Event: the company issued a 22-year performance forecast. In 2022, the company achieved a net profit of 1.56-168 million yuan, which was + 68.82% and 81.81% compared with the same period last year, and deducted the non-return net profit of 1.51-163 million yuan, which was + 64.94% and 78.04% compared with the same period last year.
In a single quarter, according to the median calculation, the company's 22Q4 achieved a net profit of 43 million yuan, + 14.27% year-on-year, + 2.22% month-on-month; deducting non-return net profit of 39 million yuan, + 3.74% year-on-year, month-on-month-5.72%. The company's performance is slightly lower than we had expected, which we believe is due to the impact of the spread of the 22Q4 epidemic on the company's product logistics and demand.
Self-research and distribution business have achieved rapid growth. From the perspective of split business, the company's distribution business revenue is expected to be 19.5-2.05 billion yuan, year-on-year + 46.02% Mui 53.50%; self-research chip business revenue is expected to be 2.0-250 million yuan, year-on-year + 177.21% Mel 246.51%, gross profit margin is 43% MUE 47%. Benefiting from the development trend of automobile electrification, intelligence and integration, the demand for supporting electronic hardware has increased, the prosperity of automotive electronics has continued to improve, and the company's distribution business and self-developed IC business have achieved double growth in performance scale and profit level.
The company is operating steadily under the influence of the epidemic. During the reporting period, due to the repeated epidemic situation in many places in China, the large-scale spread of the epidemic in December, and exchange rate fluctuations, the external environment faced by the company was affected to a certain extent, but the company actively took relevant measures to reduce the impact of the epidemic on the company as much as possible. We believe that the impact of the short-term epidemic will not change the company's long-term development trend, as the impact of the epidemic gradually fades, the company will return to a steady growth track.
Be optimistic about the trend of rapid expansion of chips developed by the company. The company's automobile simulation IC products have been introduced into international and domestic first-line Tier 1, and batch loading has been realized in BYD, Geely, Great Wall, Changan, Hyundai, FAW, Kia, Chrysler, Volkswagen, XPeng Inc., NIO Inc. and other well-known automobile manufacturers at home and abroad, and the products have been fully recognized by the market. Looking to the future, we continue to be optimistic about the company's leading position and rapid volume trend in the field of automotive analog chips. The company's merger and acquisition of Ouchuangxin in 2022 is expected to further improve the company's business map, enhance its comprehensive technical strength and contribute to revenue increment.
Investment suggestion: with the rapid development of domestic automotive Tier 1 and the improvement of domestic permeability of automotive analog chips, domestic automotive analog chip enterprises usher in a rare opportunity for development. We estimate that the company's net profit in 2024 will be RMB 164,000,379 million respectively, and the corresponding PE will be 34.91 and 22.03 PE respectively, maintaining the "overweight" rating.
Risk tips: new product research and development is not as expected; downstream demand is not as expected; industry competition is intensified.
