2022 年，国内收入达2.89 亿元，同比增长33.67%，占收比为81.65%，毛利率达59.15%（同比下降2.77 个百分点）；国际收入达0.36 亿元，同比增长14.59%，占收比为10.64%，毛利率达51.88%（同比增长0.53 个百分点）。我们认为，公司积极打造的全栈式工业互联网整体解决方案有望在智能制造、智慧城市等领域实现落地突破；同时随着我国疫情防控进入新阶段，国外市场有望成为公司新发展引擎。Incident: The company released the “2022 Annual Report” on the evening of March 28. The company achieved operating income of 336 million yuan, an increase of 32.2% over the previous year; net profit attributable to shareholders of listed companies was 96 million yuan, up 59.0% year on year; net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss was 75 million yuan, up 67.0% year on year.
The company achieved EPS (basic) of 1.90 yuan.
1. Downstream demand continues to be strong, and full-stack solutions and overseas markets are expected to open up a new pattern. Looking at 2022Q4, the company achieved operating income of 116 million yuan, up 41.7% year on year, up 30.7% month on month; net profit of Gimu was 34 million yuan, up 86.9% year on year, up 8.3% month on month; net profit after deducting non-return mother's net profit was 28 million yuan, up 130.8% year on year, up 14.5% month on month. Benefiting from the independent and controllable development support policy of the industrial Internet introduced by the country, the industrial Internet industry ecosystem continues to prosper, demand for downstream application terminals is strong, market demand for terminal applications such as downstream electricity, new energy, smart mining, and intelligent manufacturing is strong. The company's orders are sufficient and continue to increase, driving the company's operating income to grow rapidly.
In 2022, domestic revenue reached 299 million yuan, up 33.67% year on year, accounting for 81.65% of the revenue, and gross margin reached 59.15% (down 2.77 percentage points from year on year); international revenue reached 36 million yuan, up 14.59% year on year, accounting for 10.64% of the revenue, and gross margin reached 51.88% (up 0.53 percentage points year on year). We believe that the full-stack industrial Internet solution actively built by the company is expected to achieve breakthroughs in fields such as intelligent manufacturing and smart cities; at the same time, as China's epidemic prevention and control enters a new stage, foreign markets are expected to become the company's new development engine.
2. Seize the opportunities of the digital economy, focus on industrial Ethernet switches in stock and core markets, focus on the field of wireless communication, and carry out in-depth expansion. In 2022, revenue from industrial switching products reached 255 million yuan, up 24.70% year on year, gross margin reached 61.56% (down 0.85 percentage points year on year); revenue from industrial gateway products reached 34 million yuan, up 6.81% year on year, gross margin reached 59.41% (up 2.28 percentage points year on year); revenue from industrial wireless products reached 14 million yuan, up 60.35% year on year, and gross margin reached 50.75% (up 4.84 percentage points year on year).
The stock market and core market are growing steadily, and incremental markets are being actively expanded. In 2022, the smart energy, industrial Internet, smart transportation, and smart city industry sectors achieved main business revenue of 146.2888 million yuan, 52,872 million yuan, 51.0734 million yuan, and 29.336 million yuan respectively. Among them, the smart energy and industrial Internet industries achieved a year-on-year increase of 56.48% and 99.23% in operating income.
Risk warning: product development risk; risk of fluctuations in raw material supply; risk of market expansion falling short of expectations.