The downstream demand has been loosened, and the performance has shown strong resilience.
On April 22, 2022, the company released its quarterly report for 2022. Subject to the relative suppression of downstream demand by the frequent outbreak of COVID-19 in various places, 2022Q1's operating income was 446 million yuan, an increase of 4.00% over the same period last year, and the net profit of non-homecoming was 93 million yuan, an increase of 22.58% over the same period last year. Considering the great impact of equity participation in Xinjianneng and other equity investments on the investment income, we maintain the profit forecast. It is estimated that the company will receive an investment income of 0.8 billion yuan in 2022-2024, respectively, and the net return profit in 2022-2024 is expected to be 6.47 billion yuan, 8.17 billion yuan, respectively, and the corresponding EPS will be 0.91 pound 1.1510 million yuan. The current share price is 11.3 times PE. In view of the company's continuous layout of industrial control and on-board tracks, the company maintains a "buy" rating.
With the successful listing of New Jianneng, the company has obtained a rich return on equity investment and significantly optimized the level of monetary funds and transactional financial assets of the company. however, it also makes the company's quarterly net profit fluctuate greatly, so the company has adopted a step-by-step approach to reduce its profits affected by changes in fair value. At the same time, we noticed that the company's R & D expenditure was relatively flat in each year before 2021, while the year-on-year growth rate of R & D expenditure from 2021Q1 to 2021Q4 continued to increase, and the growth rate of 2022Q1 R & D expenditure also reached a high level of 51.82%.
Focus on pan-analog layout, power devices, interface chips continue to launch new products according to the company's official website news in March and April 2022, in terms of power devices, the company launched SGT-MOS for electric vehicle controllers and lithium protection, 1200V/40A IGBT; for inverter welders in interface chips, and RS-232 transceivers that can be widely used in industrial control and medical fields. In the case of continuous increase in R & D investment, we believe that the company is in a period of rapid expansion of product layout.
Risk hints: there is a risk of continuous tightening of upstream production capacity; there is great uncertainty in the speed of customer expansion; and there is uncertainty in the progress of new product research and development.