Incident: The company released its 2022 annual report. During the reporting period, revenue was 4.817 billion yuan, a year-on-year decrease of 1.50%; Guimu's net profit was 86 million yuan, an increase of 72.18% over the previous year; after deducting non-Gimo's net profit of 156 million yuan, an increase of 2.65% over the previous year.
The smart cockpit sector accelerated the deployment of new energy vehicles and won a bid exceeding 2 billion yuan. Junsheng Qunying achieved sales revenue of 4,097 billion yuan during the reporting period, an increase of 4.85% over the previous year; after deducting non-net profit of 290 million yuan, an increase of 16.87% over the previous year. In 2021-2022, the company's subsidiary, Junsheng Qunying, achieved a total net profit of 539 million yuan to its mother, exceeding its performance promise. In the field of automotive air management, the company achieved first place in China and second in the world. In 2022, luxury accessories won orders of more than 2 billion yuan for leading new energy vehicle companies. It is expected that the volume released in 23-24 will contribute a new increase in the company's performance.
The second business grew rapidly, accounting for 11.54% of revenue in '22. The company's sales volume of new energy products increased dramatically in '22, achieving revenue of 556 million yuan, an increase of 142.53% over the previous year, and its business share has increased to 11.54% of the overall business. The total order amount for the entire life cycle of the company's new energy business is close to 15 billion yuan, which may inject new momentum into the company's development. The company has perfected its new energy product matrix, and is also actively laying out overseas optical storage and charging markets to actively build a whole new energy charging and distribution industry chain.
Actively explore the 100 billion charging pile market and develop collaboratively at home and abroad. The company actively laid out the domestic AC charging pile market in the early days, and in recent years it has begun to actively develop overseas DC and AC charging pile markets. In 2022, the company completed European standard charging pile certification, and the American standard certification process continues to advance. In 2022, the company independently developed products such as the Junyue Xiang European standard intelligent AC charging pile and portable charging gun, which have taken the lead in sailing overseas to compete for the European market. We believe that with the expansion of the company's charging pile business overseas, the company is expected to reap new growth poles.
Investment advice: In 2022, the company seized the opportunities of the critical period of industry development, the weighing equipment business was stable and leading the world, and Junshengqun's Premier League performance promises and the rapid growth of the new energy charging and distribution business contributed to the second track. The company is expected to achieve revenue of 58.44/71.86/8.604 billion yuan in 2023-2025, an increase of 21.32%/22.96%/19.74% over the previous year. Guimo's net profit was 2.09/274/402, up 141.91%/31.53%/46.52%, corresponding to a year-on-year increase of 141.91%/31.53%/46.52%. Corresponding EPS was 1.58/2.08/3.04 yuan respectively, maintaining the “increase in holdings” rating.
Risk warning: The company's downstream NEV sales fell short of expectations; the price reduction of new energy vehicles led to a decline in demand for luxury interior parts; the development of the overseas charging pile market fell short of expectations.