The performance in the first three quarters of 2022 maintained a steady improvement, and the performance achieved continuous growth. According to the company's quarterly report for the first three quarters of 2022, the company achieved revenue of 672 million yuan in the first three quarters of 2022, an increase of 36.84 percent over the same period last year, and a net profit of 58.59 million yuan, an increase of 49.09 percent over the same period last year. The corresponding company achieved revenue of 266 million yuan in the third quarter, an increase of 61.27% over the same period last year, an increase of 32.39% over the previous quarter, and a net profit of 23.4 million yuan in a single quarter, a substantial increase of 98.61% over the same period last year, an increase of 16.16% over the previous quarter, and a sharp increase of 122.99% and 24.78% over the same period last year. During the period, the company's automobile connector income scale continued to grow, and the management level maintained a steady improvement.
The layout of the product line is comprehensive, and new products continue to be mass-produced and landed, helping to promote long-term sustainable growth. With the continuous improvement of automobile electric permeability, intelligent vehicle application scenarios such as autopilot and intelligent cockpit have also maintained rapid development, and demand for high-voltage, high-speed and other automotive connectors. The company continues to improve the overall solution of automotive electronic and electrical architecture connectors, including domain controllers, autopilot systems, electronic control systems, etc., 2022Q1-Q3 new products have achieved mass production, continue to empower vehicles and intelligent development tide, which is highly recognized by domestic and foreign head mainframe factories and Tier-1 manufacturers' customer base.
Set up a holding subsidiary to build a green intelligent base, and continue to expand its technical and management advantages. In August 2022, the company examined and passed the "proposal to set up a holding subsidiary to build a green intelligent base", and proposed to set up Hunan Laimu New Energy Technology Co., Ltd., a holding subsidiary. Laimu New Energy plans to purchase industrial land for investment in the construction of a green intelligent base project, with a total investment of no more than 300 million yuan and a land of about 150 mu. Laimu New Energy's main business includes the production, R & D and sales of connectors and parts related to new energy vehicles, photovoltaic, optoelectronic devices and other related products. The establishment of Laimu New Energy will cooperate with the company's existing production base in Hunan, radiate South and Central China, and meet the needs of customers for new products. At the same time, on the basis of expanding the existing business, we will expand our accumulated technical and management advantages to other fields to improve the company's competitiveness and form a new business growth point.
[investment advice]
The company is making smooth progress in the field of automotive connectors, especially in the field of high-end connectors such as high-voltage and high-speed connectors. new products continue to achieve mass production, bringing new momentum for the sustainable growth of the company's performance, and the continuous electrification + intelligent development of empowered vehicles. The company's third-quarter results exceeded our previous expectations, and we raised the company's revenue and expense rate during the adjustment period. It is estimated that the company's 2022-2024 revenue will be 9.57,13.06,1.702 billion yuan respectively, and the net profit will be 0.84,1.38,191 million yuan respectively. The EPS will be 0.26,0.42,0.58 yuan per share respectively, and the corresponding PE will be 66,40,29 times respectively, maintaining the "holding increase" rating.
[risk Tip]
Downstream market demand is lower than expected
The rising cost of upstream raw materials puts pressure on the company's profitability