Puyuan Jingdian (688337)
Events
Puyuan jingdian-u released the first quarterly report of 2022: in the first quarter of 2022, the company achieved a total turnover of 117 million yuan, a year-on-year increase of 26.28%, and realized a net profit attributable to the parent company of 4.2791 million yuan, a year-on-year increase of 164558 million yuan. After excluding share based payment, the net profit attributable to shareholders of the listed company was 172235 million yuan, a year-on-year increase of 58.85%.
Key investment points
The profitability has been continuously improved, and the sales volume of high-end products has increased rapidly
In the first quarter of 2022, the company’s revenue and net profit increased both, and the operation continued to be optimized. In terms of revenue, the sales amount of the company’s high-end digital oscilloscope increased by 134.25% year-on-year, and the sales amount of direct sales and Chinese market increased rapidly. In terms of profit, the company’s profitability increased significantly in the first quarter, mainly benefiting from the increase in the average price of the host brought by the growth of the company’s high-end digital oscilloscope sales. The cost advantage of self-developed chip products was brought into play, and the overall gross profit margin increased rapidly. In terms of period expenses, the sales expense rate, management expense rate and R & D expense rate decreased by 7.06%, 3.32% and 5.42% respectively. Among them, the investment amount of the company’s R & D expenses remained stable.
The electronic measuring instrument industry has a broad market space and a wide range of downstream applications
Due to the development of China’s economy, various industries in China are undergoing transformation and upgrading and technological innovation, especially in key fields such as 5g, semiconductor, artificial intelligence, new energy, intelligent manufacturing and aerospace. The basic means of research, development and technological upgrading in these fields are based on electronic measurement technology. At the same time, policies and guidelines such as the revitalization plan of the electronic information industry will further expand the market demand and provide a new and broad market for electronic measuring instruments. China’s electronic measuring instrument market has grown rapidly in recent years. The Chinese market of electronic measuring instruments accounts for about one third of the global market and is one of the most important markets in the global competition. According to Frost & Sullivan’s independent Market Research Report on the global and China’s electronic measuring instrument industry, the market scale of China’s electronic measuring instruments has increased from 17.154 billion yuan to 30.093 billion yuan at a compound annual growth rate of 15.09% from 2015 to 2019. It is expected that the market scale of China’s electronic measuring instruments will reach 42.288 billion yuan in 2025. Although there is still a certain gap compared with the international top measuring instrument giants, the process of domestic substitution is accelerating in line with policies and changes in the international situation.
The rapid industrialization of self-developed products has opened the technological ceiling of China’s high-end fields
The company attaches great importance to the research and development of core technologies and maintains the leading level of technology. The company launched a new digital oscilloscope ds70000 Series in 2020, marking that the company has officially entered the ranks of international high bandwidth digital oscilloscopes. With the excellent performance of the self-developed “phoenix” oscilloscope special chipset, the company has achieved the highest 4GHz bandwidth and 20gsa / s real-time sampling rate. At the same time, the ultravision III technology platform can realize the storage depth of digital oscilloscope up to 2gpts, the refresh rate up to 1000000 waveform / s, support 8bit ~ 16bit variable resolution, and the FFT rate up to 10000 times / s. The latest digital oscilloscope ds70000 series launched by the company in 2021 has achieved the highest 5GHz bandwidth and 20gsa / s real-time sampling rate in China. Its comprehensive performance is in the leading position in the field of domestic digital oscilloscope and has been sold in the first half of 2021. In addition, the gap between China and the world’s leading companies equipped with brand-new oscilloscopes will be further narrowed this year.
We believe that with the development trend of emerging application fields such as wireless communication, Internet of things, automotive electronics, consumer electronics and aerospace, the company will continue to promote the R & D and industrialization of high-end products and new products through its own research and technology accumulation in the core chip and algorithm technology of general electronic measuring instruments, narrow the gap with international leading enterprises, and its performance will usher in long-term growth.
Profit forecast
It is predicted that the revenue of the company from 2022 to 2024 will be 673 million yuan, 919 million yuan and 1227 million yuan respectively, and the EPS will be 0.69, 1.15 and 1.74 yuan respectively. The corresponding PE of the current stock price will be 68, 41 and 27 times respectively, and the “recommended” investment rating will be given.
Risk tips
Downstream industry prosperity downside risk, new product R & D progress less than expected risk, industry competition risk, overseas policy change risk, etc.
