\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 02 Jutze Intelligent Technology Co.Ltd(300802) )
Events: (1) the company released its 2021 annual report. In the 21st year, the company realized a revenue of 588 million yuan, an increase of 21.93% year-on-year; The net profit attributable to the parent company was 101 million yuan, a year-on-year increase of 12.99%. Among them, Q4 achieved revenue of 180 million yuan in a single quarter, with a year-on-year increase of 29.78%; The net profit attributable to the parent company was 14.16 million yuan, a year-on-year decrease of 32.01%. The company also issued a profit distribution plan for 21 years, which plans to distribute a cash dividend of 1.50 yuan (including tax) to all shareholders for every 10 shares, and increase 6 shares for every 10 shares to all shareholders with capital reserve.
(2) the company announced that in the first quarter of 2022, 22q1 company achieved revenue of 141 million yuan, a year-on-year increase of 24.13%; The net profit attributable to the parent company was 22.61 million yuan, a year-on-year decrease of 9.15%.
Machine vision products are highly competitive, and cable components grow steadily. In 21 years, the company’s machine vision equipment realized a revenue of 279 million yuan, a year-on-year increase of 34%, accounting for 47% of the revenue. 3D products are the fist products launched by the company in recent two years. Their performance has reached the international advanced level, won the recognition of industry benchmark customers and realized import substitution. With the addition of 3dspi and 3daoi products, the company can provide customers with a full range of products on the production line, which is scarce all over the world. In terms of new industries, the company focuses on miniled and semiconductor. Among them, miniledaoi has achieved mass supply and its performance has reached the international advanced level, which is expected to create a new growth point for the company in the future; Some models of semiconductor AOI products have been delivered to customers.
The company’s revenue from semiconductor equipment manufacturers and downstream equipment manufacturers is expected to maintain a year-on-year growth of 3.2 billion yuan, accounting for 2.1% of the company’s revenue in the future.
The gross profit margin is expected to rise, the cash flow is good, and the share payment makes the period expenses rise. The gross profit margin of 21q4 / 22q1 is 29.43% / 35.03% respectively. It is expected that the gross profit margin is expected to rise with the continuous increase of the proportion of the company’s machine vision business revenue and 3D product revenue. The expense ratio of 21q4 / 22q1 company was 20.5% / 20.4% respectively, with a year-on-year increase of 0.08/5.68pct respectively, mainly due to the increase of management and R & D expenses. The company launched the first phase of employee stock ownership in 21 years, and the share payment expenses of 9.6562 million yuan / 8.0468 million yuan occurred in 21q4 / 22q1 respectively, which is reflected in the management and R & D expenses in the short term. The cash to cash ratio of 21q4 / 22q1 company is 117% / 101% respectively, and the net cash flow from operation is 37.52 million yuan / 9.49 million yuan respectively. The cash flow is in good condition.
Profit forecast and investment suggestions: it is estimated that the company’s revenue from 2022 to 2024 will be 768 million yuan, 1004 million yuan and 1225 million yuan respectively, the net profit attributable to the parent company will be 151 million yuan, 220 million yuan and 328 million yuan respectively, and the EPS will be 93 million yuan, 135 million yuan and 202 million yuan respectively. Maintain the “buy” rating, and the six-month target price is 32.55 yuan, which is equivalent to 35 times the dynamic P / E ratio in 22 years.
Risk tip: the demand of SMT industry is less than expected, and the development of new products of the company is not smooth.
