[matters]
On the evening of January 30, 2023, Jinlu Electronics released its performance KuaiBao in 2022, with an estimated operating income of 1.496 billion yuan in 2022, an increase of 12.73% over the same period last year, and a net profit of 141 million yuan, an increase of 40.87% over the same period last year. It is estimated that the net profit deducted from non-return is 135 million yuan, an increase of 44.48% over the same period last year.
[comments]
Product structure optimization, cost-side price fall, superimposed exchange gains contribute to high performance. The company actively optimizes and adjusts the product structure. In 2022, the company's multilayer board revenue accounted for 68.45%, an increase of 4.76pct over the same period last year. The high added value of the multilayer board helps to improve the overall profit level of the company. Since 2022Q2, the prices of major raw materials such as copper clad laminate and copper balls have fallen, the pressure on the cost side has been reduced, and the company's gross profit margin has increased. In 2022, the gross profit margin was 21.79%, an increase of 2.46pct over the same period last year. In a single quarter, 2022Q4's gross profit margin reached 25.36%, an increase in 2.41pct compared with the previous quarter, an increase in 6.76pct compared with the same period last year, and the company's profitability has been continuously optimized. At the same time, benefiting from the increase in exchange earnings and interest income, the company's performance growth rate is significantly higher than revenue growth.
Cling to BMS, ploughing the car board. In the future, with the improvement of automobile intelligence and network connection, the value of bicycle PCB is expected to be further improved. In 2016, the company entered the field of new energy vehicle PCB. From the application terminal of battery management system (BMS), the products gradually covered the core components and supporting facilities of intelligent electric vehicles, such as motor controller, DC-DC converter, vehicle charger, charging pile, ADAS, intelligent cockpit, T-BOX and so on. At present, the company's automobile board revenue accounts for more than 50%. Among them, the revenue of PCB products used in the fields of new energy vehicles, such as "three power systems" and charging piles, accounts for about 40%, 50%, and 50% of the car board revenue. With the continuous improvement of the proportion of new energy vehicle revenue, the company's car board profitability will continue to increase. From the client point of view, the company is the world's largest new energy car battery manufacturer Ningde era's largest PCB supplier, at the same time accumulated Guoxuan Hi-Tech, Funeng Technology and other high-quality and stable customer resources.
Layout in advance, card position energy storage track. As a track with high industry prosperity, energy storage has a fast growth rate and a large market space. The company's PCB products have battery management systems for energy storage batteries. At this stage, the main customer is Paron Technology, and the company is its main PCB supplier; at the same time, many power battery manufacturers are also involved in the field of energy storage batteries, and the company also has PCB for this kind of customers to supply battery management systems for energy storage batteries. Combined with the development of the market, the company is expected to benefit from the high growth of the energy storage track for a long time, making the energy storage business become another competitive player of the company.
[investment advice]
The company ploughs the new energy automobile board, actively expands the energy storage business, and with the release of the production capacity of the fund-raising project, the company's performance is expected to continue to improve. We estimate that the company's operating income in 2022, 2023, and 2024, respectively, will reach 1,996, 974, 2.596 million yuan; 2022, 2023; net profit in 2024 is 1.41, 2.27 / 332 million, respectively; EPS is 0.93, 1.50; 2.20, and the corresponding PE is 32-20-14, respectively, giving the "overweight" rating for the first time.
[risk Tip]
The expansion of new customers and new areas is not as expected.
The release of capacity is not as expected.
The market demand is not as good as expected.