch simulators, sensors, BMS, motors and automotive application related chips. In Q1 2022, according to the company’s first quarterly report, aipaike chip achieved a shipment of 104 million pieces and an operating revenue of 504 million yuan. The MCU products of polar semiconductor apm32f103rct7 have passed the aec-q100 certification of vehicle regulations. With the price of 32-bit MCU gradually approaching 8-bit and 16 bit MCU, and the shortage of overseas MCU and the substitution demand of domestic products, the company’s general MCU business is expected to grow rapidly.
Investment suggestion: we estimate that the company’s revenue from 2021 to 2023 will be 27.926 billion yuan, 33.232 billion yuan and 39.546 billion yuan respectively, and the net profit attributable to the parent company will be 2.035 billion yuan, 2.853 billion yuan and 3.963 billion yuan respectively, maintaining the “Buy-A” investment rating.
Risk warning: market development is less than expected risk; Risk that R & D progress is less than expected.
