加大研发创新力度，打造工业互联网通信整体解决方案。公司积极把握工业互联网板块及其下游应用行业的发展动向，围绕多个行业领域打造工业互联网通信的整体解决方案。此外，公司持续加大投入用于新技术、新产品的研发，以改善、提升现有技术及产品的延展性能和价值空间，保持核心技术的竞争优势。2022 年，公司研发投入0.58 亿元，同比+7.63%。公司持续攻关开发5G、边缘计算、TSN、HaaS、Profinet、WiFi6 等技术及相关系列产品，并取得积极成效，其中，工业物联网5G+智能网关项目和工业互联网时间敏感网络交换机项目已完成结项，达到开发预期。截至2022 年底，公司累计获得发明专利21 项，实用新型专利61 项，外观设计专利8 项，软件著作权146 项。Event: on March 28, the company released its 2022 annual report. In 2022, the company achieved revenue of 336 million yuan, + 32.24% year-on-year, and net profit of 96 million yuan, + 59.03% over the same period last year.
Orders are sufficient and continue to increase, and the company's performance is growing steadily. In 2022, the company achieved revenue of 336 million yuan, + 32.24% year-on-year, and net profit of 96 million yuan, + 59.03% over the same period last year. In 2022, the company's gross profit margin was 58.20%, year-on-year-2.16pct; sales expense rate / management expense rate / financial expense rate / R & D expense rate was 13.78%, 5.64%, 0.28%, 17.18%, respectively, year-on-year:-3.16%, "0.89 shock", 0.17max, 3.93pct; profit margin was 28.43%, year-on-year + 4.68pct. With the rapid growth of performance, on the one hand, the market demand for terminal applications such as downstream electric power new energy, smart mines, and intelligent manufacturing is strong, and the company's orders continue to increase; on the other hand, the results of the company's organizational change are gradually showing. The overall salary expenses of R & D, sales and management personnel accounted for 5.04% of the operating income compared with the same period last year.
Focusing on the main channel of industrial exchange, industrial Internet business is growing rapidly. From a business point of view, the company's smart energy, industrial Internet, intelligent transportation and smart city industry sectors respectively achieved revenue of 1.46 billion yuan 0.53 less than 0.51 billion yuan, of which revenue from smart energy and industrial Internet accounted for 99.23% of the revenue from the same period last year. In terms of product composition, the company's products are still mainly industrial Ethernet switches, focusing on products in the field of wireless communications and carrying out in-depth expansion. The company's revenue from industrial switching products, industrial gateway products and industrial wireless products increased by 0.51 trillion yuan respectively compared with the same period last year, and increased by 24.70% 6.81% and 60.35% respectively compared with the same period last year.
Strengthen R & D and innovation to create an overall solution for industrial Internet communications. The company actively grasps the development trend of the industrial Internet plate and its downstream application industry, and builds the overall solution of industrial Internet communication around a number of industry fields. In addition, the company continues to increase investment in the research and development of new technologies and new products, in order to improve and enhance the extension performance and value space of existing technologies and products, and maintain the competitive advantage of core technologies. In 2022, the company invested 58 million yuan in R & D, + 7.63% compared with the same period last year. The company continues to develop 5G, edge computing, TSN, HaaS, Profinet, WiFi6 and other technologies and related products, and has achieved positive results, among which, the industrial Internet of things 5G + intelligent gateway project and industrial Internet time-sensitive network switch project have been completed, meeting the development expectations. By the end of 2022, the company has obtained 21 invention patents, 61 utility model patents, 8 design patents and 146 software copyright.
The application scene continues to expand, and the customer is rich in resources. The company adopts a multi-industry layout strategy, and has a solid position as a market leader in smart energy, smart city, rail transit and industrial Internet market segments. At the same time, the company has further developed multi-scenario applications in various industries downstream. The richness of industry solutions has been greatly enhanced, and the high-end market share in the four major areas has been enhanced. In addition, the company's forward-looking layout of self-driving, smart medical and other future emerging industry market research and planning, by the end of 2022, the company has opened up energy storage industry, low-speed self-driving industry well-known customers.
Profit forecast and investment rating: as the national policy supports the independent and controllable development of the industrial Internet, all kinds of industrial applications are undergoing digital transformation in various industrial applications, and the downstream application terminal market is in great demand. The company is expected to achieve sustained and steady growth by virtue of years of scene accumulation, technological advantages and customer resources in the industrial communications market. We expect the company's 2023-2025 homing net profit to be RMB125 million 161G, respectively. The current share price corresponds to a PE of 45.0, 35.0, 35.0 and 27.6 respectively, maintaining a "buy" rating.
Risk hint: the policy strength is not as strong as expected, the market expansion is not as expected, the market competition intensifies, the macro environment fluctuation risk.
