Event: the company released the third quarter report of 2022, revenue in the first three quarters of 2022 was 1 billion yuan, up 25.5% over the same period last year; net profit from home was 123 million yuan, up 22.8% from the same period last year; of which, Q3 achieved revenue of 370 million yuan in single quarter, up 21.9% from the same period last year; net profit from home was 44.718 million yuan, an increase of 3.6% over the same period last year.
Revenue and profit increased month-on-month, and profitability remained stable. 2022Q3 achieved a revenue of 370 million yuan in a single quarter, an increase of 7% over the second quarter, and a net profit of 44.718 million yuan, an increase of 5.7% over the second quarter. In terms of profitability, the company's comprehensive gross profit margin in the first three quarters is about 40%, and the net profit rate is about 14.7%. Among them, the gross profit margin in the third quarter is about 26.9%, and the net profit rate is about 12.2%. In terms of expense rate, the company has a good ability to control expenses. In the first three quarters, the management rate is 3.4%, the financial expense rate is-1.2%, and the sales expense rate is 0.4%.
In terms of R & D investment, the company invested 140 million yuan in R & D expenditure in the first three quarters, accounting for about 13.6% of the total revenue.
Asset restructuring is just around the corner, and the third-generation semiconductor design and manufacturing capacity is complete. The company plans to acquire 73% equity in Bowei, 13 gallium nitride communication base station RF chip business assets and liabilities, and Guolian Wanzhong 94.6% equity, and raise no more than 2.5 billion yuan. For gallium nitride microwave production line, communication power amplifier and microwave integrated circuit research and development center, third generation semiconductor technology and closed test platform, silicon carbide high voltage power module and other projects. According to the estimation of performance commitment, the projected net profit of M & An assets during the period from 2022 to 2025 is respectively 3.7, 3.9, 4.2 and 4.6 million yuan.
At present, Guolian Wanzhong has supplied GaN products to Ampolon and other overseas customers, and signed SiC power module supply agreements with BYD, Zhixuan and other customers. In the future, it is expected that after the completion of the first phase of the production line, Guolian Wanzhong will have the integrated design, manufacturing and closed testing capabilities of GaN and SiC.
The construction of consumer electronics production line is smooth, and aluminum nitride ceramic substrate can be expected in the future. The company relies on the 13th Institute of China Electric Science and Technology, and has a high level of semiconductor shell simulation design. The self-developed 400G optical communication device ceramic shell has the same technical level as similar overseas products, and multi-layer co-fired ceramics breaks through the technological monopoly of overseas manufacturers. In terms of fund-raising projects, the company's consumer electronics production line has been built smoothly and is expected to start mass production climbing this year. After the completion of the project, the company is expected to have an annual production capacity of 4.4 billion consumer electronic ceramic products. the main consumer electronic products include sound meter crystal oscillator shell, 3D optical sensor module shell, 5G communication terminal module shell, aluminum nitride ceramic substrate, etc., with a wide range of downstream applications.
Profit forecast and investment advice. It is estimated that the net profit of homing from 2022 to 2024 is 1.9,2.6 and 340 million yuan respectively, corresponding to 117,87,66 times of PE respectively, maintaining the "buy" rating.
Risk tips: the progress of research and development is not as expected, the risk of failing to meet the needs of downstream customers; the risk of trade friction; the risk of intensified competition in the industry; the risk of failure to issue shares to purchase assets.
