Core ideas:

Hanchuan Intelligent Disclosure of 2022 performance KuaiBao. In 2022, the company expects to achieve revenue of 1.323 billion yuan, an increase of 74.56% over the same period last year, and a net profit of 127 million yuan, an increase of 109.36% over the same period last year, deducting 79 million yuan of non-return net profit, an increase of 155.44% over the same period last year. Q4 revenue was 616 million yuan, an increase of 139.71% over the same period last year, and net profit was 53 million yuan, an increase of 248.31% over the same period last year.

The high boom of new energy vehicles strongly drives performance growth, and profitability continues to improve. In 2022, the company seized the opportunity of the rapid development of the downstream new energy vehicle industry, continued to promote capacity expansion and new business layout, while ensuring order delivery during the epidemic, automotive equipment, battery equipment and rechargeable equipment revenue increased significantly. In terms of business quality, the company improves the business process system and improves the efficiency of internal operation and management. In 2022, the company's homing net interest rate was about 9.62%, an increase in 1.60pct over the same period last year, a weighted average ROE of about 12.65%, an increase in 5.96pct over the same period last year, and a continuous improvement in profitability.

The development of the power exchange market is promoted rapidly, opening up the incremental space. The market development momentum of the company's new recharging business in 2022 is good. According to the announcement, in January 22, the company signed a five-year strategic framework agreement with Xiexin Nengke; in April 22, it reached a 679 million yuan rechargeable electricity procurement contract with Suzhou Lineng of Xiexin Kosun Company; and in May 22, it was designated for the Yangming Island commercial vehicle power station exchange project. In the first three quarters of 22, the company's rechargeable intelligent equipment plate achieved revenue of 252 million yuan, accounting for 35.59%, gradually opening up new growth points.

Profit forecast and investment advice: we expect the company's 23-24 return net profit to achieve 243,372 million yuan, with reference to comparable companies, taking into account the high downstream demand of the company and the rapid growth of power exchange business, we give Hanchuan Intelligent 2023 return net profit 35 times PE valuation, corresponding to a reasonable value of 78.51 yuan per share, maintaining a "buy" rating.

Risk tips: research and development and innovation risk; overseas business risk; operating cash flow risk; industrial policy change risk.