The net profit increased rapidly in the first half of 2022. The company expects to achieve a net profit of about 15.5 million yuan to 18.5 million yuan belonging to shareholders of listed companies in the first half of 2022, an increase of 46.06% to 74.33% over the same period last year, and an estimated net profit of 11 million yuan to 13 million yuan after deducting non-recurring profits and losses, an increase of 17.82% to 39.24% over the same period last year. The main reasons are: the company increased investment in power products and actively expanded its business in the field of new energy. During the reporting period, the company's power fuse products and accessories increased significantly compared with the same period last year.
Domestic circuit protection components faucet. The company has ploughed the circuit protection components industry for 30 years. The company's main products are power fuses and electronic fuses, in which power fuses are mainly used in photovoltaic, energy storage, wind power, new energy vehicles, industry, communications and other fields. Electronic fuses are mainly used in household appliances, consumer electronics and automotive electronics. In the field of electronic fuses, the company has a strong competitive advantage in the global market, customers including Midea, Gree, TCL, Hisense, Ox and other home appliance brands.
The field of new energy is growing rapidly. As of February this year, the company's electric power orders totaled 18.44 million yuan, a year-on-year increase of nearly seven times. In the field of energy storage, the company has established cooperation with many leading companies such as Sunshine Power and Nanrui Electric; in the field of wind power, the company has begun to supply bulk products to Hewang Electric and other complete machine factories; in the field of new energy electric vehicles, the company has passed the BSI IATF16949 automobile quality management system certification and is actively promoting cooperation with Ningde era, BYD, BAIC, Great Wall and other leading domestic new energy vehicle manufacturers.
The strategic layout of "XYZ three axes" is GPU. On the "X" axis, the company tamps the main business, increases the investment in power products, broadens the use scene of existing products, infiltrates the inherent components into the electric power new energy industry, and promotes the improvement of gross profit margin; on the "Y" axis, around the core fuse products, realize the transformation from a single fuse product to a circuit protection system solution. On the "Z" axis, it lays the foundation for the rapid development of the company by investing in warp technology, laying out the GPU field, expanding the company's business territory and building a new profit model.
Investment suggestion
It is estimated that the company's revenue from 2022 to 2024 will be 618,862 million yuan, an increase of 75.7%, 57.9%, 39.6%, and net profit of 0.51, 0.87, respectively, an increase of 111.9%, 69.3% and 36.5%, respectively. The current price is 116x PE in 2022. In view of the strong market demand for the company's new business, it was given a "buy" rating for the first time.
Risk hint
Downstream demand is not as expected, new product research and development is not as expected, and competition in the industry is intensified.
