Main points of investment
The company announced its 2022 results KuaiBao: revenue of 1.22 billion yuan in 2022, + 0.78% year-on-year; net profit of 6.5683 million yuan,-85.47%; and non-return net profit of 1.6728 million yuan,-95.90%. Q4 realized income of 340 million yuan in a single quarter, + 10.91% year-on-year; net profit of 19.5806 million yuan, + 360.01%; and non-return net profit of 16.8679 million yuan, + 1807.09%.
Benefiting from the rise in bulk prices, the company's Q4 profit bottomed out and rebounded. In 2022, the company achieved a net profit of 6.5683 million yuan, with a net interest rate of 0.54%. Of this, Q4 realized a net profit of 19.5806 million yuan, + 360.01% compared with the same period last year, and the net interest rate was 5.76%, + 4.37pct. The pricing model of the company's mature products is "raw material cost + processing fee". The product is based on the average market price of the main raw materials in the previous month as the pricing basis of the raw material cost, while the purchasing time of the company's raw materials is earlier than the settlement time of the products. therefore, the sharp decline in silver prices of major raw materials in the first three quarters of 2022 impaired the company's profitability, and silver prices increased significantly in the fourth quarter. Drive the company's profitability to bottom out and rebound.
New energy vehicles, electronics and other related products to accelerate the release of new business potential energy began to release in the traditional refrigeration and HVAC business downstream growth slowed down the background, the company vigorously expand new energy vehicles, electronics and other new tracks, the new business has a high growth. With the continued expansion of the company's future orders from customers such as Hongfa, the relay leader, and Meicheng Ceramics, the upstream supplier of BYD power battery ceramic sealing rings, the domestic substitution process of superimposed electronic solder paste is accelerated. we are optimistic about the release of the company's business potential energy in new energy vehicles, electronics and other new areas, which is expected to drive the company's future performance to continue to grow at a high speed.
Profit forecast and valuation
It is estimated that the overall operating income from 2022 to 2024 is 1.62 billion yuan, with a corresponding growth rate of 0.78%, 31.39%, 27.22%, 0.07, 0.48, 900 million, and-85.47%, 629.76, 88.43%, respectively, respectively, and the corresponding EPS is 0.07, 0.54, 1.02 respectively. Maintain a "buy" rating.
Risk hint
The risk of fluctuations in raw material prices; downstream demand for new businesses such as new energy vehicles and electronics is lower than expected.