2）受低毛利的贸易业务占比下降影响，22 年公司毛利率达42.4%，同比提升6.9pct；净利率23.2%，同比提升2.6 pct。费用端公司各项费用有所提升，其中销售费用同比增长9.7%；管理费用同比增长16.9%，主要系人员薪酬上涨、房产转固折旧摊销引起；研发费用同比减少0.7%；财务费用同比增长23.8%，主要系借款利息增加所致。产品结构优化及规模效应下，公司盈利水平仍有上升空间。Event: recently, the company released its annual report of 2022.
In 2022, revenue decreased by 25% compared with the same period last year, and net profit from home decreased by 16%. The company's total revenue for the whole year was 3.56 billion yuan, down 25% from the same period last year, and the net profit from home was 800 million yuan, down 16% from the same period last year. In a single quarter, the company achieved revenue of 722 million yuan in the fourth quarter, a decrease of 36% over the same period last year, and a net profit of 84 million yuan, a decrease of 52% over the same period last year.
The 22-year performance is lower than expected: the overall performance is dragged down by the trade business, and the change in product structure increases the profit level. 1) the downstream demand of the company's trade business is sluggish, and the annual performance is under pressure. In 22 years, the revenue of the company's home-made components business dropped 3.1% compared with the same period last year, mainly due to the slow pace of customer demand; the new materials business was affected by the epidemic and periodic supply factors, and the revenue was basically the same as that in 21 years; due to the continuing depressed demand in the downstream consumer electronics market, revenue dropped 37% compared with the same period last year, which had a great impact on the overall performance.
2) affected by the decline in the proportion of trading business with low gross margin, the company's gross profit margin reached 42.4% in 22 years, an increase of 6.9 pct over the same period last year, and net profit increased by 23.2% and 2.6 pct respectively. The expenses of the expense side of the company increased, of which the sales expenses increased by 9.7% compared with the same period last year; the management expenses increased by 16.9% over the same period last year, mainly due to the increase in staff salaries and property consolidation, depreciation and amortization; the R & D expenses decreased by 0.7% compared with the same period last year; financial expenses increased by 23.8% year-on-year, mainly due to the increase in interest on loans. Under the optimization of product structure and scale effect, the profit level of the company still has room to rise.
Special MLCC core supplier, continue to benefit from equipment volume + increase dual drive 1) military modernization brings weapons and equipment volume, the company's downstream aviation, aerospace and other high-growth industries account for a relatively high, excellent track is expected to fully enjoy the downstream high growth.
2) the military information construction promotes the increase of the consumption of electronic equipment. As the basic component of electronic equipment, MLCC is expected to continue to benefit from the improvement of the information degree of new equipment, and the growth rate will also be faster than that downstream.
3) the special MLCC industry has double barriers of qualification and technology, and the competition pattern is tripod. Hongming, Hongyuan and Torch occupy most of the market share, and the company's first-mover advantage is expected to fully benefit.
The domestic third-generation special ceramic materials leading enterprises are expected to open the company to grow New Space Company, as one of the few domestic enterprises with large-scale production capacity of special ceramic materials, the third-generation special ceramic materials technology and production capacity are in the leading position in the industry. In 22 years, Liya Chemical, a subsidiary of the company, completed the construction of liquid PCS production line and built a stable source of orders with solid PCS products, with revenue and profit increasing by 55% and 287% respectively. With the batch production of the relevant models downstream, the new materials business is expected to become a new growth point of the company's performance.
Torch Electronics: the compound growth rate of net profit from 2023 to 2025 is estimated to be 23%. The company's net profit from 2023 to 2025 is expected to be 10.5,12.7 and 1.48 billion yuan respectively, an increase of 31%, 21% and 17% respectively over the same period last year. Corresponding to PE is 18-15-13 times, maintain the "buy" rating.
Risk Tips:
1) the risk of fluctuation of gross profit margin of agency business; 2) the risk of price reduction of special products.
