\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 06 Jiangsu Sidike New Materials Science & Technology Co.Ltd(300806) )
The non-profit rating increased steadily by 621.09% year-on-year
On April 28, the company released the first quarterly report of 2022, realizing a revenue of 478 million yuan, a year-on-year increase of 20.79%; The net profit attributable to the parent company was 177566 million yuan, a year-on-year increase of 198.75%; Deduct 13.292 million yuan of non net profit, an increase of 621.09% year-on-year. Q1 with the increase of sales, R & D and financial expenses, the company’s profitability has improved steadily and its performance has reached a new high. The cost advantage of the company’s insistence on building the main material market has gradually become prominent. Considering that the third quarter of the downstream consumer electronics industry is the traditional peak season, and the sales revenue and net profit of the general company in the second half of the year are higher than those in the first half of the year, we maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 336, 486 and 587 million yuan, corresponding to EPS of 1.77, 2.56 and 3.09 yuan / share respectively, and the current share price corresponding to PE is 21.3, 14.7 and 12.2 times. We are optimistic that the company will rely on a strong R & D system to continuously improve the self-made ratio of raw materials and realize “glue” × The continuous extension of “film” product matrix in new products, new customers and new markets maintains the “buy” rating.
During this period, the increase of expenses was high, the advantages of vertical integration of the company’s industrial chain were prominent, and the profitability was steadily improved
With the expansion of sales scale and personnel expansion, Q1 sales expenses increased by 70.40% year-on-year; Interest on bank borrowings and exchange losses increased, with Q1 financial expenses + 157.78% year-on-year; The company continued to expand its R & D team. With the increase of R & D personnel and their benefits and salaries, the R & D expenses in Q1 reached 236434 million yuan, a year-on-year increase of + 44.50%. In the case of high cost increase during the period, the operating gross profit margin of Q1 reached 23.43%, with a year-on-year increase of + 7.27pcts; The net interest rate attributable to the parent company reached 3.77%, with a year-on-year increase of + 2.25 PCTs. We believe that the company continues to improve the self-made ratio of key raw materials, superimposes high-level glue self-made ability, and the cost advantage brought by the vertical integration of the industrial chain is gradually highlighting. As the company continues to explore the market, improve customer structure and continuously optimize product structure, the closed-loop industrial chain will continue to help improve profitability.
The company actively develops new business areas and waits for the release of performance after new projects are put into operation one after another
According to the data of the Ministry of industry and information technology, in the first quarter, the added value of electronic information manufacturing industry above designated size increased by 12.7% year-on-year; The output of smart phones in China was 270 million, with a year-on-year increase of 2.1%. The overall development of the consumer electronics industry was stable. We are optimistic that the company will promote the introduction of new products and share improvement of old customers by virtue of its rapid market response ability, and explore new business fields such as new energy vehicles and components. In the future, with the advancement of the construction of OCA optical adhesive, precision release film and other projects, the company will usher in the performance release after the new projects are put into operation one after another.
Risk tip: the terminal demand of consumer electronics and new energy vehicles is less than expected, and the customer certification is not smooth.
