Shengyi Electronics 22H1 realized operating income of 1.799 billion yuan, yoy+6.53%, realized net profit of 161 million yuan, yoy+24.86%. Corresponding to Q2 single quarter, the company achieved revenue of 939 million yuan, yoy+5.89%, realized net profit of 86 million yuan, yoy+33.61%. The gross profit margin of 22Q2 company is 23.86% yoy+1.91pct yoymilk 3.09pct, qoq-0.18pct, and the net sales profit margin is 9.19%, yoy+1.91pct, qoq+0.51pct. In terms of volume and price, the sales volume of 22H1's PCB products reaches 574500 square meters, and the unit price of yoy+13.57%, corresponding products is 3131 yuan / square meter (21H1 is 3338 yuan / square meter, yoy-6.2%). From the perspective of downstream application areas, the downstream application structure continues to optimize, the proportion of automotive electronic products of 22H1 Company further increases, and the proportion of communication + server products remains stable. From the perspective of product sales area, overseas customers have expanded smoothly, and the proportion of export revenue has further increased. 22H1's overseas income accounts for 40.36% of the company's overseas income. The profit growth in the first half of the year is mainly due to the overall stability of raw material prices due to the scale effect of capacity release in the first phase of Ji'an Shengyi.
Car + server continues to grow downstream application structure optimization: 1) Server: idc capital expenditure increase (Dell'Oro expects global idc capex to be US $240 billion in 2022) + server platform upgrade drives PCB upgrade (intel 22Q4 launches Eagle Stream platform, corresponding to PCI 5.0 PCB uses 16 layers of 18 layers, the previous generation of products uses 12 layers of 14 layers, and the increase of product layers leads to the upgrading of ASP) 2) Automotive: the deepening of automotive electronization has led to the improvement of bicycle PCB usage + technical requirements (bicycle ASP has increased from 500RMB to 1200003000 RMB), the company has rapidly increased its PCB business for automotive electronics in advance, and the proportion of car sales has increased from 1% to 8% in 21 years. The volume of automotive PCB business is ~ 300 million yuan, and the proportion of 22H1 cars has further increased.
From the perspective of capacity expansion dimension, capacity expansion is orderly. 22H1 Ji'an Shengyi Phase I is fully produced (the second phase has an additional production capacity of 170,000 square meters / year). The products are targeted at middle and high-end products such as automotive electronics, servers, communications, etc. 22H1 achieves revenue of 376 million yuan, while yoy+109.65%, achieves a net profit of 25.575 million yuan. Dongcheng Phase IV locates high-density high-end pcb and soft-hard plywood in the fields of 5G communications, network server, automotive electronics and some consumer electronics, steadily expanding production, it is expected that 22Q4 trial production, the project put into production will further enrich the product line + application fields; Ji'an Shengyi Phase II was launched in 21Q4, positioning middle and high-end automotive electronics products.
Profit Forecast: maintain the profit forecast of RMB 378 million in 23 years, yoy+43%, 31%.
Risk tips: macroeconomic fluctuations, raw material price fluctuations, new business progress is not as expected