[event]
The company issued a forecast for the first quarter of 2022 and expected 2022Q1 to achieve a net profit of 7500-100 million yuan, an increase of 1567.11% and 2122.81% over the same period last year. Deducting non-net profit of 7000-95 million yuan, an increase of 4279.10% over the same period last year. During the period, the company actively overcame the pressure on the operation caused by the external environment, continuously optimized the product structure, continuously improved the management efficiency and operational efficiency, greatly improved the overall profitability, and achieved a substantial increase in performance.
[comments]
The company continues to improve the competitiveness of products in the fields of new energy vehicles, smart phones, all-in-one computers, notebooks, tablets, virtual reality (VR) / augmented reality (AR), smart home, etc., actively develop new business, and continue to increase business orders in the above areas, the proportion of new energy vehicle business revenue continues to increase. The company continues to improve its R & D technical capacity and delivery capacity, and with the gradual release of the company's capacity expansion, the company's operating income has achieved steady growth.
According to IDC statistics, global VR product shipments in 2021 were about 9.36 million units, an increase of 68.6% over the same period last year, and global AR product shipments were about 330000 units, an increase of 13.8% over the same period last year. According to the forecast of TrendForce Consortium Consulting, global VR/AR equipment shipments will maintain rapid growth, and CAGR is expected to be 53.1% in the next five years. The company participates in the global technology giant VR/AR product project and continues to deepen customer cooperation. The increasing stand-alone value of precision functional parts and precision structural parts in related products will directly benefit from the continuous improvement of shipments of VR/AR and other products.
In the field of new energy vehicle business, the company has provided customers with a variety of products, including precision functional devices, precision structural components, modules and other products to create a precision manufacturing platform. At the same time, based on its own R & D and manufacturing advantages, the company actively develops including high-voltage cable assemblies, battery cover plates and so on. According to the forecast of Gao Gong Lithium, the output of new energy vehicles in the world and China is expected to reach 8.5 million and 6 million respectively in 2022. The company's forward-looking layout of new energy vehicles wireless charging and hydrogen fuel cell technology, and strive to promote the dual-carbon goal. In 2021, the company has won the designated project of new energy vehicle wireless charging system in brand car factory. According to Research and Markets forecast, the market size of electric vehicle wireless charging will reach 407 million US dollars in 2025, and CAGR will reach 117.56% in 2020-2025.
Hydrogen fuel cell industry continues to usher in favorable policies, the company clearly planned, increased investment in research and development, to promote the commercialization of hydrogen fuel cell landing process.
[investment advice]
We are optimistic about the company's increasing product competitiveness and deepening customer relationships in new energy vehicles, VR/AR and other new fields. based on the company's strong R & D strength, forward-looking market layout and deepening customer relationships, we are expected to directly benefit from the continuous volume of downstream demand. The company's 2022Q1 performance guidance is strong, and we have raised our revenue forecast for 2022-2023, adjusted the expense rate for the period, and increased our profit forecast for 2024. It is estimated that the company's revenue from 2022 to 2024 will be 49.35,66.54 and 8.184 billion yuan respectively, the net profit will be 4.10,5.69 and 653 million yuan respectively, the EPS will be 0.60,0.83,0.96 yuan per share respectively, and the corresponding PE will be 21,15,13 times respectively, maintaining the "overweight" rating.
[risk Tip]
Downstream market demand is lower than expected
Rising upstream costs put pressure on the company's profitability
Sharp fluctuations in the exchange rate have an impact on profits