Event: the company issued a performance forecast for 2022, which is expected to achieve a net profit of 200-250 million yuan, an increase of 47.5%-84.3% over the same period last year, and an estimated deduction of non-net profit of 1.7-220 million yuan, an increase of 57.9%-104.4% over the same period last year.
The performance forecast is in line with expectations, with a high return to home net profit in 2022. The company issued a performance forecast for 2022, which is expected to achieve a net profit of 200 to 250 million yuan, an increase of 47.5 percent to 84.3 percent over the same period last year, and an estimated deduction of 1.7 to 220 million yuan for non-net profit, an increase of 57.9 percent and 104.4 percent over the same period last year. According to estimates, Q4 is expected to achieve net profit of-0.3-20 million yuan in single quarter, and non-net profit of-0.2-30 million yuan in single quarter of Q4. In 2022, with the growth of the company's solar support business income, the company's net profit grew synchronously. At the same time, the company sold its stake in Hunan Yihua Transportation equipment Co., Ltd., confirming part of the investment income.
Raise 530 million to expand the capacity of photovoltaic brackets and set up subsidiaries to expand photovoltaic territory. The company announced the adjusted non-public offering plan to raise 530 million yuan, including 370 million yuan for Yueqing photovoltaic support core components production base construction project, 50 million yuan for photovoltaic support full-scene application research and development and experimental base construction project, and 110 million yuan for supplementary liquidity. The company binds the global photovoltaic tracking support leader NEXTracker, and at the same time a stable supply of GCS, FTC, Trina Solar, Zhengtai Anergy and other well-known enterprises at home and abroad. In September, the company announced the establishment of Anhui Yihua New Energy Technology Co., Ltd., Haiyin New Energy (Thailand) Co., Ltd., CZT ENERGY INC., NEXTRISE INC. Four subsidiaries are used to continuously promote the layout and expansion of the new energy photovoltaic field. In the future, with the capital replenishment of the non-public stock offering plan and the landing of subsidiaries, the company's photovoltaic support production capacity is expected to be further strengthened, and horizontally expand new products to support continued business growth.
High-speed communication connector products upgrade, continuous layout of automotive high-speed high-frequency connectors. As a leading manufacturer of optoelectronic connectors in China, the company occupies a dominant position in the domestic market and maintains close cooperation with Huawei, ZTE, Foxconn, Pegatron, Duratel and other high-quality customers in the field of communication connectors. In the field of consumer electronics and automotive connectors, we have established long-term cooperative relations with Vladivostok, Flextronics, Molex, Full Rise, FCI and other well-known customers. In terms of automotive connectors, the company deeply arranges window connectors, BMS connectors, ECU connectors, etc., binds Huawei deeply, and opens up major customer orders such as BYD and Geely. Scale effect is expected to show gradually.
Profit forecast and investment advice. It is estimated that the net profit of homing from 2022 to 2024 is 2.5,4.3 and 530 million yuan respectively, corresponding to 40 times, 23 times and 19 times of PE respectively, maintaining the "buy" rating.
Risk tips: risks such as raw material prices or large fluctuations, lower-than-expected growth in downstream markets, exchange rate losses caused by exchange rate fluctuations, and so on.