What happened: the company released its quarterly report for 22 years.
The first-quarter results were restricted by external factors, and the month-on-month improvement was remarkable: the company's 22Q1 revenue was 270 million yuan, down 5% from the same period last year, and its mother's net profit was 24.18 million yuan, down 20% from the same period last year and up 75% from the previous year. The gross profit margin in the first quarter was 25.6%, an improvement over the same period last year, an increase of 2.4 percentage points and 2.6 percentage points compared with the same period last year. External factors such as tension in international relations, material cost pressure and periodic pressure on downstream smartphone demand have fluctuated the company's performance, but the company has always adhered to technological innovation as the core, continue to increase the development of new technologies, new products and new processes, and constantly consolidate the comprehensive competitiveness of thermal management solutions. With the gradual improvement of the external environment, we continue to be optimistic about the company's sustainable growth prospects in the future!
Consumer electronics thermal management solutions remain in the lead: as the core supplier of thermal management for major smartphone customers in the world, the company has a solid leading position in the processing technology of thermal conductive graphite, the improvement of material thickness and the widespread use of composite and multi-layer high thermal conductive film. it will bring a significant increase in the single machine value of thermal conductive graphite, while leading the layout of integrated heat dissipation solutions. In the future, with the upgrading of heat dissipation solutions for major customers and the continuous expansion of customers and product applications in the pan-consumer electronics field at home and abroad, it is expected to maintain steady growth.
New areas bring broad growth prospects: the company continues to increase the layout of related products and technologies in new energy, electric vehicles and other fields, has a number of projects to cooperate with automotive customers, and is expected to speed up the development of orders At present, the company's products are mainly existing thermal conductive materials, from the market promotion and market capacity, the existing thermal conductive materials still have a lot of room for growth, in the next few years, the company will stack heating comprehensive solutions on the basis of existing thermal conductive materials to introduce into the new field market, which is expected to become a new round of growth driving force.
We forecast that the company's earnings per share in 2022-2024 will be 0.68,0.97,1.39 yuan respectively (the original forecast for 22-23 years is 1.16 yuan and 1.38 yuan respectively, mainly reducing revenue and gross profit margin, and slightly raising the expense rate forecast). According to the comparable company's 22-year 23 times PE valuation level, the corresponding target price is 15.64 yuan, maintaining the buy rating.
Risk hint
Smartphone sales are not up to expectations; the risk of product price fluctuations; 5G construction schedule is not up to expectations; gross profit margin volatility risk; epidemic impact on business activities risk.