The company issues a half-year performance forecast for 2022. In the first half of 2022, the company expects to achieve an operating income of 2-210 million yuan (+ 42.10% copyright 49.19%), a net profit of 5800-63 million yuan (+ 1732% copyright 1890%), and an estimated deduction of non-net profit of 1700-21 million yuan, an increase of 2260-26.6 million yuan over the same period last year. The company continues to adjust its product structure, seize the opportunity of industry development, actively open up markets and customers around major national demand, automotive electronics and cloud security applications, overcome the impact of the epidemic, and effectively guarantee production capacity demand. as a result, the company's business has achieved sustained growth.
22H1 automotive electronics customers increased more, automotive chip orders are full of demand. The chip uses the instruction set of independent and controllable PowerPC, with full orders this year, including more than a dozen customers such as tier 1 and vehicle manufacturers, and has built a strategic cooperation pattern dominated by a group of leading customers in the field of automotive electronics, such as Weichai Power Group, Keshida (Shanghai) Management Co., Ltd., Etaike Automotive Electronics (Wuhu) Co., Ltd. And in the field of introducing new energy batteries, the mainstream domestic battery manufacturers are cooperating, the company's new generation of powertrain control chips and body / gateway control chips are in the streaming stage, and the research and development of domain controllers and BMS (battery management system) controller chips are progressing smoothly.
Cloud security chip has good adaptability to meet a variety of market needs. The company focuses on cloud-to-end information security, including cloud computing and big data security, automotive electronics and industrial control security, financial electronics security, intelligent terminals and Internet of things terminal security, and has launched a series of chips covering high, middle and low-end products. It has a high-speed chip interface with standard encryption and decryption, which can be adapted to mainstream chips, and it is expected that there will be a substantial growth in the field of information innovation this year.
The research and development of Raid chip is smooth, and it is expected to break the monopoly and realize domestic substitution. The company has successfully developed the first generation Raid chip products based on the company's C*Core CPU core C8000, with multiple independent interface channels, supporting the connection of up to 40 mechanical hard drives or SSD solid state storage disks, compatible with PCIE standard development, to achieve highly reliable and efficient data storage and transmission management, which is currently in customer trial.
Profit forecast: we estimate that from 2022 to 2024, the company's revenue will be 8.71 picks 17.67 / 3.314 billion yuan respectively (+ 113.7% picks 102.9% picks 87.6%), and the net profit returned to the mother will be 1.55 pm 228 paces $327 million (+ 120.3% picks 43.3% 43.5%). The latest closing price corresponds to PE in 79-54-37, and the company is deeply involved in three major areas: information security, automotive electronics and industrial control, edge computing and network communications. Under the background of domestic substitution, the performance is expected to achieve sustained and rapid growth and maintain the "buy" rating.
Risk hint: customer introduction is not as expected; production capacity is insufficient; order delivery is not as expected.