Core viewpoints
Event: the company issued a performance forecast on October 15th, with revenue of 45.7-4.67 billion yuan in the first three quarters of 2022, compared with the same period last year, with revenue of 40.34%, net profit of 1.62-172 million yuan, 44.21% of non-net profit deducted, and 61.79% of non-net profit deducted from the same period of last year. 22Q3's revenue in a single quarter was 19.5-2.05 billion yuan, compared with the same period last year, with a net profit of 1-110 million yuan, 804.53% and 1383.64%, respectively, with net profit of 1-110 million yuan, + 722.30% and 1383.64%, respectively.
Q3 performance exceeded expectations, strong revenue and initial recovery of profitability. The main reasons for the growth of the company's Q3 performance are as follows: 1) continue to develop high-quality customers represented by overseas customers, actively obtain new orders for new products, speaker products are relatively less affected by economic pressure, and the company's share of customers is rising against the trend. 2) the "lack of core" and shipping bottleneck are alleviated, and the order delivery is smooth. 3) reducing cost and increasing efficiency + rising exchange rate + reducing the price of raw materials, and the profitability is improved. Looking forward to the fourth quarter, we believe that there is still room for improvement in the cost of the company's main products (magnets, etc.), and the positive trend is expected to continue.
Car business is expected to accelerate the development, consumer customer service experience for automotive customers. The company focuses on new energy vehicles, with more audio configurations than traditional models, with 10 + speakers for mid-range cars and 20 + speakers for high-end cars, with a maximum value of 1000 + per car. Loudspeaker configuration is expected to be upgraded under industry competition. Downstream customers expand rapidly, achieving zero breakthrough in 21 years, and are expected to be designated by the head new energy vehicle again in the near future. under the background of paying more and more attention to user experience in the cockpit field of the automotive industry, the company's experience in serving traditional consumer electronics customers is expected to empower automotive customers, and it is expected that more mainstream new energy vehicle brands will be introduced in 23 years. At present, although the proportion of the company's car business is low, it has plenty of room for growth, and it is expected to enjoy a rise in price and volume with the trend of customer expansion and high-end products in the future.
VR acoustic module binding faucet, cut into the whole machine to enjoy more space. The company's VR acoustic module has been introduced into overseas M customers, domestic P, Q customers and other industry leaders and occupy the main customer share, supporting a number of products smooth mass production, pancake tide is expected to accompany the rapid growth of customer terminals. The completion of the VR machine production workshop, has been Q customer orders, the future is expected to further cut into the industry's leading customers to enjoy more market space.
The share of 3C batteries has increased and the production of ternary cathode materials has been actively expanded. Subsidiary Guoguang Electronics is engaged in 3C lithium electricity business, and the deepening cooperation of overseas major customers is expected to expand from acoustic module to soft package lithium electricity. Yibin Libao, a shareholding company engaged in the business of ternary cathode materials and precursors, has established strategic cooperative relations with some major manufacturers in the industry and completed production lines, and will further raise funds to expand production in the future.
Profit forecast and investment advice: the company's speaker products in the major customer share, vehicle, VR business is expected to gradually grow, soft package + ternary cathode material double-wire layout lithium, we expect the company on 22-23-24 annual revenue of 61.86pm 71.48pm 80.56 billion, return to the mother net profit of 2.283Lver 363 million, for the first time to cover the "overweight" rating.
Risk tips: consumer electronics demand downside risk; exchange rate risk; trade friction risk; raw material supply and price fluctuation risk.