According to the company's mid-2022 report, in the first half of 2022, the company achieved revenue of 829 million yuan, an increase of 7.53 percent over the same period last year, and a net profit of 48.29 million yuan, an increase of 47.55 percent over the same period last year. The deduction of non-net profit was 5.48 million yuan, down 82.88 percent from the same period last year. The revenue of the corresponding company 2022Q2 in a single quarter was 473 million yuan, an increase of 15.24% over the same period last year. The net profit returned to the mother in a single quarter was 7.53 million yuan, down 62.28% from the same period last year. The non-net profit was 6.63 million yuan, down 66.32% from the same period last year. It is mainly due to the non-recurrent profit and loss of non-operating income when the new acquisition of Ningbo Xinrong is included in the consolidated financial statements.
From traditional packaging business to diversified development, the synergy effect is obvious. The company is mainly engaged in plastic packaging and consumer electronics business. in recent years, through the acquisition of CLP Huarui, the company's business plate expands the field of military science and technology, and through the acquisition of Ningbo Xinrong, the company's business extends to the field of metallized film capacitors. with the existing consumer electronics, green packaging and military technology three major sectors of business to form a good complementary industrial resources and business coordination.
Green packaging business to provide customers with one-stop service. The company can produce hundreds of packaging materials, including plastic packaging film, and 2022H1's green packaging business achieved revenue of 628 million yuan, a slight decrease of 6.07% compared with the same period last year. The main customer groups of the company's packaging business are Foxconn, Haier, Flextronics and other domestic and foreign head electronics manufacturers, a rich product line can provide customers with one-stop service to meet the diversified needs of customers.
The active layout of military science and technology has achieved remarkable results. The company's military science and technology business is mainly used in the military ship electronic information system, the products mainly include multi-function standard display console, display console module and so on.
The revenue of 2022H1's military science and technology business increased by 952.98% over the same period last year to 127 million yuan. The reliability requirements of customers in the field of national defense are extremely strict. in order to maintain the safety and integrity of specific equipment systems, customers generally do not easily change supporting products, and the barriers to entry are extremely high. With excellent product quality, technical advantages and service quality, CLP Huarui has accumulated major customers, including system demonstration units, warship overall design units, professional research institutes and other major customers, and has a long-term and stable cooperative relationship.
The acquisition of Ningbo Xinrong, thin film capacitor to promote the new growth. Due to the advantages of high temperature resistance and non-polarity, thin film capacitors are widely used downstream, and the demand for thin film capacitors is increasing continuously with the rapid development of new energy vehicles, photovoltaic and energy storage. Ningbo Xinrong, a subsidiary of the company, formerly known as Ningbo Capacitor General Factory, is one of the largest professional manufacturers of metallized capacitors in China, with world-class production equipment and one of the top 100 enterprises of electronic components in China. Since 2013, Xinrong has been actively laying out the field of new energy vehicles, with sales in the forefront of the industry.
[investment advice]
Through the extension of traditional packaging material business, the company has covered diversified business and application fields such as green packaging, consumer electronics and military science and technology, and has obvious resource integration and business synergy. Ningbo Xinrong is also actively increasing investment in automatic production lines to quickly expand production to grasp the development trend of new energy vehicles, photovoltaic, energy storage and other emerging areas to meet more customer order needs. We estimate that the company's revenue from 2022 to 2024 will be 18.95,23.10 and 2.68 billion yuan respectively, the net profit will be 1.41,2.17,298 million yuan respectively, the EPS will be 0.66,1.02,1.40 yuan per share respectively, and the corresponding PE will be 31,20,15 times respectively.
[risk Tip]
Downstream market demand is lower than expected
The progress of production expansion is lower than expected
The cost of upstream raw materials continues to rise rapidly.