\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 33 Lens Technology Co.Ltd(300433) )
Event: Lens Technology Co.Ltd(300433) released the annual report of 2021 and the first quarterly report of 2022.
Lens Technology Co.Ltd(300433) 2021 achieved revenue of 45.3 billion yuan, with a year-on-year increase of 23%; The net profit attributable to the parent company was 2.07 billion yuan, a year-on-year decrease of 58%; The net profit deducted from non parent company was 1.24 billion yuan, a year-on-year decrease of 72%; The net cash flow from operating activities was 6.04 billion yuan, a year-on-year decrease of 20%.
Lens Technology Co.Ltd(300433) 22q1 achieved revenue of 9.3 billion yuan, a year-on-year decrease of 22%; The net profit attributable to the parent company was - 410 million yuan, up from 1.206 billion yuan in the same period last year; The net profit deducted from non parent company was - 430 million yuan, up from 1.064 billion yuan in the same period last year.
Comments:
The performance in 2021 was lower than expected mainly due to the significant increase in expenses and the provision of asset impairment losses. (1) The company's sales expenses increased by 76% year-on-year in 2021, mainly due to the corresponding increase in product business due to the merger of Taizhou park; (2) The administrative expenses increased by 72% year-on-year, mainly due to the increase of the operating Park, resulting in the increase of recruitment expenses and management personnel labor costs; (3) The R & D expenses increased by 48% year-on-year, mainly due to the increase of the company's R & D investment in new intelligent wearable products such as watches and VR / AR, new automotive products such as central control screen, B-pillar, new automotive glass and charging pile, metal alloy products such as smart phone middle frame, as well as new non-metallic materials such as sapphire and ceramics and automation equipment. The company's R & D personnel reached about 21000 at the end of 2021, with a year-on-year increase of 100%. (4) Due to the loss of inventory falling price, the company accrued an asset impairment loss of 886 million yuan.
22q1 performance was lower than expected. Affected by macroeconomic fluctuation, epidemic situation and other comprehensive factors, the end market demand of some customers decreased, the company's operating revenue decreased year-on-year, and the benefits decreased; Affected by the epidemic situation of novel coronavirus, it has a certain impact on the control of product delivery, logistics cost, procurement cost, epidemic prevention expenditure and related expenses; Dongguan Lansi Park was shut down for about three weeks due to epidemic prevention control; Due to salary adjustment, the labor cost in the first quarter of 2022 increased compared with the same period last year; Glass (large-size glass, UTG, etc.), metal, smart wear (smart watch, AR / VR, etc.), smart car, photovoltaic new energy and other R & D projects increased, and R & D expenses increased; 22q1 government subsidies received decreased compared with the same period of last year.
Profit forecast, valuation and rating: due to the weak prosperity of the mobile phone industry, the company is in the production expansion cycle and new product R & D cycle, and the three fees of the company are high, so we lowered the net profit forecast of the company from 2022 to 2023 to 3.029/3.690 billion yuan, a decrease of 65.16% / 66.36% compared with the previous time, and increased the net profit forecast of 2024 to 4.708 billion yuan, corresponding to 15x, 12x and 10x PE Lens Technology Co.Ltd(300433) is a global consumer electronics supply chain giant. Its customers include apple, Samsung, Xiaomi, oppo, vivo, Huawei, glory, Tesla, BMW, Mercedes Benz, Volkswagen, ideal, velai, etc. However, considering the pressure on the company's short-term performance, we downgraded the company's rating to "overweight".
Risk tip: customer import is less than expected, 5g construction is less than expected, and the gross profit margin is at risk of decline.
