\u3000\u3000 Quick Intelligent Equipment Co.Ltd(603203) (603203)
Event overview
The company released the performance forecast for 2021, and realized a net profit attributable to the parent company of 260-288 million yuan in the whole year, with a year-on-year increase of 46.74% – 62.54%; The net profit deducted from non parent company was 211-239 million yuan, with a year-on-year increase of 35.79% – 53.82%.
Analysis and judgment:
In 2021, the performance increased rapidly, and the forecast range of Q4 single quarter performance was large. The net profit attributable to the parent company in Q4 in a single quarter was 39.55-67.55 million yuan. Compared with 47.61 million yuan in the same period of last year, the performance growth rate in a single quarter was about – 16.9% ～ + 41.9%. The company’s high performance growth in 2021 is mainly due to: (1) the company’s continuous breakthroughs in key technologies such as motion control, visual algorithm, precision module and laser application, and the accelerated in-depth integration of product innovation and industry application, which promoted the rapid growth of the company’s business performance; (2) Obtain incremental application of precision welding equipment for head customers in the field of intelligent wear & batch landing of machine vision AOI special detection equipment; (3) In the field of new energy & automotive electronics, selective wave soldering equipment is gradually increasing.
Deep cultivation of precision electronic assembly, key customer strategy to accelerate the development of the company. 1) The company continues to cultivate first-line customers: in the first half of 2021, AOI special machine was developed for the precision solder joint inspection of international first-line brand smart watches, and batch orders have been obtained; With the deepening of cooperation with customers, the business has gradually expanded to other process equipment and automation equipment, successfully developed and delivered P & P (Grab & paste) precision mounting equipment for its TV component factory, and gained more experience in precision mechanism design, machine vision and motion control software technology; 2) Rapid development of dispensing and marking equipment: I. The company’s high-speed and precision dispensing equipment has created different application scenarios in camera module, VCM, SIP and other industries, continuously optimized and polished the hardware and software including dispensing valves of key modules, and began to receive orders in small quantities in the first half of 2021; ii. Laser marking equipment continues to make rapid progress in PCB and FPC marking business in the field of SMT. At the same time, it also continues to expand its process vision and obtain breakthrough orders in the fields of semiconductor chips, power semiconductor devices and CCM.
Actively layout the field of micro semiconductor packaging and testing, and open up the growth space of the company. The company actively arranges the micro assembly semiconductor packaging product line, focusing on research, development and investment layout of high-end solid crystal, high-precision dispensing and visual inspection. In the first half of 2021, the research and development projects of nano silver sintering technology and vacuum solid crystal welding for IGBT / chip packaging of high-power devices have entered the process verification stage; The semiconductor business will open up the company’s long-term growth space.
Investment advice
Considering the competitiveness established by the company’s long-term deep cultivation in the field of precision electronic assembly and the sustainable development of key customer strategy, we raised the forecast of the company’s revenue of 644 / 755 million yuan in 21-22 years to 780 / 1056 million yuan, raised the forecast of net profit attributable to the parent company of 242 / 281 million yuan in 21-22 years to 277 / 379 million yuan, and lowered the forecast of EPS of 21 years The forecast of 54 yuan is 1.45 yuan, up 22 years’ eps1 The forecast of 80 yuan will rise to 1.99 yuan, and the forecast for 2023 will be added at the same time. It is estimated that the company’s revenue from 2021 to 2023 will be 780 / 1056 / 1338 million yuan, the net profit attributable to the parent company will be 277 / 379 / 482 million yuan, the corresponding EPS will be 1.45/1.99/2.52 yuan, the corresponding closing price of 34.22 yuan / share on January 24, 2022, and PE will be 24 / 17 / 14 times respectively, maintaining the “buy” rating.
Risk tips
The prosperity of 3C industry is lower than expected; Apple’s product innovation and capital expenditure are less than expected; The company’s order share is lower than expected.
