This report is read as follows:
The company's new energy business ushered in a period of volume, and the proportion of revenue continued to rise. At the same time, its high-value material number in A customer mobile phone continues to break through, and XR stand-alone ASP has increased significantly, along with the new product release, the company's performance will also accelerate the release.
Main points of investment:
Maintain the overweight rating and raise the target price to 18.7 yuan. The proportion of the company's new energy business continues to increase, and the consumer electronics business grows further. We maintain the company's 2022 PE 2023 EPS of 0.63 Universe 0.85 in 2024 and give it a 22-fold valuation in 2023, raising the target price to 18.7 yuan.
New energy business ushered in the volume period, the proportion continues to rise. The company is deeply involved in T customers' multiple product lines (charging piles, ModelS/X/3/Y, electric pickups, robots, etc.), including power integrated chip / high voltage wire harness Busbar and other products, with a value of up to US $250-300 per car. The company's 2022H1 new energy-related business revenue reached 548 million yuan, an increase of 52.84% over the same period last year, accounting for 28% of the total revenue (22% in the same period in 2021). T customer tram expects that in the next few years, CAGR50%+, will accompany the growth of key customers and its performance will be flexible.
Actively layout wireless charging and other product lines, the future growth momentum is sufficient. The company's forward-looking layout of new energy vehicles, wireless charging and other products, has been won the wireless charging system of high-end new energy vehicles fixed-point project, the value of the bike is large, is expected to gradually start small batch production. At the same time, the company has in-depth cooperation with Bosch in auto parts and hydrogen fuel cell accessories, automotive product terminals corresponding to Volkswagen, Toyota, GM and other well-known car companies, are expected to continue to sell.
A customer mobile phone high-value material number continues to break through, XR stand-alone ASP increased significantly. Thanks to product upgrades and share breakthroughs, the company continues to increase the quantity and price in the heat dissipation shielding parts of A customers' mobile phones, and the demand for new mobile phones of A customers is steady and active, and the company is expected to benefit deeply. Its next generation of products in M customer VR stand-alone ASP growth, and actively enter the A customer MR supply chain, along with the new product release, the company's performance will also accelerate the release.
Risk hint. The risk of worsening the epidemic; the uncertainty of trade friction between China and the United States