Event: on August 31, 2022, the company released the semi-annual report of 2022: the company's 2022H1 operating income was 1.102 billion yuan, up 30.35% over the same period last year; the net profit from the home was 171 million yuan, up 21.69% from the same period last year; the net profit after deducting the non-return net profit was 153 million yuan, up 16.13% from the same period last year; the gross profit margin was 55.96%, an increase of 2.12pcts over the same period last year; and the net profit rate was 15.56%, a decrease of 1.11pcts over the same period last year.
The company's 2022Q2 operating income was 729 million yuan, up 95.21% from the previous month, up 29.44% from the same period last year; the net profit from the home was 131 million yuan, an increase of 219.65% from the previous month and 15.88% over the same period last year; the net profit deducted from the previous year was 127 million yuan, an increase of 370.22% from the previous month, an increase of 16.99% over the same period last year; the gross profit margin was 55.18%, an increase of 1.10% over the same period last year; and the net profit rate was 17.92%, a decrease of 2.10pcts over the same period last year.
Comments:
The company's 22H1 revenue is + 30% compared with the same period last year, and the net profit is + 22% compared with the same period last year. The company's 22H1 revenue is + 30% compared with the same period last year, which is mainly due to the increased development of customers at home and abroad, including the significant growth of automatic testing equipment and automotive electronic testing business. 22H1's homing net profit is + 22% year-on-year, deducting non-net profit + 16% year-on-year. Due to the impact of Oliton's excess reward, the management fee has increased by 64.42% over the same period last year, affecting performance. However, in the last year of the 22-year performance betting agreement, 23 years and beyond will not be affected by this incentive fee.
The company has initially formed a good development pattern of the three main businesses of flat panel, semiconductor and smart wear, and the new energy vehicle testing business is expected to become the fourth growth curve. The company's reserve of new generation display and testing technology, such as MiniLED, Micro-LED and Micro-OLED, continues to upgrade. Micro-OLED series testing equipment has been ordered by end customers to make a trial line, which is the only supplier of end customers in the field of Micro-OLED series product testing equipment. The company has not only achieved the first business, flat panel testing business continues to take the lead, with the semiconductor testing business, including testing machines, sorting machines, AOI defect testing equipment, including a number of standard equipment into mass production and the steady growth of smart wearable assembly and testing business, has initially formed a good development pattern of three main businesses: flat panel, semiconductor and smart wearable. In addition, as the new energy vehicle testing business has been successfully recognized by many new power new energy vehicle companies in the United States and China, it is expected to become the fourth growth curve in the next few years. Oliton, a subsidiary of 22H1, had revenue of 187 million, a year-on-year increase of 10.8%. The net profit was 46 million yuan,-40.6% compared with the same period last year.
Profit forecast, valuation and rating: the company is a leading supplier of flat panel and smart wearable testing equipment in China. Due to the influence of Oliton's excess incentive fees in 22 years, we have reduced the company's 22-year return net profit to 320 million yuan (down-24.9%), taking into account the future performance increments brought by the semiconductor testing and new energy vehicle business. The 23-24 net profit of homing was raised to 600 million yuan (up 11.9%) and 802 million yuan (up 20.4%), corresponding to a PE of 48x/26x/19x, maintaining the "buy" rating.
Risk hint: the risk of intensified market competition, new market development is not as expected, and the risk of high customer concentration.