Events:
According to the company's semi-annual report for 2022, 2022H1 achieved operating income of 472 million yuan, an increase of 27.66% over the same period last year; net profit of 127 million yuan, an increase of 106.49% over the same period last year; non-net profit of 123 million yuan, an increase of 113.12% over the same period last year; and basic earnings per share of 1.98 yuan.
The company's operation has developed steadily, and its profitability has improved significantly compared with the same period last year.
Although the demand for consumer electronics is weak, the company continues to promote product research and development and market expansion, the product structure is further optimized, the main business of 22H1 develops steadily, and the business income grows year-on-year. At the same time, the company's profitability improved significantly compared with the same period last year, with a 22H1 gross profit margin of 45.78%, an increase of 10.57pct over the same period last year, and a net profit margin of 27.01%, an increase of 10.28pct over the same period last year. From the point of view of the cost side, the company's expense rate has declined, while the R & D expense rate continues to increase. 22H1 company sales expense rate / management expense rate / financial expense rate /-Research 2. Send 68 fee% / 10 rate. 6: 5%, which is the same as 4: 4. 5% / 2 change. 9 1%/-0.53/-0.57/-3.08/+3.48pct.
Continuously increase investment in R & D and tamp technical barriers
The company attaches great importance to the construction of R & D system, continues to increase 50 big 25 R & D investment, R & D investment in the first half of the year 10,000 yuan, an increase of 89.50% over the same period last year. 22H1, the company applied for 26 patents, including 13 invention patents, has obtained 4 invention patents, accumulating up to 40. On the premise of taking R & D as the core of the company's operational activities, it has formed a number of core technologies with strong market pertinence and high application value, and the product field covers the fields of mobile phones and wearables. In addition, the company's fund-raising projects are mainly used for high-performance power conversion and driver chips and high-performance power protection chip projects. at present, the investment progress of research and development has been steadily advanced, and a number of new types of chips have been developed, including DC/DC chips, automotive chips and so on.
Earnings forecast, valuation and rating
We estimate that the company's income in 2022-24 is 12.70 yuan 18.17 / 2.414 billion yuan respectively, with a corresponding growth rate of 64.16%, 43.12%, 32.82%, 2.72, 3.88 and 534 million yuan, respectively, and the corresponding shares are 4.24, 6.06, and 8 cents, respectively, with a 70.57%/42.81%/37.72%CAGR of 49.70% and a PE of 26x/18x/13x. Taking into account that the company is a major supplier of mobile phones, wearables and other areas, while actively expanding downstream to maintain the "buy" rating.
Risk tips: intensified market competition, lower-than-expected downstream demand, tight wafer production capacity.