1H22's homed net profit rose 106% year-on-year, and gross profit margin rose to a new high of 47.15% in the second quarter. The company's 1H22 revenue is 472 million yuan (YoY 28%), the return net profit is 127 million yuan (YoY 106%), and the non-return net profit is 123 million yuan (YoY 113%). Of which 2Q22 revenue 207 million yuan (YoY 2%, QoQ-22%), return to the mother net profit of 61 million yuan (YoY 64% YoY QoQ-6%). In terms of profitability, 1H22 gross profit margin increased by 10.57pct to 45.78%, net profit margin increased by 10.28pct to 27.01%, R & D fee increased 3.47pct to 10.65% X 2Q22 gross profit margin 47.15%, 8.51pct increased, month-on-month increased 2.44pct, net profit increased by 29.63%, year-on-year increase in 11.05pct, month-on-month increase in 4.68pct.
We persisted in independent innovation in core technologies, and investment in R & D increased by 90% in the first half of the year compared with the same period last year. In the first half of the year, the company focuses on developing power management chips, providing customers with high-performance and reliable power management solutions, and actively developing and promoting intelligent network delay management units, signal chain chips and other products. In the first half of the year, the company invested 50 million yuan in R & D, an increase of 90% over the same period last year, and the proportion of revenue increased to 10.65%. 26 new patent applications were added, of which 13 were invention patents, and 4 invention patents were authorized. By the end of June, the company had obtained a total of 107 domestic patents, including 40 invention patents, and 180 R & D personnel, accounting for 53.89% of the total number of employees.
Actively explore the automotive and new energy markets, has successfully entered the BYD supply chain. The company is in a dominant position in mobile phones, wearable devices and other application fields, and its end customers have covered Samsung, XIAOMI and other well-known consumer electronics brands at home and abroad. With outstanding product performance and stable product quality, the company maintains a good cooperative relationship with customers, and the field of cooperation has gradually expanded from mobile phones and wearable devices to home appliances, automotive electronics and other business sectors. At the same time, on the basis of the mobile phone and wear market, the company has expanded to expand the automotive and new energy markets, and has successfully entered the BYD supply chain.
There is a structural shortage in the upstream production capacity, and the conversion to high-pressure products alleviates the delivery pressure. In terms of upstream supply capacity, the overall tension was still tight in the first quarter and greatly alleviated in the second quarter, but there were structural tensions in some products such as 45v and 60V high pressure processes. The company quickly transferred to develop such products and entered mass production to ease the pressure on the delivery of non-mobile phone products.
Investment advice: customers and products expand smoothly and maintain the "buy" rating. We expect the company's net profit for 2022-2024 to be 2.92 million yuan, with a year-on-year growth rate of 84 percent, 26 percent, and 6.65 yuan, respectively, and the PE corresponding to the stock price on August 26, 2022 is 24x19x17x. The company's customers and products expand smoothly and maintain a "buy" rating.
Risk tips: new product research and development is not as expected; customer verification is not as expected; demand is not as expected.
