In the first three quarters of 2022, the company achieved a net profit of 40 million yuan, which was + 2.3% compared with the same period last year. On October 24, 2022, the company released the third quarter report of 2022. In the first three quarters of 2022, the company achieved revenue of 631 million yuan, + 5.7% compared with the same period last year, and net profit of 40 million yuan, + 2.3% of the same period last year. From a single quarter point of view, 2022Q3 single-quarter revenue of 236 million yuan, + 8.8% year-on-year, flat; achieve home net profit of 15 million yuan,-2.6%, month-on-quarter-25.0%. 2022Q3 single-quarter gross profit margin is 11.51%, year-on-year-0.2pct, month-on-month-3.6pct; net profit rate is 6.06%, year-on-year-1.0pct, month-on-2.9pct. Taking into account the company's increased R & D costs and investment in fixed assets, we lowered the company's profit forecast for 2022 and maintained the company's profit forecast for 2023-2024. it is estimated that the homing net profit in 2022-2024 is 0.63 (- 0.13) / 1.59 / 262 million yuan respectively, EPS is 0.79pm 1.99max 3.28 yuan per share, and the corresponding pre-stock price PE is 54.6x21.7pm 13.2 times. With the gradual expansion of the company's orders and production capacity, the performance is expected to further increase, maintaining the company's "overweight" rating.
Increase investment in research and development to effectively support long-term development
2022Q3 company four rate is 6.8%, year-on-year + 1.9pct, month-on-month + 1.3pct. Among them, the sales expense rate is 0.93%, the same / ring ratio is + 0.24/+0.17pct, the management expense rate is 2.62%, the same / ring ratio is + 0.03 trillion / 0.23pct, and the R & D expense rate is 3.94%, and the same / ring ratio is + 1.50/+0.95pct respectively. The company continues to increase R & D investment, and continues to make technological breakthroughs in intelligent modules and screen display systems, and products continue to upgrade to more than 13 inches in medium and large sizes. in addition, the company's module scheme equipped with Mini LED backlight technology has been turned to product trial production, and suspended display intelligent surface technology has also started research and development.
Join hands with upstream leading screen factory to enter Tier1, open the company's second growth curve under the trend of "screen separation", in order to further integrate upstream and downstream resources, the company established a joint venture subsidiary with upstream display device manufacturers BOE Jingdian and Shen Tianma in October 2021 and August 2022 respectively. The strong combination of the company and the upstream screen factory is expected to give full play to their respective advantages of ecological resources. At present, the company has carried out direct business cooperation with BYD, XPeng Inc., Weima Automobile, Changan Ford, BAIC and other vehicle factories.
As of August 2022, the company has accumulated more than 10 billion yuan in-hand orders.
Risk tips: production capacity is not as expected, customer expansion is not as expected.