Event: San'an Optoelectronics released its three-quarter report in 2022. In the first three quarters of 2022, the company realized operating income of 10.012 billion yuan (year-on-year + 5.04%) and net profit of 987 million yuan (- 23.27%). In the third quarter of 2022, the company achieved operating income of 3.25 billion yuan (year-on-year-4.90%, month-on-month-11.09%) and homed net profit of 55 million yuan (year-on-year-86.36%, month-on-month-89.08%). The company's performance declined significantly in the third quarter, mainly due to the continued pressure on the performance of the traditional LED chip sector in the context of the overall macroeconomic downturn.
The company's layout in the field of SiC is becoming more and more perfect. In September 2022, Hunan Sanan released the latest 1200VSiC MOSFET series products based on 6-inch full-chain integration platform. At the same time, the company compared the latest 1200V series products with competitors' products. The test results show that its products perform better than on-resistance characteristics, breakdown voltage characteristics and threshold voltage stability, which can effectively improve the efficiency and reliability of the electric drive system. At present, Hunan Sanan's silicon carbide diode series has gone deep into the head enterprise supply chain in the fields of photovoltaic, server power supply and charging piles. The SiC MOSFET series released this time aims to achieve a comprehensive breakthrough in new energy automobile parts in 2023.
Profit forecast and investment advice: the company's operating income from 2022 to 2024 is expected to be 13.812 billion yuan, 19.995 billion yuan and 24.12 billion yuan respectively, an increase of 9.86%, 44.77% and 20.63% respectively over the same period last year. The net profit of 2022-2024 is 1.507 billion yuan, 2.668 billion yuan and 3.625 billion yuan respectively, up 14.78%, 77.04% and 35.87% respectively. From 2022 to 2024, the EPS is 0.34,0.60 and 0.81 yuan respectively, and the corresponding PE of the current stock price is 61.2,34.6,25.5 times respectively, giving the company a "buy" rating.
Risk hint: the progress of SiC is not as expected.