Juguang Technology (688167)
The revenue and profit increased steadily, and the gross profit margin remained high. On April 27, 2022, the company released the 21st Annual Report and 22q1 financial report, and achieved a revenue of 476 million yuan in the 21st year, a year-on-year increase of + 32%; The net profit attributable to the parent company was 68 million yuan, a year-on-year increase of 94.33%, and the deduction of non-profit was 49 million yuan, a year-on-year increase of 148%. The gross profit margin was 54.26% and the net profit margin was 17.16%, an increase of 3.25pct/4.31pct compared with 20 years. By business: 1) the revenue of semiconductor laser is 200 million yuan, a year-on-year increase of + 42.53%, and the gross profit margin is 48.71% (- 0.27pct). 2) The revenue of laser optics was 210 million yuan, with a year-on-year increase of + 15.32% and a gross profit margin of 63.89% (+ 11.23 PCT). 3) Lidar revenue was 52 million yuan, with a year-on-year increase of + 77.56% and a gross profit margin of 43.45% (- 10.26pct). 4) The optical system was 12 million yuan, a year-on-year increase of + 220.78%, and the gross profit margin was 30.83% (-0.44pct). The company achieved revenue of 112 million yuan in 22q1, a year-on-year increase of + 20.77%; The net profit attributable to the parent company was 20 million yuan, a year-on-year increase of + 121%; Deduct non RMB 11 million, a year-on-year increase of + 540%. The gross profit rate was 279.44% compared with that of last year, and the net profit rate was + 16.54% compared with that of last year.
Individual businesses were slightly delayed and the overall project was promoted in an orderly manner. According to the disclosure of the company’s annual report: 1) lidar: the contract in mainland Germany is 400 million yuan, and 54 million yuan has been executed, which is slightly delayed from the prediction of the agreement; At present, customer B is in the stage of technical scheme discussion, prototype trial production verification and mass production business negotiation on the mass production model of lidar transmitting module. It is expected to start mass production in Q3 of 22. 2) Medical and health: cyden’s order for home medicine is 800 million yuan. Due to the delayed progress of customer clinical trials and certification, it is expected to obtain medical certification in the United States and Japan in 2022. China is expected to delay the agreement prediction around 2024, and the sales growth is expected to start in 2023. The company has released a new generation of “Qiyun” series of laser skin cleansing products, which has entered the stage of small batch order delivery. 3) Advanced manufacturing: hundreds of thousands of prefabricated Gold Tin ceramic heat sinks have been delivered in mass production, and millions are expected to be delivered in 2022. Display panel manufacturing and partners completed the delivery of the first laser stripping system, the prototype assembly of 1000mm UV solid line laser annealing system was completed in 2022, the dlights series wafer laser annealing system was delivered in small quantities, and the process introduction was started in the chip manufacturer.
Equity incentive is bound to core personnel, and the assessment objectives meet expectations. According to the equity incentive plan issued by the company in April 22, 860000 restricted shares were granted to 539 incentive objects at 40 yuan / share, accounting for 0.96% of the total share capital. In 22-25 years, the equity incentive fee of class a incentive object is 950 / 849 / 340 / 760000 yuan, and the equity incentive fee of class B grantor is 711 / 597 / 121 / 0000 yuan. Grant a total of 140000 reserved restricted shares to 21 incentive objects at 40 yuan / share, accounting for 0.16% of the total share capital. The estimated cost for 22-25 years is 256 / 229 / 92 / 210000 yuan. The target value of performance evaluation of equity incentive is not less than RMB 700 / 12 / 14 million in revenue or RMB 120 / 19 / 210 million in net profit from 2022 to 2024, and the trigger value is that the revenue from 2022 to 2024 is not less than RMB 560 / 9.6/11.2 billion or the profit is not less than RMB 96 / 152 / 168 million. The overall evaluation goal is in line with market expectations.
Investment suggestion: it is estimated that the net profit attributable to the parent company in 22-24 years will be RMB 120 / 1.9 / 210 million, corresponding to 67 / 43 / 39 times of PE. Considering that the company is a scarce target of lidar, maintain the “recommended” rating.
Risk tip: the development of lidar industry is less than expected, the expansion of the company’s technical route is less than expected, the risk of laws and regulations and the landing of commercialization are less than expected.
