Event: the company released its semi-annual report for 2022, with revenue of 220 million yuan in the first half of 2022, an increase of 60.4% over the same period last year. The net profit was 30 million yuan, an increase of 96% over the same period last year. Among them, Q2 realized revenue of 130 million yuan in a single quarter, up 27.9% from the same period last year, and net profit from home was 20 million yuan, an increase of 22.5% over the same period last year.
Concentrator terminal won the bid national network procurement, in-hand orders are growing at a high speed. In the first half of 2022, the company made a major breakthrough in the national network bidding and won the bid for concentrator terminal products for the first time. In the southern power network, the first batch of electric energy metering equipment and broadband carrier module testing, the company's products are all over-tested at one time. In the first half of the year, the company's on-hand orders increased by 190 million, an increase of 94.6% over the same period last year. In terms of profit margin, the company's gross profit margin in the first half of the year was 39.5%, and the net profit rate was 14.2%, up 2.6 percentage points from the same period last year. In terms of expense rate, the company management fee is 5.1%, the financial rate is 0.04%, the sales rate is 8.3%, and the R & D cost is 36.1% higher than the same period last year, accounting for 15.8% of the revenue.
Lead a number of PLC national standards, research and development of new products to achieve industrialization. The company relies on the foundation of the Internet of things to build the R & D route of "chips, modules, terminals and systems", and participates in the formulation of 14 national and industry group standards.
The company led the drafting of the city wisdom street lamp power line communication national standard has been formally implemented. In the first half of 2022, many of the company's new products were successfully introduced to the market. In terms of chips, HPLC+HRF dual-mode communication chips completed mass production verification, and PLC SoC chips in the field of IoT were consumed. In terms of modules, HPLC+HRF dual-mode modules were successfully developed and special power line communication modules were launched for the Internet of things; in terms of terminal and system platform software, intelligent fusion terminals and unattended substation systems in Taiwan area can meet the needs of distribution and marketing in one.
It is proposed to issue convertible bonds to raise 380 million yuan, focusing on the non-electric Internet of things. The company plans to issue convertible bonds to raise about 380 million, including 150 million for smart photovoltaic and battery smart management projects, 140 million for smart home multimode communication gateways and smart equipment projects, and 90 million yuan for reserve funds. In the field of non-power grid, the company has a market share of more than 50% in the field of smart street lamps, and undertakes the construction of high-speed rail energy management system, cooperation with 5G base station manufacturers for intelligent power control applications, and cooperation with a number of new energy charging pile enterprises. promote the introduction of smart photovoltaic pilot projects. In terms of smart home, the company cooperated with AO.SMITH and Lenovo in all-round cooperation. At the Intelligent Summit of Tencent Cloud Lighting and Home Industry, the company and Tencent jointly released the PLC intelligent solution for the whole house. The new application scenario under the trend of Smart things is expected to bring new performance growth points for the company.
Profit forecast and investment advice. It is estimated that the net profit of homing from 2022 to 2024 is 1.1,2.2 and 260 million yuan respectively, corresponding to 43,21 and 18 times PE respectively, maintaining the "buy" rating.
Risk tips: policy promotion is not as expected risk; upstream chip supply shortage and raw material rise risk; downstream application scenario development is not as expected risk, COVID-19 epidemic repeated risk.
