Events:
The company disclosed its 2022 semi-annual report on August 28, 2022. In the first half of 2022, the operating income was 627 million yuan, down 4.89% from the same period last year, and the net profit was 64 million yuan, an increase of 46.99% over the same period last year. In the second quarter, the operating income was 332 million yuan, down 10.73% from the same period last year, and the net profit was 48 million yuan, an increase of 112.57% over the same period last year. The company's performance is in line with expectations.
Comments:
Profits grew against the trend in the first half of the year, investment income and exchange rate changes brought additional profits in the first half of the year, the company's overseas income accounted for 57.56%, overseas income accounted for a relatively high proportion, due to the epidemic and the war between Russia and Ukraine led to a decline in revenue. In the first half of the year, the non-recurrent profit and loss benefited from the forward settlement and sale of foreign exchange and securities investment, of which the investment income was about 12 million, accounting for 16.89% of the total profit, and the fair value change was about 9 million, accounting for 12.65% of the total profit. The Q2 gross profit margin was repaired, and the return net profit increased against the trend.
Increased investment in research and development, continuous breakthroughs in the development of new products
The company continues to strengthen research and development, technological innovation and strengthen the R & D team. The R & D expenditure in the first half of the year was 31.5312 million, an increase of 5.8126 million yuan over the same period last year and an increase of 22.6% over the same period last year. The promotion of the company's new generation of high-performance V6 servo system in the new application field is smooth, and in cooperation with high-end customers, it has become a supplier of mobile phone production and testing equipment in Apple Inc's industry chain. stepper motor and Haekang Visa, Yushi technology have also reached batch cooperation, which is expected to become a new business growth point of the company.
Set to increase production and improve the ability to deliver new products
In August, 2021, the company raised about 500 million yuan in the form of a private stock offering to raise funds for intelligent motor and drive control system construction projects, and plans to use no more than 90 million yuan to purchase land use rights located in Tonghu Ecological Wisdom Zone, Huizhou City, for the construction of Collier Motor and Drive Control system production and R & D headquarters project. The production capacity, production scale and delivery guarantee capacity of the company's products are expected to be greatly improved.
Profit forecast and investment advice
It is estimated that the operating income for 22-24 years will be RMB 19, 25.44 / 3.42 billion, the corresponding growth rate will be 32.42%, 33.94%, 34.40%, 1.37, 1.92 / 258 million, 33.75%, 39.74, 34.48, 35.96% and 0.44, 0.61, 0.82 per share, respectively, respectively. The corresponding PE is 32.9x/23.5x/17.5x, in view of the continuous breakthroughs in the company's new products, the cooperation with high-quality customers is further deepened, and the "buy" rating is maintained.
Risk hint
1) the risk of rising prices of upstream raw materials; 2) the risk of exchange rate fluctuations; 3) the risk of intensified competition in the industry.