\u3000\u3000 Shenzhen Sunnypol Optoelectronics Co.Ltd(002876) (002876)
Event:
The company released the performance forecast for 2021. The net profit attributable to the parent company in 2021 was between 330 million yuan and 350 million yuan, with a year-on-year growth rate of 182.48% – 199.60%; The net profit after deducting non-profit was between 303 million yuan and 323 million yuan, with a year-on-year growth rate of 217.43% – 238.35%.
Comments:
The performance growth was in line with expectations, and the production capacity of Hefei subsidiary was fully released
The company’s net profit attributable to the parent company in Q4 of 21 was between 52 million yuan and 72 million yuan, with a year-on-year growth rate of – 19.35% to 11.64%. The main reasons for the substantial growth of annual performance include the improvement of industry prosperity, the decline of procurement costs caused by the appreciation of RMB, and the full release of production capacity of Hefei subsidiary to play a scale effect. Among them, the two production lines of Hefei subsidiary have a total capacity of 16 million square meters, and the supply capacity of TV polarizer and mobile polarizer after full production is further guaranteed.
The construction of production capacity was continuously promoted, and the adjustment of production line specifications was accelerated
From 2021 to 2023, the company expects to reach the production capacity of new projects every year. In the third quarter of 2021, the company’s Longgang production line 6 reached the production capacity, with a capacity of 10 million square meters; Putian 1490mm project is expected to reach production capacity in 2022, with a production capacity of 6-10 million square meters; In 2023, Hefei phase II plant is expected to reach production capacity, with a design capacity of about 30 million square meters. After all the above projects are completed, the company’s production capacity will be greatly increased. In addition, the company adjusted the polarizer specification of Hefei phase II project from 2500mm to 1720mm. After the adjustment, the utilization rate of cutting 43 / 55 / 65 inch TV polarizer is higher, and the localization process of raw material end is easier to promote.
Earnings forecast, valuation and rating
We expect that the company’s revenue from 2021 to 2023 will be RMB 2.405/3.216/4.558 billion respectively, with a year-on-year increase of 2.99/4.82, the speed will be 26.24% / 33.73% / 41.70% respectively, the PE will be 26 / 18 / 11 times respectively, and the net profit CAGR from 2021 to 2023 will be 53.55%. In view of the downward shift of the industry valuation center, 35 times PE will be given to EPS in 2021, the target price will be adjusted to 71.49 yuan, and the “buy” rating will be maintained.
Risk tips
Risks such as intensified competition in the polarizer industry and concentrated supply of raw materials
