\u3000\u3 Guocheng Mining Co.Ltd(000688) 686 Opt Machine Vision Tech Co.Ltd(688686) )
Core view
In the first quarter of 2022, the operating revenue increased by 22.53% year-on-year, and the net profit attributable to the parent company increased by 1.23% year-on-year. In the first quarter of 2022, the company achieved a revenue of 218 million yuan, a year-on-year increase of 22.53%; The net profit attributable to the parent company was 63 million yuan, with a year-on-year increase of 1.23%. After adding back the share payment expenses, the net profit attributable to the parent company was 72 million yuan, with a year-on-year increase of 15.31%; After deducting the non parent net profit of 57 million yuan, a year-on-year increase of 7.60%. After adding back the share payment expenses, the non parent net profit was 65 million yuan, a year-on-year increase of 24.33%. The overall revenue side achieved steady growth, benefiting from the high prosperity of the downstream new energy industry. In the first quarter of 2022, the gross profit margin / net profit margin / deduction of non net profit margin of the company were 65.34% / 28.94% / 25.89% respectively, with a year-on-year change of -2.20 / – 6.09 / – 3.59 PCT. The decline in profitability was mainly due to the change of business structure, the continuous increase in the proportion of new energy business revenue, resulting in the decline of gross profit margin, and share based payment expenses had a certain drag on profit growth. In the first quarter, the company’s sales / management / R & D / financial expense rate was 15.96% / 2.78% / 18.01% / – 1.00%, with a year-on-year change of + 3.14 / – 0.09 / + 0.86 / + 2.19 PCTs. The increase in the expense rate was mainly due to the confirmation of 8.79 million yuan of share based payment expenses.
Deeply cultivate 3C and new energy, and actively explore new fields such as semiconductor, automobile and photovoltaic. The company is a leader in China’s machine vision industry. It has rapidly expanded from optical solutions to overall solutions. It has completed the layout in industrial code readers, 3D laser sensors and deep learning products, and has achieved mass sales. With good card position and significant competitive advantage, it is expected to deeply benefit from the rapid development of the industry and the general trend of import substitution. In terms of industries, the company continues to deeply cultivate the 3C industry. Under the trend of continuous improvement of production efficiency and processing accuracy of production lines in downstream industries, the company deeply explores customer needs, extends application links, horizontally widens cooperative product lines, and continuously improves the penetration of industrial chain. The new energy industry is booming. Machine vision is widely used in key processes in battery production. There is strong demand in the downstream. The company has full orders. It continues to deepen cooperation with Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , honeycomb and other major customers, with broad development space. In addition, the company accelerated the layout of semiconductor, automotive and photovoltaic industries, strengthened new product research and development and product upgrading, made order breakthroughs in many industries, and actively explored overseas markets.
Risk warning: lithium battery demand is less than expected; The expansion of new fields is less than expected; Gross profit margin fell. Investment advice: maintain the “buy” rating.
The company is an upstream core parts company with good location and significant competitive advantage. It has benefited from industry development and import substitution for a long time. We maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 398 / 514 / 680 million and EPS will be RMB 4.82/6.23/8.24, corresponding to pe28 / 22 / 17 times, maintaining the “buy” rating.
