On August 3, the company released its semi-annual report of 2022, and its semi-annual performance reached an all-time high.
In 2022, H1 Company achieved revenue of 977 million yuan, an increase of 55.42% over the same period last year, and its net profit was 77 million yuan, an increase of 134.79% over the same period last year. It is estimated that Q2 achieved revenue of 517 million yuan in 2022, an increase of 57.65% over the same period last year, an increase of 12.49% over the previous year, and a net profit of 45 million yuan, an increase of 88.70% over the same period last year and 37.32% over the same period last year.
Despite the disturbance of the epidemic, profitability continues to improve. Despite repeated epidemics in some areas, benefiting from the company's active market development and product research and development, the company's performance has achieved rapid growth. In 2022, H1 company's revenue reached 977 million yuan, an increase of 55.42% over the same period last year, and its mother's net profit was 77 million yuan, an increase of 134.79% over the same period last year. Benefiting from the increase in the proportion of the company's self-developed IC business, the company's gross profit margin and net profit margin reached a record high. In 2022, the gross profit margin of H1 company reached 21.44%, an increase of about 3.3 percentage points over the whole of 21 years, and the net profit rate reached 8.69%, an increase of about 2.14 percentage points over the whole of 21 years.
Car regulation power management chip to maintain the boom, self-research IC business revenue, gross profit hit a new high.
In 2022, the sales of self-developed IC business of H1 company was 83 million yuan, an increase of 211.19% over the same period last year, a record high. The application cases of the company's power management IC products have increased significantly, with the rapid growth of HVAC-driven IC,LDO and headlamp dimming motor-driven IC, of which the company LED driver IC contributes more than 20% of the IC business applications. Thanks to the technical advantages of the company's products and economies of scale, the gross profit margin of H1's self-developed IC business reached 46.37% in 2022, an increase of 11.5% over the same period last year. At present, the company's self-developed IC products have been introduced into Geely, Great Wall, Changan, BYD, Hyundai, FAW, Kia, Chrysler, Volkswagen, XPeng Inc., ideal and other well-known automobile manufacturers at home and abroad. The company 2022Q2 acquired a 60% stake in Ouchuangxin and horizontally expanded its self-research IC business. In the future, with the expansion of product categories and the development of technology, the company's self-developed IC business is expected to develop rapidly by automobile electronic Dongfeng.
Continue to expand downstream customers, the steady growth of distribution business. In 2022, the revenue of H1 company's distribution business was 720 million yuan, an increase of 20.94% over the same period last year. Under the general trend of automobile intelligence, electrification and networking, the company continues to promote new products based on its own customer resources, and maintains high gross profit growth by optimizing product structure. H1 company's distribution business gross profit margin reached 17.69% in 2022, an increase of 0.72% over the same period last year. The company cooperates with Yanfeng Visteon, Yijiatong, Jinlao, Valeo, Hyundai Mobis and other domestic and foreign automotive electronic parts manufacturers, and the distribution products are widely used in automotive lighting and automotive cockpit fields. At the same time, the company acquired Yihai to achieve revenue of 168 million from February to June of 22 years, which also contributed part of the revenue to the company. In the future, with the growth of the automotive semiconductor industry, the company's distribution business is expected to continue to grow steadily.
Profit forecast: regardless of the combined impact of Ouchuangxin for the time being, we expect the company to achieve a revenue of 2.26 trillion yuan in 2022-2024, and a net profit of 1.9 million yuan, maintaining a "recommended" rating.
Risk Tips:
(1) risk of new product promotion
(2) risk of technology development and iterative upgrade
(3) supplier and customer change risk
(4) downside risk of automobile market
(5) the risk of shortage in wafer manufacturing
(6) the risk of impairment of goodwill.
