2022Q1 performance is growing steadily. According to the company's quarterly report for 2022, revenue in the first quarter of 2022 was 204 million yuan, an increase of 25.07 percent over the same period last year, and net profit was 15.03 million yuan, an increase of 16.78 percent over the same period last year. Non-net profit was deducted from 14.61 million yuan, an increase of 36.43 percent over the same period last year.
The company is a leading company specializing in the R & D, production and sales of precision electronic components based on connectors and shields. With product and mold research and development as the core, supported by advanced mold development technology, precision stamping and injection molding, the company provides internal and external connectors and electromagnetic shielding designs and products for consumer electronics, automotive electronics and other customers.
Automotive electronic products to achieve rapid growth, widely recognized by customers in the automotive field. According to the company's 2021 report, the company's automotive products business achieved revenue of 455 million yuan in 2021, an increase of 54.43% over the same period last year. In the field of automotive electronics, the company has entered the supply chain system of overseas customers, including Valeo, Magna, Kosida, Marelli, and domestic customers such as Ningde era, Honeycomb Electric Drive, Huichuan Technology, and Junsheng Electronics. The products are eventually used in complete vehicle manufacturers including Volkswagen, Tesla, Inc., BYD, GM, Mercedes-Benz, Ford, Toyota, Honda, SAIC, FAW, Great Wall, Geely, Nissan and other new car makers such as XPeng Inc., ideal, NIO Inc., Jinkang and so on.
The automotive electronic product line is widely used and is expected to benefit significantly from the development of automobile electrification and intelligence. The company is technology-oriented, has accumulated rich experience in the research and production of automotive precision connectors and shielding covers, and has developed more than a thousand sets of automobile molds. in the field of connectors, we have developed many kinds of high-voltage and high-current connectors, high-definition high-speed connectors, high-frequency connectors and so on. the products are mainly used in intelligent driving cockpit, auxiliary driving system, domain controller system and other automobile intelligent systems. And automobile electrification systems such as engine system, battery pack, three-electricity system, charge and discharge system, etc.
Plan to promote the non-public offering of securities and seize the opportunities for the development of the industry. The company's application for non-public offering of shares has been examined and approved and received a reply from the China Securities Regulatory Commission on January 14, 2022. The company expects to increase the annual production capacity of 5 million new energy vehicle high current and voltage connectors and 12 million sets of auxiliary driving module connectors after the fund-raising project reaches production. Through this issue, it is expected to improve the company's production and operation capacity, enhance profitability, further consolidate the company's market position in the industry, and provide a strong guarantee for long-term sustainable development.
[investment advice]
As a leading supplier of connectors and shields in China, the company has deep accumulation in the technical fields of mold, stamping, injection molding and so on. The company has excellent card position in the field of automotive electronics, and has entered the whole vehicle enterprise through a number of head Tier-1 supply chains at home and abroad. the products are widely used in intelligent cockpit, domain controller, engine system, battery pack and other automobile intelligent and electric systems. It is estimated that the company's revenue from 2022 to 2024 will be 9.39,12.32,1.59 billion yuan respectively, and the return net profit will be 0.79,1.19,164 million yuan respectively, and the corresponding EPS will be 0.30,0.45,0.62 yuan per share respectively, and the corresponding PE will be 46,31,22 times respectively.
[risk Tip]
Downstream demand is lower than expected
The competition pattern of the industry is deteriorating.
The price of upstream raw materials continues to rise.