Event: the company released a 22-year report that 22H1 achieved revenue of 525 million yuan, year-on-year-6.8%, net profit of 136 million yuan, year-on-year net profit of 42.1%, deducting non-net profit of 108 million yuan, 17.1% of the same period last year.
The performance is in line with expectations. From a quarterly point of view, Q2 realized revenue of 263 million yuan,-15.7% year-on-year and 0.4% month-on-month; net profit returned to its mother was 62 million yuan, 8.2% year-on-year and-16.2% month-on-month. The reason for the month-on-month decline of Q2 performance: the consumer demand is under pressure due to the continuous repetition of the epidemic and the uncertainty of the external business environment.
The gross profit margin increased compared with the same period last year, and the rate decreased during the period. 1) Gross profit margin: 22H1 gross profit margin is 40.4%, year-on-year 7.71pct. Among them, Q2 gross profit margin is 38.09%, year-on-year 4.06pct, month-on-4.64pct. The company continues to optimize semiconductor lithography process, promote lithography KHz miniaturization (2012, 1610), lithography MHz ultra-high frequency product industrialization; increase XO, TCXO and other production line construction and re-investment; accelerate the development of smart cars and customer introduction, promote the construction of car regulation product production line. 2) expense rate:
The rate for the 22H1 period is 11.47%, year-on-year-0.62pct. Among them, sales, management, R & D, financial rates are 1.78%, 6.38%, 5.69%,-2.39%, year-on-year-0.2,1.15,1.32,-2.89pct.
Accelerate the layout of high-end products such as lithography miniaturization, ultra-high frequency MHz, XO, TCXO, car gauge crystal oscillator, RTC module, etc. 22H1 consumer demand slowed and revenue fell year-on-year. However, the company continues to adjust its product structure and still achieve rapid profit growth. In terms of new products, mass production of UHF 76.8, 80, 96, 125MHz and ultra-miniaturized 1612, 1210, 1008 products; pre-research of SMD micro-KHz1210; promotion of R & D and industrialization of special application areas including automotive gauge level, RTC wafer, industrial grade, etc.; mass production and yield improvement of active crystal XO, TCXO, OCXO series products; development of 3225, 2016, K3215, OSC clock vibration series of automotive gauge products; promotion of RTC clock module research and development and small batch production. With the downward cycle of consumption gradually bottoming out and the volume of high-end products, the company's long-term growth is expected.
Profit forecast: based on the impact of continued weakness in consumer demand, the net profit of 22-24 years was lowered to 3.0,4.6 and 540 million yuan (the previous value was 3.8,5.0,640 million yuan), maintaining the "buy" rating.
Risk tips: the recovery of consumer demand is not as expected; the volume of high-end products is not as fast as expected.