Tonghui Electronics (833509)
Company event: the company released the latest financial report: in 2021, the company achieved a revenue of 148 million yuan, a year-on-year increase of 47%; The net profit attributable to the parent company was 420177 million yuan, a year-on-year increase of 32%. In 2022, Q1 achieved a revenue of 311119 million yuan, a year-on-year increase of 24%; The net profit attributable to the parent company was 7.6486 million yuan, a year-on-year increase of 25%.
Focusing on the field of electronic testing instruments, the operating revenue of six major products increased by more than 25% in 2021: the company focuses on the field of electronic measuring instruments, and its main products include six categories: component parameter testing instruments, winding component testing instruments, electrical safety regulation testing instruments, resistance testing instruments, power electronic testing instruments, desktop digital multimeter and so on. In 2021, the company’s overall business developed well, and the operating revenue of the six major products increased by more than 25%, including the revenue of power electronic testing instruments increased by 132.80%, the revenue of resistance testing instruments increased by 58.68%, and the revenue of desktop digital multimeter increased by 52.82%. In a single quarter, the revenue of 2021q4 company was 485592 million yuan, a year-on-year increase of 36.00% and a month on month increase of 41.85%; The net profit attributable to the parent company was 117945 million yuan, a year-on-year decrease of 4.93% and a month on month increase of 20.28%. The main reason for the growth of the company’s revenue and net profit attributable to the parent company in 2021 is that the company adopts the two wheel drive strategy of R & D and market, increases the front-line sales team and strengthens the promotion, so as to continuously improve the company’s brand awareness and customer recognition.
The R & D and marketing two wheel drive strategy has successfully passed the new product certification of the world’s leading wide-range precision impedance analyzer: with the rapid development of microelectronics and computer technology, the downstream electronic industry, new energy vehicles, semiconductor packaging and testing and other fields continue to improve, the trend of generalization, modularization and virtualization of measuring instruments is gradually emerging, and the demand for electronic measuring instruments is gradually increasing. Adhering to the two wheel drive strategy of “R & D and marketing”, the company has always been oriented to the forefront of world scientific and Technological Development and the application needs of the industry, and continued to increase R & D investment. In 2021, the R & D cost was 172852 million yuan, with a year-on-year increase of 24.79%, further improving the R & D scale and the number of finished products of the company. In 2021, the company was recognized as a specialized new small giant enterprise in Jiangsu Province, and successfully launched th2851 series 130MHz wide impedance range and high-precision automatic balance impedance analyzer, which won the first prize of Jiangsu innovation and entrepreneurship competition. Recently, the company’s “research and development of 10Hz ~ 130MHz wide range precision impedance analyzer” has received the final appraisal certificate of scientific and technological achievements. This technology is completely independent and controllable, and the overall technical level has reached the international advanced level. Among them, the test frequency range, impedance test range and test speed index are in the international leading position, which has significantly improved the company’s core competitiveness.
The four in one sales model has rapidly expanded market share, moved into new plants, effectively improved production capacity, completed fund-raising projects and converted to fixed assets: at present, the company has established a perfect marketing and service system in the country and some overseas markets, adopted a multi-level and differentiated sales model, and built a four in one sales model of dealer model, direct sales model, ODM model and B2C model, Among them, the direct selling mode is mainly for the sales of high-performance and high-value instrument products. Dealers in overseas markets mostly adopt ODM mode to create a convenient, professional and efficient purchase and service experience for customers. In 2021, the company moved to a new plant covering an area of 45 mu, and the overall production capacity was improved. At the same time, the capital construction project of the company’s “intelligent electronic measuring instrument production and manufacturing project” has been completed and fixed in October 2021. At present, it is in the stage of installation and commissioning. In order to ensure that the construction results can better meet the requirements of the company’s development plan, the company will extend the “production and manufacturing project of intelligent electronic measuring instruments” to December 31, 2022 without changing the purpose and investment scale of the raised funds; Extend the “R & D center construction project” to June 30, 2023.
Investment suggestion: the company is committed to becoming an international leading provider of comprehensive solutions for electronic measurement and testing, continuously increasing R & D investment and improving technical strength. The company’s equity distribution plan in 2021 is to distribute cash dividends of 2.80 yuan (including tax) to all shareholders for every 10 shares with undistributed profits, and it is expected to distribute cash dividends of 2973687192 yuan. At present, the latest market value of the company is 1.5 billion yuan. It is recommended to pay attention to pettm34x.
Risk tips: the risk of demand change in downstream industries, intensified industry competition, etc
