[investment points]
2022H1 performance achieved steady growth. According to the company's mid-2022 report, in the first half of 2022, the company achieved revenue of 405 million yuan, an increase of 24.45 percent over the same period last year, and a net profit of 35.18 million yuan, an increase of 27.88 percent over the same period last year. The deduction of non-net profit was 33.08 million yuan, an increase of 32.96 percent over the same period last year.
Corresponding to the company's revenue of 201 million yuan in the second quarter, an increase of 23.82 percent over the same period last year, a slight decrease of 1.41 percent from the previous quarter, and a net profit of 20.15 million yuan in a single quarter, an increase of 37.65 percent over the same period last year, an increase of 34.03 percent over the previous quarter, and a deduction of 18.48 million yuan for non-net profit in a single quarter, an increase of 30.33 percent over the same period last year and 26.52 percent from the previous quarter. The company adheres to the development model of the combination of R & D and market orientation, further enhances its competitive advantage and industry position in the business field, and realizes the sustainable development of the company.
Continuous empowering vehicle electrification + intelligence. The company also has connector and shield design, development and large-scale production capacity. In the field of new connectors, the company has developed a variety of high-voltage and high-current connectors, high-definition high-speed connectors, high-frequency connectors, etc., the products have fully covered the terminal new energy vehicles, ADAS intelligent driving and other fields. It is mainly used in intelligent cockpit, engine system, CDU, battery pack, three-electricity system, charge and discharge system, domain controller system and so on.
Advanced technology advantages and production management research, trusted by high-quality customers in the industry. In the field of automotive electronics, the company has realized the supply of domestic and foreign well-known auto parts manufacturers, such as Valeo, Magna, Marelli, Keshida, BYD, Ningde era, Honeycomb Electric Drive, Huichuan Technology and so on. the products are used in mainframe factories such as Volkswagen, General Motors, Mercedes-Benz, Ford, Toyota, BYD, Great Wall, as well as new car-building forces such as Tesla, Inc., XPeng Inc., ideal, NIO Inc., Jinkang and so on. With technical advantages and rich experience in production management, we have accumulated rich high-quality customer resources.
Maintain efficient R & D investment and build technical barriers. The company's 2022H1 R & D investment reached 23.15 million yuan, an increase of 18.57% over the same period last year, accounting for 5.71% of revenue. The company is equipped with professional R & D team, covering product design, mold design, process engineering and other fields. At present, the company has more than 100 patented technologies and has the ability to develop new products synchronously with foreign automobile manufacturers and automotive electronic module integrators. In mold design technology, the company has a variety of high-precision injection molding moulds, precision terminal stamping moulds, precision hardware stamping moulds processing and testing capabilities.
[investment advice]
As a precision electronic components supplier specializing in connectors and shields, the company has made smooth progress in automotive connectors, especially in the field of high-end automotive connectors such as high-voltage and high-speed, and has accumulated rich customer resources at the head of the industry. continue to empower the development of electric and intelligent vehicles. The company's first-half results are in line with our expectations. It is estimated that the company's revenue from 2022 to 2024 will be 9.39,12.32,1.59 billion yuan respectively, the net profit will be 0.79,1.26,170 million yuan respectively, the EPS will be 0.24,0.38,0.52 yuan per share respectively, and the corresponding PE will be 58,36,27 times respectively, maintaining the "overweight" rating.
[risk Tip]
Downstream market demand is lower than expected
The rising cost of upstream raw materials puts pressure on the company's profitability