Event: the company released semi-annual report, 22H1 realized operating income of 1.29 billion yuan, yoy+19.04%, return net profit of 101 million yuan, yoy+8.82%, deducted non-return net profit of 94 million yuan, yoy+36.27%. Corresponding to 22Q2 single quarter, 22Q2 realized revenue of 843 million yuan, yoy+34.85%, realized net profit of 74 million yuan, yoy+20.41%, realized non-return net profit of 71 million yuan, yoy+60.47%.
Comments: 22H1 revenue is growing steadily, and the proportion of new energy continues to rise. 22H1 realized operating income of 1.29 billion yuan, yoy+19.04%, return net profit of 101 million yuan, yoy+8.82%, deducted non-return net profit of 94 million yuan, yoy+36.27%. Corresponding to 22Q2 single quarter, 22Q2 realized revenue of 843 million yuan, yoy+34.85%, realized net profit of 74 million yuan, yoy+20.41%, realized net profit of 71 million yuan, yoy+60.47%, corresponding gross profit of 31.59% memoyly3.3pctqoqly10.85pct, net profit of 11.65% Yoymuri 1.83pcttheqoqcolors 2.15pct. According to the downstream application field, the sales revenue of mobile terminal business / new energy / precision parts and moulds reached RMB 5.7 million respectively. Under the influence of unfavorable factors such as supply chain instability and transportation difficulty caused by the epidemic in the first half of yoy-7.36%/+50.52%/+13.49%, mobile terminal business revenue declined slightly, while new energy revenue maintained high-speed growth. Sustained high R & D investment, R & D focused on high-pixel camera modules, machine vision industrial inspection systems and other product areas.
Continuously optimistic about the company as a leading non-standard automation equipment manufacturer, adhering to the 34th strategy, providing industry-specific equipment based on core technologies in five areas and three common technology platforms, products covering mobile terminals, new energy, e-cigarettes, automotive, medical, food and logistics and other industries, covering multi-industry head customers (Apple Inc, Alphabet Inc-CL C, Ningde era, New Energy Technology, Juul Labs), outstanding cross-industry capabilities.
Continue to value the company's card advantage in the field of AR/VR + the performance flexibility of the new energy business:
VR/AR equipment is the core hardware of meta-universe, driven by meta-universe, the terminal continuous innovation + volume, the company card ahead of time VR/AR equipment, customers cover Meta, Apple Inc and other core enterprises, in 2021, the company in the field of VR/AR products sales revenue of 74 million yuan, yoy+46%,-related business is expected to benefit from the technology giant meta-universe layout continued volume
New energy business power lithium equipment growth flexibility: 1) successfully introduced the leading customers of power lithium industry (Ningde Times, Yiwei Lithium Energy, Ruipu Energy, Honeycomb Energy, AVIC Lithium Power, Guoxuan Hi-Tech, Funeng Technology); 2) sufficient on-hand orders, support for follow-up performance release, as of the half-yearly report of 2022, the company's on-hand orders exceeded 2 billion yuan (including Dingli Intelligence). 3) Endogenesis and epitaxy continue to enrich the product matrix, with the ability of the whole line in the middle and back section, the end lamination of the product extends to the processes such as laser welding and laser pole cutting, and acquires the intelligent extension of the product to the component content segment. The product matrix is gradually improved and the comprehensive competitiveness is enhanced; 4) profitability is expected to benefit from scale expansion.
Investment suggestion: to maintain the company's net profit of 2.51 trillion yuan in 22-23-24, and to maintain the "buy".
Rating
Risk tips: downstream demand is lower than expected, new product launch is not expected, and the epidemic affects the stability of the supply chain.