The company issued a pre-increase announcement for 2022, which is expected to achieve operating income of 5.3 to 580 million yuan, an increase of 30.10 percent to 42.37 percent over the same period last year, and a return net profit of 0.85 to 110 million yuan, an increase of 21.07 percent to 56.68 percent over the same period last year. The net profit after deduction was 0.16 to 36 million yuan, a decrease of 63.47 percent and 17.81 percent over the same period last year.
Shipments of automotive electronic chips increased tenfold, and some projects affected by the epidemic were postponed to 23 years.
The company achieved relatively high revenue growth in 2022, mainly due to the company's focus areas such as automotive electronics and national major demand applications, especially the company's sales of more than 4 million automotive electronic chips, with shipments increasing more than 10 times compared with the same period last year. The revenue of the automotive electronics business has achieved substantial growth, and the company's overall business income has achieved sustained growth. In addition, due to the impact of the 22Q4 epidemic, a number of chip customization service projects failed to get customer acceptance in time, which will be postponed to 2023.
High R & D investment affects profits in the short term and enhances the competitiveness of the automobile field in the long term.
The net profit of the company achieved a higher growth in 2022, mainly due to a large increase in corporate financial income and government subsidies compared with the same period last year. At the same time, the decline in net profit after deduction is mainly caused by high R & D investment. In order to seize the opportunity of domestic replacement of high-end automotive electronic chips and highly reliable memory chips, the company has made high-intensity R & D investment in the fields of high-end automotive electronic chips and highly reliable memory control chips. and greatly increased the number of R & D personnel, resulting in this year's R & D expenditure is expected to increase by about 60 million yuan, the growth rate is expected to exceed 50%. High-intensity R & D investment lays the foundation for the sustainable development of the company.
Earnings forecast, valuation and rating
Affected by the 22Q4 epidemic, many of the company's chip customization service projects have been postponed to 23 years. We estimate that the company's revenue in 2022-24 will be 5.72 billion yuan, respectively (the original value is 9.53 yuan 16.62 yuan / 2.624 billion yuan), and the corresponding growth rate will be 40.38% 107.56% 53.44%. The homing net profit is 1.04 PE 2.27 / 358 million yuan (original value 1.60 pound 2.74 / 388 million yuan), and the corresponding growth rate is 48.65% 117.06% shock 57.89% Magi EPS per share. In view of the gradual expansion of the company's automotive chip business over the past 23 years, we are optimistic about the overall development of the electronics industry and give the company 65 times the target price of 61.35 yuan in 23 years. Maintain a "buy" rating.
Risk tips: intensified market competition; fluctuations in business performance; technology iterative upgrading is not as expected; core technology leakage and brain drain.