\u3000\u3 China Vanke Co.Ltd(000002) 475 Luxshare Precision Industry Co.Ltd(002475) )
Core view
In 21 years, the revenue increased by 66.4% year-on-year, and the net profit attributable to the parent decreased by 2.1% year-on-year. The company's 21-year revenue was 153946 billion yuan (YoY + 66.4%), with a year-on-year high growth, mainly due to foreign investment and holding of Likai precision. In 21 years, Likai's consolidated income was 49.7 billion yuan and its net profit was 1.092 billion yuan; The year-on-year decline in gross profit attributable to ariys-y's shipment volume (1.14 billion yuan, and the net profit attributable to Y-Y's shipment volume) (1.17 billion yuan, and the net profit attributable to Y-Y's shipment volume) (1.19 billion yuan, and the net profit attributable to Y-Y's shipment volume) (1.19 billion yuan); 2) Global "lack of core and materials", raw material prices and logistics and transportation costs rise; 3) The early investment of mobile phone precision display structure module and other products is large, and the scale effect has not yet been formed. 1q22 revenue increased by 97.9% year-on-year, and net profit attributable to parent increased by 33.6% year-on-year. The 1q22 revenue of the company was 41.6 billion yuan (YoY + 97.9%), and the net profit attributable to the parent company was 1.803 billion yuan (YoY + 33.6%), which exceeded the upper limit of 1.687-1.754 billion yuan in the previous performance forecast, thanks to: 1) the continuous growth of precision display structure module products of Likai precision mobile phones; 2) The company's share of applewatch and iPhone assembly business increased, and some watch assembly orders were postponed from 4q21 to 1q22; 3) Driven by the new products of airpods3, TWS business has achieved restorative growth. The gross profit margin of 1q22 of the company was 11.81% (QoQ + 3.80pct, yoy-5.02pct), which decreased year-on-year, mainly due to the change of product structure and the unprofitable new business.
In the 21st year, the revenue of all businesses achieved year-on-year high growth, and the performance of new and old businesses was commendable. In 21 years, the revenue of consumer electronics business was 134638 billion yuan (YoY + 64.6%), the gross profit margin was 11.36% (yoy-6.48pct), the revenue of computer business was 7.857 billion yuan (YoY + 123.1%), and the gross profit margin was 19.86% (yoy-1.59pct). The high growth of revenue of consumer electronics and computer business was mainly caused by Likai precision consolidation. In 21 years, the revenue of communication business was 3.269 billion yuan (YoY + 44.3%), and the gross profit margin was 17.41% (yoy-2.32pct). The business of the company's Supercomputing Center achieved significant growth. In 21 years, the revenue of automobile business was 4.143 billion yuan (YoY + 45.7%), and the gross profit margin was 16.11% (yoy-0.41pct). In February of 22 years, the company signed a strategic cooperation agreement with Chery, established a joint venture company, specializing in the R & D and manufacturing of ODM complete vehicles of new energy vehicles, and deeply developed the Tier1 business of the company. Investment suggestion: with the introduction of applewatch, iPhone OEM business and iPhone precision display structure module business, we are optimistic that the company's performance will maintain a stable growth trend. It is expected that the company's revenue in 22-24 years will increase by 35.4% / 19.8% / 18.1% to 208402249588/294837 billion yuan year-on-year, and the net profit attributable to the parent company will increase by 39.8% / 19.5% / 18.9% to 98.85/118.11/14.037 billion yuan year-on-year, corresponding to 21.1/17.6/14.8 times of PE respectively, maintaining the "buy" rating.
Less than expected risk prompt; Industry competition intensifies; The import of new business is less than expected.
