The income and profit of 22H1 company increased both, and the net profit increased significantly. 22H1's operating income was 990 million yuan, an increase of 46.02% over the same period last year, and the net profit attributed to shareholders of listed companies was 137 million yuan, an increase of 111.2% over the same period last year. The main driving factors of the company's performance growth are as follows: 1) strong customer demand, the company continues to improve the supply chain and production management capacity to efficiently meet customer shipping needs. 2) continuously increase R & D investment and market expansion, increase the customer base, increase new customers and projects, and promote the rapid growth of business. 3) Micro Touch's own brand operation, the decline of raw materials and logistics prices, exchange rate changes and other factors have a positive impact on the improvement of the company's profit level.
With the gradual recovery of the real economy, there is a strong demand for digital intelligence. With the gradual recovery of the real economy affected by the epidemic, the market demand of retail, finance, industrial control, gaming and other traditional industries gradually recovers, at the same time, the demand of emerging industries such as intelligent fitness, remote conference / education, intelligent cockpit and other industries continues to grow at a high speed, and the market demand for commercial intelligent interactive equipment is strong. As the human-computer interaction terminal of the Internet of everything and the important basic equipment for the digital and intelligent transformation of various industries, commercial intelligent interactive display devices have good demand prospects and market growth space.
The company promotes the transformation from OEM/ODM mode to ODM/OBM strategy. The company mainly uses JDM/ODM mode to cooperate with customers, not only to cooperate with customers to develop highly customized products, but also to independently develop and design some standardization modules of products, with a strong ability of independent innovation. As the company's customers are mainly well-known brands at home and abroad, with a leading industry position and market share, the company has established a long-term and stable cooperative relationship with major customers, has strong terminal market competitiveness, and is gradually transforming from OEM/ODM mode to ODM/OBM strategy.
Set up an European marketing subsidiary to strengthen the operation of its own brand MicroTouch high gross margin standard products. In 2022, the company will set up a new subsidiary in Europe to increase global sales and service support and strengthen the promotion of its own brand MicroTouch brand. Independent brand has the characteristics of continuity, controllability, leverage, direct access to end customers and high gross profit. Micro Touch brand operation will not only help to speed up the company's business expansion, bring new business increment, but also further improve the company's profit level and enhance the company's profitability.
Valuation and investment advice. Profit forecast and valuation suggestion: we forecast that the 2022E-2024E net profit of the company will be 240 million yuan, 317 million yuan and 398 million yuan respectively. 1) using the PE valuation method, we give the company PE (2022E) 15x~18x, corresponding to the reasonable market value range of 3.602 billion yuan to 4.323 billion yuan; 2) using the PS valuation method, we give the company PS (2022E) 1.7x~2x, corresponding to the reasonable market capitalization range of 3.739 billion yuan to 4.399 billion yuan. Combining the two valuation methods, we think that the reasonable market value range of the company is 3.739 billion yuan ~ 4.323 billion yuan, and the reasonable value range is 25.40 yuan / share ~ 29.37 yuan / share. Maintain the "better than the market" rating.
Risk tips: market expansion is not as expected, downstream demand is not as expected.