Event description
The company released the third quarterly report of 2022: in the third quarter of 2022, the company achieved operating income of 127 million yuan, an increase of 108.87% over the same period last year, and a net profit of 19.6565 million yuan belonging to shareholders of listed companies, an increase of 1602.61% over the same period last year. In the first three quarters of 2022, the company achieved operating income of 350 million yuan, an increase of 75.09 percent over the same period last year, and a net profit of 51.399 million yuan belonging to shareholders of listed companies, an increase of 196.22 percent over the same period last year.
Event comment
The business of the Internet of things has increased significantly, the orders are full, and the performance of Q3 has increased rapidly. Q3 achieved a revenue of 127 million yuan, an increase of 108.87% over the same period last year, and a net profit of 19.6565 million yuan belonging to shareholders of listed companies, an increase of 1602.61% over the same period last year. The company's revenue and net profit growth is mainly due to the growth of the power Internet of things business. From the perspective of on-hand orders, as of September 30, 2022, the company had orders on hand of 166 million yuan, an increase of 61.32% over the same period last year.
The high-speed dual-mode communication chip will enter the bidding, and the company has a clear lead. In 2022, State Grid actively encouraged relevant manufacturers to carry out research and development, testing and pilot of high-speed dual-mode technology and products, the company closely followed the route of high-speed dual-mode technology of State Grid and the national network promotion plan, and independently developed and designed HPLC+HRF high-speed dual-mode communication chip has passed the State Grid high-speed dual-mode chip-level interconnection test within the reporting period, and obtained relevant test reports. Dual-mode communication with higher bandwidth than single-mode can support more services and more application scenarios, can better support the construction needs of new power systems, and has great market potential. The company has a clear lead in the promotion of dual-mode chips, and the launch of the national network dual-mode bidding is expected to bring new growth opportunities to the company.
PLC application market in photovoltaic field is broad, and the company has made rapid progress. In the photovoltaic field, the applications of PLC chips in the photovoltaic field include security control and photovoltaic monitoring. Photovoltaic power generation for security demand, the increase of related PLC chip products will gradually develop into a rigid demand. In addition, the photovoltaic power plant for photovoltaic panel power generation monitoring and management is very urgent, pay more attention to the efficiency of photovoltaic power generation, operation and maintenance, management, photovoltaic energy system comprehensive digitization. At present, the company's independent chip module has been carried out in batch trial in some photovoltaic module manufacturers, and some manufacturers are in the stage of technology introduction.
Investment suggestion
It is estimated that from 2022 to 2024, the EPS of the company will be 0.82,1.72,2.43 yuan respectively, and the corresponding PE will be 46 times, 22 times and 15 times respectively.
Risk hint
The intelligent upgrade of the power grid is not as expected; the high-speed dual-mode advance of the power grid is not as expected; and the promotion in the non-power grid field is not as expected.
