In the first half of 22, the net profit of homing fell by 48.24%, maintaining the "buy" rating company's revenue of 1.478 billion yuan in the first half of 2022, down 25.64% from the same period last year; the net profit of homing was 144 million yuan, down 48.24% from the same period last year, and the overall gross profit rate remained stable at 33.12%. The company's Q2 quarter achieved a net profit of 128 million yuan, down 40.55% from the same period last year. As the company's underwater acoustic electronic defense business was seriously affected by the epidemic in the first half of the year, we lowered our profit forecast. It is estimated that the company's net return profit for 22-24 years will be RMB 9.171,131,558 million (the previous value is 10.42pm), and the corresponding PE is 1.664 billion times that of 18-14-11. According to Wind consensus expectations, comparable company 22-year average PE of 31x, considering that the company is the only leading marine information company, although affected by the epidemic led to a decline in performance, but the company in the industry competition pattern and the company's industry status has not changed, so we maintain the company 30X target PE, corresponding to the target price of 38.69yuan (the previous value of 43.97yuan), maintain the "buy" rating.
The underwater acoustic electronic defense business is greatly affected and the overall performance is dragged down.
In the first half of the year, the revenue of the underwater acoustic electronic defense business reached 426 million yuan, down 55.84% from the same period last year, and the business accounted for a large proportion of the company's overall revenue, so it was the main factor in the decline of the company's revenue. The company's underwater acoustic electronic defense business is mainly used for underwater information detection and confrontation, underwater information acquisition, underwater information transmission and underwater information system control, etc. the areas where the epidemic broke out in China in the first half of the year are highly coincident with the locations of the company's main subsidiaries and defense main business customers, and some of the company's major subsidiaries have experienced work stoppage and production stoppage, and there are also delays in bidding for some projects. The signing of the contract lags behind, the raw materials are not in place in time and many other factors. The company's revenue has declined significantly, but the normal expenses of various fixed fees have led to an increase in the expense rate during the sales period to 22.67%, driving down the net interest rate.
The non-underwater acoustic electronic defense business blossomed at many points, and the revenue achieved positive growth. In the first half of the year, the company's special equipment electronics industry achieved revenue of 408 million yuan, an increase of 11.55% over the same period last year. Among them, revenue from motion control products increased by 36.92% over the same period last year, and emphasis has been placed on the layout of missile-borne projects, while 10 new customers such as aerospace and weapon systems have been opened up; revenue from power products has increased by 6.10% compared with the same period last year. New markets and new areas such as airborne electronic countermeasures, unmanned combat vehicles and missile seeker power supply have been opened up, and brick power supply business has been expanded. Special computer business continues to expand new projects, and multi-model development and supporting tasks are laying the foundation for opening up the land, air and space market.
Inventory has increased significantly, and production and operation is expected to accelerate in the second half of the year.
As of June 30, the company's inventory was 2.174 billion yuan, an increase of 21.44% over the beginning of the year, of which the product growth was more significant, making full preparations for subsequent compensatory production delivery. The company is the only underwater information listing platform under China Shipping Group. At present, it has the scientific research production capacity of the whole field and the whole industry chain of underwater acoustic electronic defense equipment, and is the irreplaceable core supplier of marine equipment information equipment. It is expected that with the improvement of the epidemic, the company's underwater acoustic business is expected to recover rapidly in the second half of the year.
Risk tips: product quality and production safety risks, operation and management risks caused by subsidiaries.