Events:
According to the company's semi-annual report for 2022, H1 Company earned 209 million yuan in revenue in 2022, an increase of 49.16% over the same period last year; its net profit was 61 million yuan, an increase of 1823.09% over the same period last year; and its net profit was 19 million yuan after deducting it, turning a loss into a profit over the same period last year.
Rapid profit growth, attach importance to research and development to enhance core competitiveness
According to the Q2 single quarter in 2022, the revenue was 159 million yuan, an increase of 39.71% over the same period last year, the net profit of homing mother was 61 million yuan, an increase of 198.00% over the same period last year, and the gross profit margin and net profit margin were 55.88% and 38.09% respectively, up 14.10% and 20.23% respectively over the same period last year. The sales expense rate / management expense rate / R & D expense rate is 4.27%, 6.31%, 21.99%, respectively, and the year-on-year change is-0.66, 0.32, 6.31%, respectively, and the R & D expenditure remains at a high level.
Product structure continues to improve, focusing on automotive electronics and cloud applications from the downstream structure, the company's information security income in the first half of 2022 was 105 million yuan, an increase of 12.95 percent over the same period last year, accounting for about 50 percent; automotive electronics and industrial control revenue was 48 million yuan, an increase of 172.51 percent over the same period last year, accounting for about 23 percent; and revenue from edge computing and network communications was 54 million yuan, an increase of 117.59 percent over the same period last year, accounting for about 26 percent. The company focuses on automotive electronics and cloud applications, with full coverage of automotive electronic chips and continuous volume of body control chips. by the end of June 22, more than 2 million orders have been obtained for body / gateway control chips. Powertrain control chips / domain controller chips / BMS control chips / vehicle specification level safety MCU and other products are in the stage of research and development or verification. In the field of cloud application, the company's cloud security chip entered the national product catalogue of Xinchuang, with the highest encryption and decryption performance up to 30Gbps, the highest process up to 14nm, and the technical indicators reaching the international advanced level, the company has developed a new generation of server storage control Raid chip with excellent performance, which is currently in use by customers, and there is an urgent need for domestic replacement.
Earnings forecast, valuation and rating
It is estimated that the company's income from 2022 to 2024 will be 9.53 shock 16.62 / 2.624 billion yuan, with a year-on-year growth rate of 134%, 74%, 58%, 1.60, 2.74, and 388 million yuan, respectively, with a year-on-year growth rate of 129%, 71%, 42% and 77%, respectively. The EPS is 0.67 and 1.14, respectively, and the PE corresponding to the profit forecast for 2022-2024 is respectively multiple of 79-46-33, maintaining the "buy" rating.
Risk tips: intensified market competition; fluctuations in business performance; technology iterative upgrading is not as expected; core technology leakage and brain drain.