The performance is expected to release gradually and maintain the "buy" rating.
Disturbed by the epidemic, the company's performance is under short-term pressure, the profit margin in the second quarter is good, with the relief of the epidemic, the performance is expected to continue to release. We keep the profit forecast unchanged, and expect the net profit from 2022 to 2024 to be 8.76,10.73,1.321 billion yuan, EPS is 0.55,0.68,0.84 yuan, the current stock price is 18.9,15.5,12.6 times corresponding to PE, maintaining the "buy" rating.
Event: the company releases its semi-annual report 2022
In the first half of 2022, the company achieved an income of 3.116 billion yuan, down 24.44% from the same period last year, mainly due to the construction and acceptance affected by the epidemic; the net profit from the return to the mother was-93 million yuan, down 118.28% from the same period last year, mainly due to the decline in the fair value of Hongquan held by the company due to market fluctuations; the gross profit margin was 33.33%, an increase of 2.90% over the same period last year, mainly due to the increase in the degree of products of the company and the increase of profit margin. The income in the second quarter was 1.804 billion yuan, and the net profit was 163 million yuan, and the profit margin improved in the second quarter.
Intelligent transportation and intelligent things couplet two-wheel drive, waiting for performance release (1) Intelligent transportation: the revenue in the first half of the year was 857 million yuan (excluding the contribution of subsidiaries), down 45.13% from the same period last year, of which intercity traffic and urban traffic revenue were 5.58 yuan and 290 million yuan respectively. The decline in revenue is mainly due to the epidemic affecting project construction and acceptance. New infrastructure, traffic power and other policies continue to promote the digital transformation of transportation, the company's industry benchmarking cases continue to land, as the epidemic alleviates, the performance is expected to be gradually released.
(2) Smart things: the revenue realized was 2.118 billion yuan, down 10.72% from the same period last year. The company's sinking strategy continues to advance. At present, it has set up more than 80 secondary offices across the country, covering more than 330 prefectures, cities, districts and counties, and released the sub-brand "Ayu" in March, focusing on cost-effective products. It is expected to contribute to the increase in the future.
(3) Lianlu Intelligence: the company joined forces with Continental Group and coordinated with road-end business to form a complete closed loop. At present, the first ETC OBU pre-loading project for domestic head car factory is ready to start batch supply, and 5G T-Box, body controller and light controller projects will also be mass-produced and delivered one after another.
(4) extensive intelligence: the income of artificial intelligence in the first half of the year was 41 million yuan, an increase of 22.5% over the same period last year. The AI subsidiary of the company focuses on marginal computing and the old market. While enabling the company's transportation and IoT business, the external application scene continues to expand, which has been applied to gas stations, production safety and other scenarios, and the future is expected.
Risk hint: the growth of smart transportation orders is not as expected; the shipments of Internet of things products are not as expected.
