20220426-招银国际-中际旭创-300308.SZ-Strong_4Q21_1Q22_results__Reiterate_BUY_5页

报告摘要

Innolight (300308 CH) Company Update Summary

Core Content Overview

This document provides an equity research update on Innolight (300308 CH), highlighting its financial performance for FY21 and 1Q22, as well as the firm's outlook and investment recommendation. The report reiterates a BUY rating with an unchanged target price of RMB45.6, indicating continued confidence in the company's growth prospects.

Main Financial Results

FY21 Revenue: RMB7.7bn (up 9.2% YoY)
FY21 Net Profit to Shareholders: RMB877mn (up 1.3% YoY)
1Q22 Revenue: RMB2.1bn (up 41.9% YoY)
1Q22 Net Profit to Shareholders: RMB217mn (up 63.4% YoY)

The results are described as solid and largely in-line with expectations, driven by strong overseas cloud demand and increased sales of 200G/400G optical modules.

Key Performance Metrics

Gross Margin (GPM):
- 4Q21: 28.1% (up from 24.5% in Q3)
- 1Q22: 26.3% (down due to component shortages and rising costs)
Net Profit Margin (NPM):
- FY21: 11.4%
- 1Q22: 10.4%
Operating Profit Margin (OPM):
- FY21: 12.5%
- 1Q22: 11.0%

Outlook and Market Position

Positive Outlook: The report maintains a positive outlook on overseas cloud demand, citing record capex from major cloud providers such as Amazon, Meta, and Microsoft, which are expected to continue driving growth.
Market Share: According to Omdia, Innolight holds 12% market share in the optical transceiver market, ranked No. 2, and has gained the most share among the top 10 players.
Growth Drivers: Continued demand for 200G and 400G optical modules is a key growth driver, with the company expected to see steady QoQ growth in 2Q22-4Q22.

Financial Forecasts

Metric	FY19A	FY20A	FY21E	FY22E	FY23E
Revenue (RMB mn)	4,758	7,050	7,695	9,908	11,426
YoY Growth (%)	-7.7%	48.2%	9.2%	28.8%	15.3%
Net Profit (RMB mn)	513	865	877	1,095	1,352
YoY Growth (%)	-17.6%	68.6%	1.3%	24.8%	23.5%
EPS (RMB)	0.73	1.23	1.21	1.37	1.69
12M Forward P/E	39.4	23.4	21.0	17.0	-

Key Risks

Weaker capital expenditures from global cloud companies
Slower deployment of 5G infrastructure
Component shortages worse than expected

Company Performance and Ratios

12-month Price Performance: -14.6% (1-month), -26.1% (3-month)
Current Price: RMB29.04
Target Price: RMB45.60 (+57.0% upside)
ROE: 7.4% (FY19A) to 10.0% (FY23E)
ROA: 4.9% (FY19A) to 7.1% (FY23E)
Current Ratio: 2.1 (FY19A) to 4.1 (FY23E)
Inventory Turnover Days: 243 (FY19A) to 190 (FY23E)
Receivable Turnover Days: 76 (FY19A) to 50 (FY23E)

Shareholding and Financial Position

Market Cap: RMB23,222mn
Total Issued Shares: 799.7mn
Shareholding Structure:
- Zhongji Investment: 11.74%
- HKSC: 9.31%
- Wang Weixiu: 8.02%
Cash and Equivalents: RMB3,515mn (FY21E)
Total Assets: RMB16,565mn (FY21E) to RMB18,969mn (FY23E)
Total Liabilities: RMB4,962mn (FY21E) to RMB5,353mn (FY23E)
Total Equity: RMB11,603mn (FY21E) to RMB13,616mn (FY23E)

Investment Recommendation

Rating: BUY (unchanged)
Target Price: RMB45.60
Reasoning: Strong results, solid growth in overseas cloud demand, and increasing market share in the optical transceiver sector.