Electronic equipment reliability integrated solution service provider, four core business services and four high growth industries: the company locates electronic equipment reliability integrated solution providers, covering four high growth areas of consumer electronics, digital infrastructure, intelligent transportation and clean energy by virtue of thermal management, EMI shielding, bonding and sealing solutions. In addition, the company promotes the release of production capacity through the forward-looking layout of fund-raising projects, and has made two consecutive equity incentives to build employee confidence in five years. At present, the company is actively developing new energy vehicles, AR/VR, data centers and other emerging tracks.
The quality of operation continues to improve, and high performance growth is expected to continue: revenue reached 1.125 billion yuan in the first three quarters of 2022, an increase of 18.66% over the same period last year, mainly benefiting from the increase in sales revenue of major customers in North America. The net profit of returning to the mother was 144 million yuan, an increase of 21.94% over the same period last year. In terms of profitability, gross and net profit margins rose in the first three quarters of 2022, to 28.00% and 12.67%, respectively. From the point of view of the cost, the overall cost control effect of the company is good, and the R & D cost is increasing.
The leader of consumer thermal management solutions, which is actively extended to new consumer electronics, is expected to enjoy industry dividends: thanks to the sound development of the 5G and electronic equipment markets, thermal management and EMI shielding solutions are in high demand. At the same time, under the new pattern of "double cycle" and "carbon neutral carbon peak", there is great potential for the development of bonding and sealing materials in automotive electronics, consumer electronics, photovoltaic and other fields. In addition, with the rapid development of downstream applications such as AR/VR and smart home, the company has transformed from traditional industries to new consumer electronics industries, and will further expand its product applications and solutions in the consumer electronics industry chain.
Enriching the product matrix to promote the emerging track is progressing smoothly, and there is huge room for growth in the future: on the one hand, the company is expected to rapidly expand the second growth curve through automotive intelligent thermal management solutions; on the other hand, the rapid development of photovoltaic, wind power and energy storage industries has given rise to the demand for a large number of thermal management function solutions, and the rapid entry of the company's products is expected to enjoy industry dividends. At the same time, the company expands from communication business to digital infrastructure business, and its products fully cover terminal electronic equipment in all aspects of digital information collection, transmission, storage and computing, with a broad market space.
Investment suggestion: we predict that the company's 2022-2024 net return profit will be 1.90cm 2.56cm 348 million yuan, and the current share price corresponding to PE is respectively times that of 23-17-13. In view of the high prosperity of the thermal management, EMI shielding, bonding and sealing solutions industries, the company's future performance is expected to achieve rapid growth, covering for the first time and giving it a "buy" rating.
Risk hints: upstream raw material price floating risk, market competition aggravating risk, new field product expansion not as expected risk, smartphone sales not up to expected risk.
