In 2022, the company is expected to achieve a net profit of 156 million yuan to 168 million yuan, an increase of 68.82% to 81.81% over the same period last year; it is expected to deduct a net profit of 151 million yuan to 163 million yuan, an increase of 64.94% and 78.04% over the same period last year. It is estimated that Q4 is expected to achieve a net profit of 0.37-49 million yuan in 2022, an increase of 1.60-30.48% over the same period last year and-12.02-16.66% month-on-month.
Distribution and self-developed IC business achieve double growth of performance scale and profit level. Despite the repeated epidemic in many places in China, the large-scale spread of the epidemic in December, coupled with the impact of exchange rate fluctuations, the company's performance still achieved rapid growth, and the company is expected to achieve a net profit of 156 million yuan to 168 million yuan in 2022, an increase of 68.82% over the same period last year. With the development of intelligent trams, the bicycle value of electronic components continues to rise, the growth rate of car gauge-level components is higher than that of vehicle sales, and the prosperity of the industry continues to improve. The company has been deeply engaged in the field of automotive electronics for a long time, actively expand downstream customers, continue to carry out new product research and development, distribution and self-research IC business is expected to maintain rapid growth.
The power management chip of car regulation is highly prosperous, and the revenue of self-developed IC business has reached a new high. It is estimated that the operating income will be 200 million yuan to 250 million yuan in 2022, an increase of 177.21% Mel 246.51% over the same period last year, and the gross profit margin is expected to be 43.00% Mel 47.00%. The company continues to expand downstream customers, 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 to achieve batch loading, but also widely recognized by customers at the market end. At the same time, the company formally acquired Ouchuangxin on August 26, 2022, bringing it into the scope of the company's consolidated statements and horizontally expanding its self-research IC business. In the future, with the expansion of product categories and rich customer resources, the company's self-developed IC business is expected to take advantage of automotive electronic Dongfeng rapid development.
The scale of the automotive electronics market is constantly expanding, and the distribution business is steadily improving. In 2022, the operating income of the distribution business is expected to be 1.95 billion yuan to 2.05 billion yuan, an increase of 46.02% 53.50% over the same period last year. Under the general trend of automobile intelligence, electrification and networking, the company continues to promote new products based on its own customer resources. cooperation has been reached with domestic and foreign automotive electronic parts manufacturers such as Yanfeng Visteon, Yigatong, Jin Laio, Valeo, Hyundai Mobis and other domestic and foreign automotive electronic parts manufacturers, covering automotive lighting, automotive cockpit, automotive passive components and automotive wire-controlled chassis and other market segments. On February 1, 2022, the company formally acquired Yihai Nengda and incorporated it into the scope of the company's consolidated statements to rapidly expand the layout of the passive components market.
Profit forecast: from 2022 to 2024, we expect the company to achieve a revenue of 2.266cm 2.852 billion RMB, and a net profit of 1.66A 243,339 million RMB, maintaining the "recommended" rating.
Risk Tips:
(1) risk of new product promotion
(2) risk of technology development and iterative upgrade
(3) supplier and customer change risk
(4) downside risk of automobile market
(5) the risk of shortage in wafer manufacturing.
