Event: the company released three quarterly reports. In the first three quarters of 2022, the company realized revenue of 4.602 billion yuan, year-on-year + 38.26%, net profit of 170 million yuan, + 42.17%, deduction of non-net profit of 150 million yuan, year-on-year + 58.29%, gross profit of 11.30%, year-on-year-1.20pcts single-quarter revenue and profit double rise, performance in line with expectations: 22Q3 single-quarter revenue of 1.981 billion yuan Close to the median forecast (19.5-2.05 billion), year-on-year + 73.43% / month-on-month + 32.06% Achieve a net profit of 108 million yuan, close to the upper edge of the forecast (forecast 1-110 million), year-on-year + 784.53% / month-on-month + 91.53%, deducting non-net profit of 102 million yuan, close to the median forecast (forecast 0.95-105 million), year-on-year + 1336.66% / month-on-month + 123.05%, gross profit 12.01%, year-on-year + 1.79pcts/ + 1.68pcts.
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 models, 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 have been alleviated, and a large number of orders have been completed and delivered smoothly. 3) reducing cost and increasing efficiency + rising exchange rate + falling prices of raw materials, improving profitability. 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.
Vehicle / XR has developed smoothly and established the driving force for long-term growth: a major breakthrough in car speakers has been designated by domestic new energy head customers, with an estimated life cycle supply of 850-10 million, and will continue to break through this year, and is expected to introduce most new energy vehicle customers in 23 years. XR business has developed steadily, with an income of 162 million yuan in the first three quarters. The head VR enterprise P customer acoustic module has been successfully mass produced, overseas M customers have also occupied an important share, and the whole machine business has been ordered by Q customers, which is expected to enjoy more space in the future.
Investment suggestion: the share of the company's speaker products in major customers is increasing, and the car and VR business is expected to grow gradually. We expect the company's annual revenue in 22-23-24 to be 61.86pm 71.48pm, with a net profit of 2.28pm, corresponding to the closing price on October 26th, the PE multiple is 26.21119.91MB 16.49, maintaining the "overweight" rating.
Risk tips: consumer electronics demand downside risk; exchange rate risk; trade friction risk; raw material supply and price fluctuation risk.
