Core conclusion
Event: in the first half of 2021, the company realized operating income of 9.987 billion yuan and yoy + 53.10%; realized net profit of 434 million yuan and yoy + 53.73% belonging to shareholders of listed companies. The industry boosted, and the company's electronic components licensing business and industrial Internet innovation business grew faster than expected.
The competitive advantage of the distribution business has been further highlighted, and the profitability has been significantly improved. In the first half of the year, the authorized distribution business of electronic components realized revenue of 8.645 billion yuan, yoy + 53.93%, net profit of 277 million yuan and yoy + 104.83%. In the face of the shortage of electronic components, the company gives full play to the comprehensive competitive advantages of leading enterprises and promotes the promotion of market share. The profitability of the distribution business has improved significantly, and the company continues to optimize its business structure. At the same time, the company continues to improve its technical distribution capacity to enhance customer stickiness and produce value-added effects; in addition, the recovery of the industry economy has also raised the company's gross profit margin.
Huaqiang Electronic Network Group accelerated the growth of innovative business, the listing application was accepted by the Shenzhen Stock Exchange, and the new journey is expected to begin. Huaqiang Electronic Network Group realized operating income of 1.043 billion yuan, yoy + 305.48%, net profit of 141 million yuan and yoy + 324.29%. As an innovative business, Huaqiang Electronic Network Group verified the feasibility, science and growth of its business model, and its extended penetration into the upper and lower reaches of the industrial chain was continuously strengthened, making efforts at both the supply side and the client side, realizing the "double wheels" of the supply side and the client side.
Jointly drive the rapid development of business. In addition, the company actively promotes the electronic network group IPO declaration work, and the IPO application has been accepted by the Shenzhen Stock Exchange, which is expected to start a new journey.
Investment suggestion: we forecast that the company's main business income from 2021 to 2023 will be 200.56, 244.93 and 27.989 billion yuan, and the return net profit will be 8.96,10.03 and 1.133 billion yuan, corresponding to 17, 15 and 14xPE, maintaining the company's "buy" rating.
Risk tips: the demand of the electronic components industry is lower than expected; the Internet business development of the electronic components industry is not as expected and the risk of IPO listing failure.