Event description
Recently, the company released the third quarter report of 2022. According to the announcement, the company achieved an operating income of 661 million yuan in the first three quarters, an increase of 23.39% over the same period last year, and a net profit of 247 million yuan, an increase of 41.33% over the same period last year.
External factors do not hinder the company's revenue growth
The company is mainly engaged in the research and development, manufacture, testing and sales of millimeter wave microsystems. At present, the products are mainly used in radar, communications and other fields, and the technical performance of the products is at the advanced level of the industry. The company's customers are mainly scientific research institutes and overall units under the major industrial groups in China.
The company's main products are millimeter wave microsystems, which are customized products. Millimeter wave micro-system has the characteristics of high integration, small size, high output power, high reliability and fast beam scanning, which is the core component of related information equipment. It is widely used in radar, communication and other fields, which can effectively improve the performance of equipment.
In terms of performance, the company achieved operating income of 661 million yuan in the first three quarters, an increase of 23.39% over the same period last year, and a net profit of 247 million yuan, an increase of 41.33% over the same period last year.
Continue to invest in R & D to consolidate the leading position in the industry
According to the company's prospectus, the company is one of the few enterprises in China that can provide overall solutions and product manufacturing services for millimeter wave active phased array microsystems. Since its inception, it has been focused on the research and development of millimeter wave active phased array related technologies. The millimeter wave active phased array microsystem launched by the company has been successfully applied to a certain type of domestic national defense equipment, realizing a breakthrough of millimeter wave active phased array technology in the field of missiles. The company has accumulated rich experience in design, manufacturing, package testing, integration and microwave far and near field calibration technology in the research and development of millimeter wave active phased array microsystems and Tripple R components. have complete technical research and development capabilities from devices, components to phased array microsystems.
At the same time, the company has self-developed environmental testing equipment and a number of advanced microwave far and near field calibration anechoic chambers, with complete millimeter wave active phased array micro-system engineering application capability. The ability of microwave testing directly determines the production capacity of microsystems. The company has independently designed and built four microwave anechoic rooms, whose frequencies cover the microwave and millimeter wave bands between 3mm-2cm wavelengths such as Ku, K, Ka, U, V, W, etc. The company also continues to optimize the core test algorithm, configure automated high-end equipment, and constantly improve the testing accuracy, speed, efficiency and single-channel testing capability, the company phased array microsystem testing capability is in a leading position in the industry.
In terms of R & D investment, the company attaches importance to the research and development of core technologies and continues to increase R & D investment. in the first three quarters of 2022, the company's R & D expenditure was 27 million yuan, an increase of 44.30% over the same period last year.
Equity incentive is expected to bind excellent employees to grow together with the enterprise.
According to the announcement on the first granting of restricted shares to the incentive targets of the 2022 restricted Stock incentive Plan issued by the company on October 11, 2022, it is disclosed that the restrictive stock grant conditions stipulated in the 2022 restricted Stock incentive Plan (draft) of Chengdu Lei Lianwei Technology Co., Ltd. have been achieved, according to the authorization of the third interim general meeting of shareholders of Chengdu Lei Lianwei Technology Co., Ltd in 2022. The company held the 26th meeting of the first session of the board of directors on October 10, 2022, and examined and adopted the "motion on the first grant of restricted shares to the incentive targets of the 2022 restricted stock incentive plan". It is determined that 3 million Class II restricted shares will be awarded to the 101eligible incentive targets on October 10, 2022.
Investment suggestion
It is estimated that the company's net profit from 2022 to 2024 will be 3.31,4.85 and 688 million yuan respectively, with year-on-year growth rates of 64.3%, 46.6% and 41.8%. The corresponding PE were 47.15,32.16,22.67 times respectively. For the first time, coverage gives a "buy" rating.
Risk hint
Downstream demand is lower than expected, R & D is not as expected, and capacity release is not as expected.