\u3000\u3000 Unilumin Group Co.Ltd(300232) (300232)
Event: the company released the performance forecast for 2021. The net profit attributable to the shareholders of the listed company in 2021 is expected to be 201.9576 million yuan – 251129900 yuan, with a year-on-year increase of 71.47% – 113.22%; The net profit after deducting non recurring profits and losses is expected to be 133.697 million yuan – 17.3861 million yuan, with a year-on-year increase of 162.79% – 241.63%.
The prosperity of the LED industry has warmed up, and the lighting display two wheel drive: the situation of the LED industry is gratifying, and the downstream incremental demand continues to increase. The epidemic has accelerated the upgrading of consumption, and new scenes of experiential, immersive, interactive and comprehensive consumption have emerged. Consumers put forward higher requirements for the software and hardware facilities of shopping centers. As a software and hardware infrastructure with dynamic experience, acousto-optic is an indispensable “just need” supporting in the construction of modern commercial complexes. In terms of smart display, with the maturity of small spacing LED display technology, continuous improvement of yield and continuous decline of cost, the customer group of small spacing led continues to expand and the penetration rate increases. In addition, new technologies such as COB / mini / micro led, 5g, Internet of things, artificial intelligence, edge computing and XR virtual reality are integrated and interactive, and LED display is applied to more emerging scenes. In terms of smart lighting, benefiting from the construction of smart city and the popularization of 5g, the growth trend of multi-functional smart light poles is obvious. According to incomplete statistics of the bidding network, the number of smart light poles tendered in May 2021 exceeded 3000, involving an amount of 440 million yuan. According to the company’s 2021 semi annual report, Changsha Xi mosaic has more than 400 square meters of sky curtain, and Jingdong super body Hefei store’s 3D super magic cube screen are all light display solutions provided by the company; The company’s Zhouming naked eye 3D creative visual display solution has successfully created many urban online Red landmarks such as Chongqing Jiefangbei, Guangzhou XR amusement Experience Hall, Guangzhou Ultra HD Town, Shenzhen Greater China and so on.
The tension in the supply chain has eased and the company’s leading advantages have been highlighted: since the second half of 2020, China’s demand has warmed up and risen rapidly, and the orders of downstream application manufacturers have increased significantly, which has exacerbated the tension in the upstream raw material supply chain, and the change in supply relations has caused the concentration effect of leading enterprises. According to the semi annual report of the company, the company actively adjusts the procurement strategy of the supply chain, develops and introduces high-quality supply sources, and realizes multi-channel supply guarantee; Lock strategic cooperation suppliers and cooperate with each other to obtain priority guarantee of cost and supply; Accelerate the localization process of overseas materials; The first level planning committee was established to improve the efficiency of production, supply and marketing process. In addition, the company has technical advantages. As of the first half of 2021, the company has 1898 patent authorizations. At present, the market share of the company’s comprehensive LED display screen ranks among the top three in the world, among which the market share of new commercial rental display screen ranks first in the world. The semi annual report disclosed that Zhouming led cinema screen passed DCI certification and became the first LED display enterprise in China to obtain a license to enter the cinema LED display market.
Focus on the layout of mini LED production capacity and improve the company’s performance: the semi annual report disclosed that the company successfully launched a new generation of display product – umini II through technological improvement and innovation, realizing the optimization of key technical indicators and performance; Zhouming umini Ⅱ P0.05 7、 P0. 9、 P1. 2. The conditions for large-scale mass production have been realized, and will be widely used in 4K, 8K and ultra 8K displays in high-end commercial display, intelligent control room, HD studio, education and medical screen, home theater, high-end retail stores and other industries. On September 10, the record of investor relations activities of the company disclosed that the new capacity layout is mainly concentrated in Daya Bay phase II project. In September, Daya Bay phase II project has realized the operation of some miniled and small spacing production lines. It is expected to complete the operation of all capacity planning in the first phase in October, The company’s new capacity in the first stage can meet the sales of mini LED products of about 500 million yuan. Then it will gradually climb the capacity according to the market demand. The overall capacity is planned to increase to 3-4 times the capacity of Daya Bay phase I, and the total output value is planned to be about 12 billion yuan. It is disclosed in the record of investor relations activities of the company in November, The newly added miniled production capacity of Daya Bay phase II production base is 3000kk / month.
Investment suggestion: we estimate that the company’s revenue from 2021 to 2023 will be 7.195 billion yuan, 8.993 billion yuan and 11.242 billion yuan respectively, and the net profit attributable to the parent company will be 244 million yuan, 415 million yuan and 621 million yuan respectively, maintaining the “Buy-A” investment rating.
Risk tip: the prosperity of the industry is lower than expected; The expansion project is not as expected; Market development is less than expected; The production capacity is lower than expected; Epidemic risk
