[matters]
The company publishes its 2022 performance forecast and expects to maintain growth in 2022. The company expects to achieve a net profit of 2.60-360 million yuan in 2022, an increase of 30.59% 80.81% over the same period last year. It is estimated that the deduction of non-net profit in 2022 will be 2.55-355 million yuan, an increase of 169.44% 275.10% over the same period last year.
In the fourth quarter of 2022, the company realized a net profit of 0.32-132 million yuan in a single quarter and deducted a non-net profit of 0.37-137 million yuan in a single quarter.
[comments]
The proportion of new energy vehicle business is increasing, and the growth of new engines has become. Based on the advantages of R & D and manufacturing, the company laid out the new energy vehicle business earlier and established deep cooperation with the leading customers in the industry. Benefiting from the rapid development of the new energy vehicle industry, customer shipments have increased, and the company's orders have increased significantly. In 2022, the company's new energy vehicle business has grown steadily, and the share of business revenue has increased from 5.98% in 2019 to 27.96% in the first half of 2022. In the future, it is expected to continue to benefit from the prosperity of the industry and the advantages of the company's major customers, and a new engine for growth has become.
Consumer electronics business, the volume and price of international customers are rising, and the layout continues to be diversified. Demand in the global smartphone market slowed down in 2022, and the company still achieved overall growth in the first half of 2022. The second half of the year is the peak season for traditional consumer electronics, with sufficient orders on hand and continuous upward development of production and operation. Thanks to the iteration of international customers' smart phone products and product technology upgrading, the company's single machine value and market share have increased. In addition, the company applies technology development and product iterative innovation in tablet computers, notebook computers, all-in-one computers, VR and other consumer electronic products, continues to diversify its layout, and is transformed into core components for customers through technology upgrading, further improving the company's core competitiveness and driving the growth of the company's consumer electronics business revenue and net profit.
Forward-looking layout of cutting-edge science and technology, reserve technical strength. The company's forward-looking layout of new energy vehicle wireless charging system, hydrogen fuel cell core components and other cutting-edge technology. Wireless charging business for new energy vehicles supporting high-power wireless charging system, the company has obtained WiTricity patent authorization, and cooperate with a number of new energy terminal brand car factories to develop high-power wireless charging system. Hydrogen fuel cells aim at the next generation of clean energy, and the company develops and produces core components such as metal bipolar plates to reserve technical strength for the outbreak of demand in the downstream market.
[investment advice]
The company has long served the leading customers at home and abroad, gradually expanding from consumer electronics to new energy vehicles, VR/AR and other emerging fields, products gradually from parts to components, modules and even the whole machine integration development, steadily building a platform precision manufacturing company. Looking to the future, the company will directly benefit from the recovery of demand in the downstream market of consumer electronics, and it is expected that the high growth of the company's new energy vehicle business is expected to continue. In addition, the company actively arranges new technologies and products such as new energy wireless charging systems and hydrogen fuel cell core components, which are expected to fully benefit from the potential outbreak of the industry in the future. The company's performance forecast is in line with our previous expectations, and we make appropriate adjustments to the company's income and period expense rate in 2022-2024. It is estimated that the company's operating income in 2022-2024 is 42.08 and 56.12 trillion, respectively, and the net profit returned to its home is 355, 0.48 and 551 million, respectively. The corresponding EPS is 0.52, 0.66 and 0.81 yuan, respectively, and the corresponding PE is 26-21-17, maintaining the "over-holding" rating.
[risk Tip]
Downstream market demand is lower than expected
The progress of production expansion is not as expected.
The price of raw materials fluctuates sharply.
Exchange rate fluctuates violently