share_log

长阳科技(688299):短期业绩承压 长期趋势仍然向好

Changyang Science and Technology (688299): short-term performance is under pressure and long-term trend is still good

國泰君安 ·  Aug 28, 2022 16:00  · Researches

This report is read as follows:

The company's 2022H1 performance is affected by the rise in the price of raw materials and the contraction in consumer electronics demand. In the long run, the landing of new production capacity and the release of high-end products will continue to provide power for the company's development.

Main points of investment:

Maintain the overweight rating, with a target price of 23.54 yuan. Affected by the contraction in consumer electronics demand and the rise in raw material prices, we lowered the company's EPS in 2022 to 0.65 yuan (- 0.09) yuan, maintained the company's EPS forecast of 1.07,1.17 yuan in 2023-2024, and remained unchanged at 22 times PE in 2023. Due to the change in equity, we raised the company's target price to 23.54 yuan (+ 0.14) yuan.

Performance is in line with expectations, short-term pressure does not change the long-term trend. 2022H1 achieved revenue of 545 million yuan, year-on-year-9.03%, net profit 81 million yuan, year-on-year-12.18% 5.35pcts 22Q2 revenue 259 million yuan, year-on-year-18.82%, net profit 45 million yuan, year-on-year-6.93%. Affected by the epidemic and shrinking consumer electronics demand, the company's Q2 gross profit margin was 27.11%, year-on-year-5.35pcts, month-on-month. Short-term performance has been disturbed to a certain extent, but the subsequent landing of new production capacity, product price increases, high gross margin products and other factors will continue to promote the company's performance upward.

The product layout has been further improved and the strategy of "ten years and ten films" has been steadily promoted. Starting in the second half of 2022, the company is expected to usher in performance repair and expansion. Demand side: the improvement of Mini-led permeability leads to the growth of high-end reflective film demand, while the company's share is expected to gradually expand; the development of new energy demand for lithium battery diaphragm; domestic demand for high-end optical base membrane such as MLCC release membrane base membrane, polarizer release membrane base membrane domestic replacement demand. Supply side: the stabilization of raw material prices and the repair of the profit side brought by the company's price adjustment measures; the successive landing of Hefei optical base film and lithium battery diaphragm projects to further ensure the company's production capacity supply.

Catalyst. Mass production of lithium battery diaphragm; falling price of raw materials

Risk hint. It shows that the repair of the prosperity of the industry is not as good as expected, and the commissioning of new capacity is not as expected.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment

    Statement

    This page is machine-translated. Futubull tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.