22H1 performance is strong, clamping tools and intelligent automation equipment are growing at a high speed. 22H1 realized operating income of 452 million yuan, yoy+50.73%, return net profit of 124 million yuan, yoy+38.76%, deducted non-return net profit of 116 million yuan, yoy+39.49%. The gross profit of 22H1 is 42.92% and the net profit is 28.39% and 1.46pct respectively. Corresponding to 22Q2 single quarter, 22Q2 realized revenue of 249 million yuan, yoy+56.01%, realized net profit of 62 million yuan, yoy+58.87%, realized net profit of 58 million yuan, yoy+74.92%, corresponding gross profit of 39.77% yoymuri 0.28pct, qoq-7.02pct, net profit of 25.77% yoymilk 0.64pct cognac qoqqct. From a product point of view, 22H1 electronic products functional devices, fixtures and intelligent automation equipment to achieve revenue of 304 million yuan, yoy+29.34%/+127.62%.
Successful introduction of industry-leading customers, excellent profit quality, long-term benefit from customer expansion + capacity expansion:
Functional devices have the characteristics of strong customization, fast product update, significant scale advantage and strong customer stickiness. There are many participants at home and abroad, and the competition is fierce. The company's products were successfully introduced into the global contract manufacturing leader Foxconn, and its sales revenue to Foxconn showed an overall growth trend. In 2017-2021, the company's sales revenue to Foxconn was 28.2%, and its contribution to the company's revenue was 76%, 84%, 54%, 61%, 69%, respectively. Relying on high-quality customers to open brand influence, product power + brand power to support the company's customer progress has achieved remarkable results, the new Ofeiguang, Qiu titanium technology, Flextronics and other customers, the business scale continues to grow. The company's IPO project further expand the company's production capacity and improve product quality. Capacity release supply capacity to enhance superimposed customer expansion, the company's long-term performance growth flexibility.
The deepening of the degree of automotive electronization further enhances the demand for functional devices, automotive electronics (new energy vehicles, new energy batteries) technology reserves are available, automotive electronics business is expected to benefit from automotive electrification, intelligent transformation to open the second growth curve. The electric transformation of the automobile, the improvement of ADAS and the permeability of the intelligent cockpit lead to the deepening of the electronic degree of the automobile and the increase of the bicycle value of functional devices. The penetration rate of 2022H1 new energy vehicles is 12%, which is 1.8pct higher than that of the whole of 2021, and the rapid growth momentum continues. Policy guidance + the launch of new models will continue to accelerate the electrification transformation of good vehicles. Consumption upgrade superimposed cost down, ADAS and smart cockpit permeability to improve the space. Automotive electronics accounts for an increasing share of vehicle manufacturing costs, which is expected to be close to 50% in 2030, further driving the increase in the value of bicycle functional devices.
Investment suggestion: maintain the company's 23-year revenue of 14.21 million 1,844 million yuan, return to the mother net profit of 347,000,000 yuan, increase the 24-year profit forecast revenue of 2.394 billion yuan, return to the mother net profit of 572 million yuan, and maintain the "buy" rating.
Risk tips: downstream demand is lower than expected, customer expansion is not as expected, capacity release is not as expected, market competition aggravates the loss of corporate share and profitability.