2022H1 achieved a net profit of 16.0611 million yuan, an increase of 51.35%, which was in line with the performance forecast range. On August 29, the company released a semi-annual report on 2022. 2022H1 achieved revenue of 119 million yuan, + 12.51% compared with the same period last year, and realized net profit of 16.06 million yuan, + 51.35% over the same period last year, which is in line with the performance forecast range.
In a single quarter, 2022Q2 achieved revenue of 55.6 million yuan, year-on-year-7.11%, month-on-month ratio-12.78%; realized home net profit of 9.13 million yuan, + 69.65% year-on-year, month-on-month ratio + 31.75%. Under the continuous disturbance of the epidemic, the company's profitability increased against the trend, mainly due to the fact that the company's high-margin power fuse products entered the volume period (2022H1 power fuse revenue + 108.52% year-on-year, gross profit margin 39.5%). In terms of expenses, the sales / management / R & D / financial rates of 2022H1 Company are 2.39%, 13.07%, 6.40%, 0.35%, respectively, and their year-on-year changes are-0.71/-2.33/+1.99/-0.80pct. Under the influence of the epidemic, the company's three fees have declined against the trend, which shows that the company's digital transformation has achieved remarkable results in reducing costs and increasing efficiency.
New energy business strongly reverses the decline of electronic business, power fuse business revenue and gross profit margin rise!
2022H1 power fuse products in Fengguang Storage, EV, IDC and other areas of high prosperity in an all-round way.
From a business-by-business point of view, 2022H1's electronic / power fuses achieved revenue of 6867 million yuan respectively, a year-on-year change of-13.60% and 108.52%. The gross profit margin was 25.87%, 39.50%, respectively, a year-on-year change-5.95/+1.50pct. The company's traditional business was under pressure in the first half of the year due to the impact of the epidemic, but the new energy fuse business had a strong performance, and its revenue and profitability increased significantly against the trend. In terms of customers, the company continues to make breakthroughs in the field of new energy. In the field of photovoltaic, the company has been among the top manufacturers of photovoltaic systems at home and abroad; in the field of energy storage, the company has worked closely with many leading enterprises, such as Sunshine Power, Shangneng Electric, Kehua Digital Energy, Dongfang Risheng, Nanrui Jibao, and so on. In the field of wind power, the company has begun to supply goods to many wind power plants, such as Jinfeng, Vision, Mingyang and so on. In the field of EV, the company has passed the BSI IATF16949 automobile quality certification and is actively promoting cooperation with Ningde, BYD, BAIC, Great Wall and other leading domestic mainframe factories. Under the background of downstream scenery storage and EV high prosperity, the company's power fuse products in the new energy field is expected to open in an all-round way!
The main business from fuse manufacturers to solution business transformation, emerging business card GPU and ADAS gold track!
In the main aspect, the company has set up a joint venture with the domestic leading MCU company Smart Microelectronics to develop "MCU+ fuses". The joint venture company will take the open source chip instruction set as the design basis, based on the existing mature MCU and power fuse products of Smart Micro and Haoli technology, explore the chip localization substitution mode in the new energy power industry, and develop a new fuse circuit protection solution, which is expected to realize from passive to active. Complete the transformation and upgrade from a single fuse product to a circuit protection system solution. In terms of emerging business, the proposed holding subsidiary Hefei warp Speed introduces the academician team, and binds the core backbone through equity incentives, and its GPU and ADAS chips can be expected in the future. We are optimistic about the two-way capacity of the company and Hefei warp, while enhancing the company's profitability and market competitiveness, the valuation system is expected to be reshaped.
We will not consider the warp speed in Hefei for the time being, and maintain the company's 2022-2024 homing net profit forecast of RMB 0.50 million, an increase of 108.0%, 81.63% and 35.07%, and maintain the "overweight" rating.
Risk tips: the sharp rise in raw material prices, the epidemic continues to exceed expectations, new customer development is less than expected, macroeconomic downturn, the progress of foreign investment and future returns are still uncertain.
