Event
Recently, the company released its 2023 semi-annual report. In 2023, H1, the company achieved operating income of 248 million yuan, an increase of 20.41% over the same period last year, and its net profit was-175 million yuan, down 1.23% from the same period last year.
Main points of investment
23H1 is growing steadily and running healthily. In the first half of 2023, the company realized operating income of 248 million yuan, an increase of 20.41% over the same period last year, and its net profit was-175 million yuan, 1.23% lower than that of the same period last year. Of this total, Q2 realized revenue of 128 million yuan, an increase of 26.43% over the same period last year, and the month-on-month increase of 6.31%. The net profit of Q2 was-110 million yuan, down 10.79% from the same period last year, and 67.36% from the previous year. In the first half of the year, revenue growth was mainly due to the increase in brand customer penetration and customer project shipments, while the narrowing of net profit and loss was mainly due to the increase in sales volume and the decline in expenses during the same period.
The income of 5G module is stable, and the product layout shows a series of development. 23H1, the company's 5G module income was 182 million yuan, an increase of 153.21% over the same period last year. At the same time, the company released 5G new band small size and high integration n77/n79 dual-band L-PAMiF products, innovatively turning n77/n79 (3.3GHz~5GHz) UWB into single-channel PA, LNA, filter, supporting low-voltage PC2 high power, making the product performance further improved. In the future, the company will continue to focus on iterative R & D and application expansion based on core technologies related to the reconfigurable RF front-end architecture, and actively develop more products in areas such as 5G re-ploughing band receiving modules and new forms of the Internet of things, laying a solid foundation for the company's long-term development.
Research and development investment continues to be at a high level, customer coverage continues to expand, and stabilize the market position. As of June 30, 2023, the company has obtained 121 patents (including 102 invention patents), 124 exclusive rights to integrated circuit layout design, and a total of 209 R & D team members, accounting for 70.85% of the total staff. The main members have many years of R & D experience and can support more than 10 medium-and large-scale R & D projects at the same time. In the first half of the year, the company invested 148 million yuan in R & D, an increase of 10.43% over the same period last year. At present, the company's RF front-end module products have been mass-produced in Samsung, vivo, OPPO, Glory and other domestic and foreign head smartphones, and have entered the first-line mobile terminal equipment ODM manufacturers such as Wentai Technology, Huaqin Communication and Longqi Technology, with high-quality customer structure and customer base. Based on the complete RF front-end module solution, the company is expected to continue to grow in the mobile phone field.
Investment suggestion
From 2023 to 2025, we estimate that the company will achieve an income of 6.14xpx 11.23 / 1.369 billion respectively, and its net profit will be-2.34max / 0.62 billion respectively, giving it a "buy" rating.
Risk Tips:
The recovery of market demand is not as expected; the progress of new products is not as expected; the market competition is intensified and so on.