联创电子(002036):业绩符合预期 车载镜头高速成长

Lianchuang Electronics (002036): Performance is in line with expectations, vehicle cameras are growing rapidly

興業證券 ·  Oct 28, 2022 00:00  · Researches

Main points of investment

Event: the company released its three-quarter report in 2022, with operating income of 7.903 billion yuan in the first three quarters, an increase of 10.99% over the same period last year, and net profit of 204 million yuan, an increase of 8.41% over the same period last year. Deducting 134 million yuan in non-net profit, an increase of 3.2% over the same period last year. Of this total, the operating income in the third quarter was 3.03 billion yuan, an increase of 31.17% over the same period last year, and the net profit was 101 million yuan, an increase of 10.86% over the same period last year, deducting 65 million yuan from non-net profit, an increase of 3.71% over the same period last year.

In the field of on-board optics, on-board lenses drive growth. Benefiting from the accelerated penetration of ADAS and the development trend of automobile intelligence, the on-board camera shows an upward trend in quantity and price. Vehicle optical revenue increased by 718.02% in the first three quarters. The growth rate of vehicle revenue in the third quarter reached 587.62%, and the profitability has been enhanced.

Layout in the field of high-definition optics, deeply bound with head customers. The company is actively expanding its application in the field of high-definition optics, and its ultra-clear wide-angle camera has been widely used in motion cameras, panoramic cameras, VR/AR and other fields. Through deep cooperation to lock the market share of high-definition optics, there is a deep accumulation in the field of AR/VR. The company's revenue from high-definition wide-angle lenses and modules increased by 72.65% in the third quarter, with a good momentum of development.

Profit forecast and investment advice: we maintain the company's profit forecast and adjust the 2022-2024 net profit to 302 million yuan, 453 million yuan and 601 million yuan respectively, corresponding to PE46.4/30.9/23.3 times (according to the closing price of 2022.10.28). Car lens growth space is huge, Lianchuang electronic vehicle business accounts for a high proportion, has entered a number of major customers in-depth cooperation. Maintain the "prudent overweight" rating.

Risk hint: the fund-raising project is not as risky as expected, the customer concentration is high, the expansion speed of product application field is not as fast as expected, and the downstream expansion is not as expected.

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