2022H1 realized net profit of-59.3631 million yuan, which is in line with the performance forecast range. On August 26, the company released a half-year report on 2022. 2022H1 achieved revenue of 3.665 billion yuan,-1.72% year-on-year, and net profit of-59.3631 million yuan,-391.90% of the same period last year, which is in line with the performance forecast range. In a single quarter, 2022Q2 achieved revenue of 1.809 billion yuan,-6.63% compared with the same period last year, and-2.55% compared with the same period last year. The net profit was-68.37 million yuan, mainly due to the temporary shutdown of some subsidiaries affected by the epidemic, the delay of some orders and project progress, and the increase in operating costs caused by the company's all-out guarantee delivery. In terms of expenses, the sales / management / R & D / financial expense rates of 2022H1 are 1.8%, 7.2%, 4.6%, 2.1%, respectively, with year-on-year changes + 0.1/+0.2/+0.7/-0.9pct. Among them, the 2022Q2 sales / management / R & D / financial expense rate is 2.0%, 7.2%, 6.1%, 1.5%, respectively, with year-on-year changes + 0.1/+1.1/+1.2/-1.0pct. The increase in sales and management expenses is mainly due to the company's all-out guarantee delivery.
Automotive electronics business gross profit margin accelerated repair, OBC domestic market expansion achieved remarkable results, the traditional business as a whole under pressure, vehicle power supply (OBC) business performance. 2022H1's revenue from home appliances and consumer electronics, automotive electrical systems and automotive electronics was 1.168 billion yuan respectively, which was-5.45%, 6.66% and 13.08%, respectively. The gross profit margin is 16.04% Meta2022H1 5.06% 24.87%, year-on-year change-2.25/-0.92/+5.96pct, auto electronics gross profit accelerated as scheduled (the holding subsidiary Meta2022H1 made a net profit of 8.883 million yuan, making a profit for the first time). We think the main reason is that the company's OBC has achieved remarkable results in expanding the domestic market, superimposed further release of European and American market orders, and the company's automotive electronics business profit inflection point has reached. It is expected to drive both the overall business scale and profitability of the company.
Car power supply + high-voltage wire harness fully benefit from high-voltage fast charging, automotive electronics "returnee" to accelerate the return!
In the field of on-board power supply, Deloitte's Meta provides Porsche Taycan with the world's first 22Kw 800V silicon carbide vehicle charger solution, and has been rated as Porsche Class A (the most senior) supplier. Capacity continues to expand, in Europe has won Volkswagen, Porsche, BMW, Stellantis and other customers, is expected to enjoy industry growth and share of the double-click; in China has supplied a number of EV under Dongfeng, and won the beam of cars (Great Wall Motor and BMW joint venture), a mainstream car company and car-building new forces fixed, 21-22 in hand and new orders are sufficient. In the field of high-voltage wire harness, with years of experience, technical advantages and rich categories in the field of wire harness, the company has begun to supply BYD, Geely, FAW-Volkswagen MEB ID4, ID6 models, Volvo new energy models, etc., and won Wuling MINI EV, Capgemini, FAW Jetta VS7 harness and other projects. Benefit from the EV high-voltage fast charging trend, high-voltage wire harness orders are expected to increase.
Profit forecast and valuation:
With the gradual rise of 800V platform and the accelerated landing of domestic designated projects, the domestic market share of vehicle power supply is expected to continue to increase. In addition, the company actively layout high-voltage wire harness to promote product upgrading, high-margin products drive the company's overall profitability repair, the fundamentals are expected to accelerate the reversal. We estimate that the company's revenue in 2022-2024 will be 85.4 Universe 965 Universe 11.15 billion Yuan, an increase of 12.6 percent over the same period last year. The net profit will be 361 million RMB, corresponding to an EPS of 0.17 Plus 0.60 Plus 1.07, maintaining the "Buy" rating.
Risk tips: raw material prices rise sharply, exchange rate fluctuations, new customer development is not as expected, the measurement has a certain subjectivity, the risk of brain drain.