Main points of investment
The proportion of domestic new energy business has increased significantly, and structural factors have led to a decline in gross profit margin: the total turnover of 2022H1 Group is 24.284 billion yuan, an increase of 7.6% over the same period last year, of which the turnover of intelligent TV system products (China market) is 4.45 billion yuan, down 24.2% from the same period last year, and sales are down 14.3% from the same period last year. The turnover of intelligent TV system products (overseas markets) was 3.919 billion yuan, down 17.6% from the same period last year, while sales rose 0.6% from the same period last year. The sales of the company's intelligent system technology business (Chinese market) / intelligent system technology business (overseas market) / new energy business was 37.51 million yuan, an increase of 26.8%, 49.3% and 407.4% over the same period last year. The gross profit margin was 16%, down 0.6% from the same period last year, mainly due to the upward pressure on the price of raw materials, and the gross profit margin of the new energy business, which is in a period of rapid growth, is 7.2%, which is lower than that of other sectors, and the share of income is 3.4% higher than the same period last year. Make the overall gross profit margin fall. The net interest rate was 2.6%, down 0.1 percentage points from the same period last year.
The rapid development of new energy business has consolidated its leading position in the industry: of the 4.206 billion yuan of the company's new energy business, 1.1% comes from operation and maintenance services and 98.9% from equipment sales. At present, the proportion of the group's new energy business in operating revenue has increased from 8.1% of the total revenue in 2021 to 17.3% of 2022H1. 2022H1 Group has added more than 50,000 household photovoltaic power stations and built more than 100,000 household photovoltaic power stations connected to the grid. The installed capacity of distributed photovoltaic power stations is one of the leading in the industry. The group will also gradually develop business such as industrial and commercial photovoltaic and integrated intelligent energy management on the electricity side.
Our point of view: the company in the home appliance business through innovative research and development to enhance product power, adjust the sales unit price so as to increase market share. The new energy business will seize the historic opportunity of global clean energy development and further strengthen the leading position of distributed photovoltaic. It is optimistic about the sales potential of the company in the process of industrial transformation and innovative development, and the reduction of raw material cost pressure after the panel market enters the adaptation period. and the profitability of the group after strengthening sales price control and increasing the proportion of gross profit products.
Risk tips: 1) intensified competition in the home appliance market; 2) the development of photovoltaic business is not up to expectations; 3) raw material price fluctuations; 4) the impact of COVID-19 epidemic.