Description of the event
In 2022, the company achieved operating income of 14.961 billion yuan, a year-on-year decrease of 8.40%, the net profit of the mother was 1,210 million yuan, a decrease of 39.35% over the previous year, and net operating cash flow of 650 million yuan. The company's non-recurring profit and loss during the reporting period was 234 million yuan, including current profit and loss of 139 million yuan in government subsidies and 175 million yuan in non-current asset disposal profits and losses.
Incident comments
In the fourth quarter, the company achieved operating income of 4.399 billion yuan, a year-on-year decrease of 0.07% and an increase of 21.35% over the previous quarter; it achieved net profit of 196 million yuan, a year-on-year decrease of 60.29% and a decrease of 48.69% from the previous quarter. Mainly due to the decline in profit levels, the gross profit margin for the fourth quarter was 32.14%, down 4.8 pct from the previous quarter, and the net interest rate was 4.37%, down 6.55 pct from the previous quarter. The growth of IT equipment and PCB equipment with excellent profitability in the company's revenue structure is slowing down. Revenue from lithium battery equipment and photovoltaic equipment is growing rapidly, but it will take more time for profits to rise to ideal levels.
By business, the company's information industry equipment business achieved revenue of 4.836 billion yuan, a year-on-year decrease of 31.06%, which was greatly affected by industry sentiment. Among them, the consumer electronics business achieved revenue of 2,050 billion yuan, a year-on-year decrease of 30.13%, mainly related to customer process upgrades and the slowdown in capital expenditure. The PCB equipment business achieved revenue of 2,786 million yuan, a year-on-year decrease of 31.72%. The decline in consumer electronics orders has also led to a decline in PCB manufacturers' willingness to expand production; the company's new energy equipment business achieved revenue of 2,764 billion yuan, an increase of 30.60% over the previous year. Among them, the lithium battery equipment business achieved revenue of 2,536 billion yuan, an increase of 27.94% over the previous year. With the optimization of the product structure and customer structure, the profitability of lithium battery equipment has gradually increased. The photovoltaic equipment business achieved revenue of 228 million yuan, an increase of 69.81% over the previous year; the company's semiconductor equipment (including pan-semiconductor) business achieved revenue of 2,094 million yuan, an increase of 7.70% over the same period last year. LED laser peeling, laser full cutting, mini LED repair equipment, LED sorters, and wafer-level marking equipment have been continuously upgraded and received favorable reviews from customers. The company's general industrial laser processing equipment business achieved operating revenue of 5.268 billion yuan, which is basically the same as the same period last year. Among them, high-power laser welding equipment bucked the trend in the NEV market, providing intelligent welding lines and laser welding equipment for automobile white car bodies, and laser welding equipment for NEV card motors in batches, production and delivery of laser welding equipment for NEV motors The first integrated thermoformed door ring automated production line project in China, we believe that with the recovery of macro-economic sentiment and the improvement of consumer demand, and the entry of smart terminals into a new switching cycle, the company's core business is expected to continue to recover. The company's net profit from 2023-2025 is estimated to be 1,602 million yuan, 1,971 million yuan and 2.356 billion yuan respectively. The corresponding PE is 18.95 times, 15.40 times, and 12.88 times, respectively, which continues to be optimistic.
Risk warning
1. The risk that demand falls short of expectations;
2. The progress of overseas plant construction falls short of the expected risk.