Event description
The company issued an annual performance forecast for 2022: it is expected to achieve operating income of RMB 500-520 million in 2022, an increase of 38.86%-44.41% over the same period last year; to achieve a net profit of RMB 0.70-80 million, an increase of 66.52%-90.31% over the same period last year; and to realize a net profit of RMB 0.48-58 million, an increase of 64.79% and 99.12% over the same period last year.
Event comment
The business of the Internet of things has increased significantly, and the annual performance is in line with expectations. According to the company's performance forecast, the median revenue in 2022 was 510 million yuan, an increase of 41.64 percent over the same period last year, and the median net profit of return to the mother was 75 million yuan, an increase of 78.41 percent over the same period last year. The median revenue of Q4 was 160 million yuan, an increase of 0.01 percent over the same period last year and 26.66 percent over the previous year; the median net profit of return to the mother was 24 million yuan, a decrease of 4.39 percent and an increase of 20.07 percent over the same period last year. The full-year results were in line with expectations, and although the epidemic had a certain impact on product delivery in December, the full-year performance still achieved high growth, and orders-on-hand continued to grow. The growth of the company's performance is mainly due to the substantial increase in the application and market performance of chip products in the power Internet of things market, as well as the active promotion of chip technology and products in all market directions of the Internet of things.
On-hand orders are full, showing a steady growth trend. At the end of the third quarter of 2022, the amount of orders in hand was 167 million yuan. By the end of 2022, the amount of orders in hand exceeded 210 million yuan (including the signed contract amount and the winning bid amount), an increase of 43 million yuan month-on-month and more than 30 million yuan over the same period last year. From the point of view of on-hand orders, the company's orders are sufficient and showing a steady growth trend, opening a better chapter for 2023.
One of the first suppliers of dual-mode communication chips, dual-mode products continue to advance. In 2022, the company followed the national network high-speed dual-mode technology route and the national network promotion plan, independently developed and designed HPLC+HRF high-speed dual-mode communication chip through the State Grid high-speed dual-mode chip-level interconnection test, and obtained the relevant test report, and became one of the first three suppliers to receive the interconnection test report. Dual-mode communication with higher bandwidth than single-mode can support more services and more application scenarios, can better support the construction needs of new power systems, and has great market potential. The company has a clear lead in the promotion of dual-mode chips and is expected to achieve the growth of market share.
Investment suggestion
It is estimated that from 2022 to 2024, the EPS of the company will be 0.75,1.72,2.43 yuan respectively, and the corresponding PE will be 49 times, 22 times and 15 times respectively, maintaining a "buy" rating.
Risk hint
The intelligent upgrade of the power grid is not as expected; the high-speed dual-mode advance of the power grid is not as expected; and the promotion in the non-power grid field is not as expected.