Event
The company released 2022H1 semi-annual report, the performance is in line with expectations.
In 2022, H1 Company realized operating income of 1.352 billion yuan, year-on-year + 42.8%, return to mother net profit of 85 million yuan, year-on-year + 11.9%, deducting non-net profit of 82 million yuan, year-on-year + 9.4%. Of this total, 2022Q2's operating income was 670 million yuan, year-on-year + 28.5%, month-on-month-1.8%, return-home net profit 34 million yuan, year-on-year-12.9%, month-on-month-32.0%, deduction of non-net profit 32 million yuan,-16.5%, month-on-month-30.9%.
Brief comment
2022H1 traditional business revenue of 496 million yuan,-9.2% compared with the same period last year, mainly due to the weakening terminal demand for consumer structural components.
2022Q2 revenue month-on-month-1.8%, mainly due to the weakening demand for electronic consumer products Q2 superimposed epidemic under the influence of electric vehicle terminal customers to reduce production, stop production affecting shipments.
The net return rate of 2022Q2 is 5.1%, month-on-month-2.3pct, mainly because the company's Q1 production capacity has increased to 60,000 units per month, and the Q2 growth rate is only 50%, superimposed by the high aluminum price in March and April.
The revenue of the auto parts business maintained a high growth, and its share continued to rise. The main business continued to shrink to the auto business. 2
2H1 Automotive parts Business income 8.56
Billion yuan, year-on-year + 113.71%, business accounted for 63.32%, year-on-year + 21.02pct. Sales of battery trays in the first half of the year were about 210000, with a year-on-year growth rate of 48%. Since July, the company has shipped 4 million and 50 million sets respectively, and is expected to ship more than 600000 sets for the whole year.
Outlook for the future: bind high-quality customers and increase investment in research and development
Client: the company's power battery tray products are in short supply, supply Ningde Times, GAC NE, XPeng Inc. and other customers, actively expand BYD and other customers.
Product end: the company lays out pallets and structural parts of new products such as CTB and Kirin batteries, and actively develops liquid metal instead of die-casting products.
Profit forecast
It is estimated that the 22-and 23-year net profit of the company will be 2.82 billion yuan and 500 million yuan, corresponding to 29 and 16 times of PE.
Risk hint
The company's shipments are lower than expected; the company's shipments and profits are lower than expected; aluminum prices are rising faster than expected; industry competition is higher than expected.