[matters]
The company publishes the 2022 performance forecast, which is expected to grow rapidly in 2022. The company expects to achieve a net profit of 1.7-180 million yuan in 2022, an increase of 223.79% and 242.83% over the same period last year. It is estimated that the deduction of non-net profit in 2022 will be 1.6-170 million yuan, an increase of 2625.54 percent over the same period last year. 2795.89 percent.
In the fourth quarter of 2022, the company realized a net profit of 0.15-25 million yuan in a single quarter and deducted a non-net profit of 0.14-24 million yuan in a single quarter.
[comments]
The world's leading provider of intelligent electroacoustic solutions, with a comprehensive layout of intelligent products. The company has established long-term and stable strategic cooperation with Harman, Skullcandy and other global leading customers to provide customers with ODM, OEM and other diversified product solutions. In addition to the existing products, the company closely grasps the development opportunities of the consumer electronics industry, adding new products such as bone conduction headphones, smartwatches, AR smart glasses, comprehensive layout of smart hardware, and diversified development of product matrix. Bone conduction headphones can effectively solve the problems such as ear pain and ear pain when worn for a long time, and it is one of the key development directions of smart headphones in the future. In terms of smartwatches, the company has established partnerships with a number of terminal brands, and orders will be gradually landed.
The layout of the trinity production base reflects the scale effect. The company continues to strengthen fine management, significantly enhance the flexible intelligent manufacturing capacity, at the same time, vigorously develop the layout of the "Dongguan-Vietnam-Jiangxi" trinity production base. In the first three quarters of 2022, the company's gross profit margin increased by 15.86% year-on-year. 5.75pct Q3 single-quarter gross profit margin increased by 16.35% compared with the same period last year. Gross profit margin continued to rise, and the scale effect was fully reflected.
Layout of the upper and lower reaches of the industrial chain, collaborative advantage casting long-term kinetic energy. In the field of bone conduction headphones, the company has invested in Suzhou Suoji Electronic Technology Co., Ltd., a developer of core devices such as vibrator motors. In terms of smart glasses, the company invests in Riowell (Shanghai) Intelligent Technology Co., Ltd., and cooperates with it to develop AR glasses and other equipment. The current products are mainly used in the field of industrial AR, and are expected to gradually extend the field of consumer electronics in the future. In addition, the company or wholly-owned subsidiaries have also invested in Zhongchuang Guangtong Technology Co., Ltd., Jiangxi Ganfeng Lithium Technology Co., Ltd., Chongqing Wuqi Microelectronics Co., Ltd., through the in-depth layout of the upstream and downstream of the industrial chain, further expand the company's development-related industrial resources, give full play to the advantages of upstream and downstream parties, achieve resource integration, create synergy advantages, and cast momentum for the company's long-term development.
[investment advice]
The company is a leading supplier of electroacoustic solutions in China, and has established and maintained a long-term strategic partnership with the world's top brands. While continuously improving the advantages of electro-acoustic product research and development and manufacturing, the company actively broadens the product matrix and develops new products such as bone conduction headphones, smartwatches, VR/AR smart glasses, and has quickly created strategic resource integration advantages through in-depth layout upstream and downstream. The company's 2022 performance forecast exceeded our previous expectations, and we raised the company's forecast for 2022-2024. It is estimated that the company's revenue for 2022-2024 will be 2.285, 3345 and 4.329 billion yuan, respectively, and the net profit attributable to its parent will be 1.75, 3.03 and 1.99 billion, respectively. The EPS will be 0.52, 0.90 and 1.18 per share, respectively, and the corresponding PE will be 31, 18 and 14 times, respectively, maintaining the "overweight" rating.
[risk Tip]
Downstream market demand is lower than expected
The progress of new product promotion is not as expected.
The progress of production expansion is not as expected.
Sharp fluctuations in the exchange rate
