Event: on October 27, 2022, the company released its third quarterly report for 2022. In the first three quarters of 2022, the company achieved operating income of 1.627 billion yuan, an increase of 65.87% over the same period last year. The net profit attributed to shareholders of listed companies was 119 million yuan, an increase of 116.87% over the same period last year. Among them, the company acquired Yihai Nengda and Ouchuangxin respectively on February 1, 2022 and August 26, 2022, and contributed part of the profits. It is estimated that Q3 achieved revenue of 650 million yuan in 2022, an increase of 84.50% over the same period last year and 25.73% month-on-month growth.
The net profit from home is 42 million yuan, an increase of 90.03% over the same period last year and a decrease of 6.67% from the previous month. Comments:
1. "self-research IC+ distribution" goes hand in hand, and revenue continues to grow. At present, China's automobile electrification and intellectualization are in the stage of rapid development, the scale of the automotive electronics market is constantly expanding, the company's distribution business has the advantage of customer resources, self-developed simulation IC has the advantage of first-mover, taking advantage of the east wind of the industry, with its own advantages, the "self-developed IC+ distribution" business goes hand in hand.
In terms of revenue, Q3 company achieved 650 million yuan in revenue in 2022, an increase of 84.50% over the same period last year, reaching a record high. in terms of return net profit, due to exchange rate fluctuations, Q3 company's return net profit decreased slightly in 2022, but still maintained a high level.
two。 Research and development is gradually increasing, gross profit margin continues to improve, self-developed IC business is taking advantage of the wind. The company continues to increase its own research and development. In 2022, the R & D expenditure of Q3 company reached 13 million yuan, a record high. The company also issued convertible bonds to raise funds to promote automotive analog chip research and development and industrialization. Benefiting from this, the company's self-developed IC business has made rapid progress, and related products have been loaded in bulk in domestic and foreign well-known automobile manufacturers such as BYD, ideal, XPeng Inc., Geely, SAIC, Great Wall, Volkswagen, Hyundai, Kia, Chrysler and so on. HVAC drivers IC and LDO accelerate the supply of LED-driven IC products to car companies. In 2022, Q3 Company self-developed IC business revenue of 54 million yuan and gross profit margin of 46.88%, both reaching record highs. In the future, with the company's rich categories and accelerated supply, revenue is expected to continue to grow and gross profit margin is expected to continue to improve.
3. The downstream demand is exuberant, the customer continues to expand, the distribution business revenue reaches a new high. In the first three quarters of 2022, the company's distribution business revenue was 1.204 billion yuan, an increase of 29.13% over the same period last year, of which Q3 achieved revenue of 485 million yuan in 2022, a record high. The company's distribution business covers market segments such as automotive lighting, automotive cockpit and automotive passive components. Customers include domestic and foreign well-known automotive electronic parts manufacturers such as Yanfeng Visteon, Yijia Tong, Jinlao, Valeo, Hyundai Mobis, and well-known terminal car factories such as Geely, Great Wall, Chang'an, BYD, FAW and Volkswagen. The company's distribution business is expected to continue to grow steadily.
4. The target of the acquisition contributes to the performance, and the business collaboration can be expected in the future. The company acquired Yihai Neng from February to September 2022 with an operating income of 271 million yuan and a net profit of 10 million yuan. The acquisition of the company's target, Ouchuangxin, was consolidated on August 26, 2022, which also contributed part of the performance to the company. In the future, with the gradual deepening of the coordination between the company and the acquisition target business, the acquisition target is expected to develop rapidly by virtue of the company's customer resources and channel advantages.
Profit Forecast: from 2022 to 2024, we expect the company's operating income to reach 2.26 × 3.19 billion RMB, and its net profit to return to its mother to reach 1.8 × 28,000,000 RMB, maintaining the "recommended" rating.
Risk Tips:
(1) risk of new product promotion
(2) risk of technology development and iterative upgrade
(3) supplier and customer change risk
(4) downside risk of automobile market
(5) the risk of shortage in wafer manufacturing
(6) the risk of impairment of goodwill.
