What happened: the company released its third quarterly report for 2022. In the first three quarters, the company realized main business income of 325 million yuan, an increase of 17.16% over the same period last year, with a net profit loss of 1.9403 million yuan. In the third quarter, revenue reached 129 million yuan, an increase of 18.83% over the same period last year, and a net profit loss of 6.5268 million yuan.
Smart cockpit growth is eye-catching. Affected by the COVID-19 epidemic in the location of the project, the R & D progress of some of the customers' projects has been delayed, resulting in a periodic slowdown in overall revenue growth, but revenue growth in the third quarter has improved month-on-month. According to business classification, the revenue of the company's customized software development business was 105 million yuan, a decrease of 10.15% over the same period last year, and that of software technical services was 214 million yuan, an increase of 43.81% over the same period last year. Other technical support and service business realized income of 3.1991 million yuan, a decrease of 70.92% over the same period last year Classified by business direction, the company's revenue in the intelligent cockpit direction was 178 million yuan, an increase of 58.49% over the same period last year; revenue in the new energy direction was 46.1891 million yuan, an increase of 6.29% over the same period last year; and revenue in the intelligent driving direction was 98 million yuan, a decrease of 18.81% over the same period last year.
The pressure of cost increases, and the forward-looking indicators of personnel and inventory show that the business demand is improving. In order to reserve capacity, the size of the company's personnel increased rapidly, from 1904 at the beginning of the reporting period and 2297 to 2609. In addition, the company implemented the 2022 restricted stock incentive plan, and by the end of the reporting period, the company paid 19.4347 million yuan for new shares. In the first three quarters, the business gross profit margin fell to 33.38% from 45.46% in the same period last year, and the rate of R & D and management expenses increased by 6.37% and 7.54pct. The increase in investment led to obvious pressure on profits. At the same time, the company's software and information technology service industry generally shows seasonal characteristics, of which the revenue in the fourth quarter accounts for a relatively large proportion. The revenue from the company's customized software research and development projects is confirmed to be concentrated in the fourth quarter, and the development costs incurred during the period are included in inventory. The company's inventory at the end of the reporting period was 51.3533 million yuan, an increase of 33.5631 million yuan over the beginning of the period.
Investment suggestion: we predict that the company's main business income from 2022 to 2023 will be 5.74 yuan and 787 million yuan, and the net profit will be 0.70 yuan and 114 million yuan, respectively. The development of the smart car industry is in the ascendant, and the company, as a pure automobile software manufacturer, has benefited deeply and maintained its "buy" rating.
Risk hint: business demand is not as expected; product technology research and development is not as expected.