The company expects to achieve a net profit of 780 million yuan and 880 million yuan in 2022, an increase of 134% to 164% over the same period last year.
On January 30, 2023, the company issued an annual performance forecast for 2022, in which the company expects to achieve a net profit of 780 million yuan in 2022, an increase of 134.0% to 164.0% over the same period last year. It is estimated that the net profit deducted from non-net profit in 2022 will reach 710 million yuan, an increase of 259.2% and 310.1% over the same period last year. The net profit of 2022Q4 in a single quarter is expected to be 190 million yuan, an increase of 90.4% and 192.6% over the same period last year, and the overall performance is in line with our expectations. Considering the company's lightweight, smooth development of navigation business, reducing cost and increasing efficiency to help the company's operating level continue to improve, we raised our previous profit forecast. It is estimated that the company's return net profit in 2022-2024 is 8.27,000,000,000 yuan, and EPS is 0.38,000,000,000,000,000 yuan per share. Corresponding to the current stock price PE of 17.9, 14.4 and 11.9 times, the company continues to optimize its product structure, steadily improves its profitability and maintains its "overweight" rating.
Automobile lightweight and navigation business two-wheel drive, reduce cost and increase efficiency to significantly improve annual performance
According to the company announcement, during the reporting period, the company's automotive metal parts lightweight business continued to optimize the market structure, respond quickly and meet the needs of downstream customers, and give full play to the application advantages of magnesium and aluminum alloy lightweight technology. improve the customer matching quantity, especially the new energy vehicle lightweight parts supply; navigable aircraft manufacturing business orders are good, the operation is sound. On the other hand, the company continues to strengthen product price control, optimize the price settlement linkage mechanism; at the same time, promote bulk material procurement control, through process improvement, technological innovation, in order to reduce cost and improve efficiency, and enhance the overall business profitability.
According to the principle of prudence, the impairment of goodwill is 38 million yuan, and 2023 young people are expected to grow.
According to the company announcement, the company judged that the goodwill formed by the acquisition of Shanghai Dacro coating Industry Co., Ltd. showed signs of impairment in combination with the development of the industry and the operation of the company. According to the principle of prudence, the company estimates that the impairment of goodwill is about 38 million yuan, which affects the company's performance level in 2022 to a certain extent. Excluding the above goodwill impairment factors, and based on the annual operating situation, the company is expected to have a net profit of 82m to 920 million yuan belonging to shareholders of listed companies, an increase of 145.4% to 175.4% over the same period last year.
Risk tips: the demand for cars at home and abroad is lower than expected, the epidemic situation is repeated, the company's new projects are not as expected, and the price of raw materials has risen significantly.