2022Q1-Q3 realized net profit of 21.43 million yuan, year-on-year + 29.19% October 30, the company released the third quarter of 2022, the first three quarters of 2022 achieved operating income of 180 million yuan, year-on-year + 8.08%; realized return net profit of 21.43 million yuan, + 29.19% year-on-year, gross profit of 36.08%, year-on-year-0.50pct. In a single quarter, 2022Q3 achieved revenue of 61 million yuan, year-on-year + 0.31%, month-on-month + 9.23%; net profit of 5.365 million yuan,-10.17%, gross profit of 37.79%, year-on-year + 0.29pct. The main reason is that the company's power fuse products with higher gross profit margin are gradually increasing. In terms of expenses, the company's sales / management / R & D / financial rates for the first three quarters of 2022 were 2.51% 13.66% 8.6% 0.49% respectively, year-on-year changes-0.17/-1.50/+3.85/-0.65pct Among them, the 2022Q3 sales / management / R & D / financial rates are 2.74%, 14.83%, 12.94%, 0.75%, respectively, with year-on-year changes + 0.79/+0.08/+7.59/-0.4pct.
The short-term pressure on the company's net profit is mainly due to the decline in the demand for household appliances and consumer electronics downstream of the company's electronic fuse products, resulting from a substantial increase in the company's R & D expenses.
Hefei Warp Q3 completed the completion of the table, signed a GPU sales contract of 17 million yuan in warp technology for many years, adhering to the application-oriented chip micro-architecture innovation, to provide customers with customized artificial intelligence core chips, customized dedicated servers, customized data center one-stop service. In terms of products, the warp self-developed GPU chip meets the needs of the National Network Information Office to build a solid network firewall, which can quickly and well control pictures, videos and sounds, help customers filter Internet content and enhance the health of network information, mainly used in network security monitoring, data center servers and self-driving identification areas, with high cost-effective advantages. In terms of research and development, warp has set up R & D centers in Beijing, Shanghai, Hangzhou and Silicon Valley, and has built computing centers and test platforms with international advanced level. the core R & D team has deep understanding and attainments in the field of chip design and AI algorithms. the backbone members have graduated from the top universities at home and abroad, and more than 80% of the employees have doctoral and master's degrees. Rich experience in chip design, artificial intelligence research and video processing acceleration experience, engaged in related areas of research and development for an average of more than ten years. In June 2022, he Jifeng Academician team was introduced into Hefei qu Speed, and the core backbone was bound through equity incentives. After completing the merger, Hefei accelerated the expansion of its business, signed a sales contract of 17.003 million yuan for chip-related products in September, and the company's GPU products are being gradually recognized by the market. We believe that with the gradual tightening of US sales policy on high-end GPU in China, the company's products are expected to accelerate the realization of domestic substitution in data centers, servers, network switching and other fields.
Investment suggestion
As a domestic invisible champion of electronic fuses, the company not only tamps the main business, but also actively arranges emerging industries to promote business upgrading, and the endogenous extension strategy opens the growth situation of the company. Taking into account the pressure on the demand of the company's home appliances and consumer electronics business and the situation of the warp in Hefei, we adjusted the company's 2022-2024 return net profit forecast of 0.30 yuan 0.82 billion (the previous value is 0.50 yuan 0.91 billion), an increase of 22.8% over the same period last year, 175.1% and 76.9%, maintaining the "overweight" rating.
Risk tips: sharp rise in raw material prices, continued higher-than-expected epidemic, lower-than-expected development of new customers, macroeconomic downturn, etc.
