成本冲击一季度利润承压，四费费率环比改善。公司2022Q1 营收3.13 亿元，同比+1.65%，归母净利润0.23 亿元，同比-29.33%。2021 年实现营收13.03亿元，同比+42.41%，归母净利润1.04 亿元，同比+3.77%；2022Q1 的毛利率为21.33%，同/环比分别-3.61/-0.26pct，2021 年毛利率为21.66%，同比-4.77pct；2022Q1 的净利率为7.47%，同/环比分别-3.28/-1.41pct，2021年净利率为7.97%，同比-2.97pct；从费用端来看，2022Q1 四费率为12.14%，同/环比分别+2.48/-1.03pct，其中销售/管理/研发/财务费用率分别为1.91/5.82/4.11/0.31%，同比分别+0.15/+1.69/+0.12/0.51pct，环比分别+0.47/-0.48/-0.89/-0.13pct，四费费率环比有所改善。整体来看，公司受益于优质客户资源和下游稳定需求，业绩相对稳定；利润端短期承压，主要系大宗材料成本上扬+公司产品售价调价传导滞后+部分产品调价幅度较低等因素,随后续调价兑现，叠加客户需求放量，公司盈利能力有望不断修复。
新能源汽车连接器业务放量提速，毛利率短期承压。公司业绩的增长受益于优质客户（比亚迪、立讯精密等）及消费类电子连接器、新能源汽车连接器快速放量，2021 年公司消费电子类连接器实现营收8.70 亿元，同比+38.57%；新能源车连接器实现营收3.17 亿元，同比+147.86%，透镜业务实现营收0.80亿元，同比-41.42%；Q1 新能源连接器增长迅速，实现营收1.11 亿元，同比+73.55%，环比+6.67%，业务占比增至35.54%（2021 年为24.32%）；毛利率来看，公司2021 年消费电子连接器毛利率为22.55%，同比-0.56pct,新能源连接器业务受原材料上涨影响相对较大，为17.44%，同比-3.96pct。
新能源汽车连接器打开增量空间，2025 年国内300 亿市场。中国已超欧美成为全球最大连接器市场（2017 年规模占比为32%，其中汽车类占比24%）。
而新能源汽车连接器为从0-1 的新增量市场，其作为安全件搭载在高压构架（大于700V），用于稳定传输动力电池与各高压零部件间的电力与信号。受益于新能源车高速发展红利驱动，预计2025 年国内300 亿、全球800 亿规模市场。泰科、矢崎及德尔福等厂商占较大份额，国内厂商有望在电动化趋势中撕开原本封闭的供应体系，目前包括公司在内的厂商逐步向电动车领域扩展，处国产化进行时。
风险提示：汽车行业景气度不及预期；疫情影响超预期等风险投资建议：上调盈利预测，维持“增持”评级。
考虑到新能源汽车市场的放量提速，我们微幅上调盈利预测，预计22/23/24年EPS 分别为1.23/1.53/1.92 元（前次预测22 年EPS 为1.19 元），对应PE 分别为13.9/11.1/8.9 倍，维持“增持”评级。
The cost impact put pressure on profits in the first quarter, and the four-fee rate improved month-on-month. The company's 2022-Q1 revenue was 313 million yuan, +1.65% year on year, and net profit of the mother was 23 million yuan, -29.33% year on year. Achieved revenue of 1,303 billion yuan in 2021, +42.41% year on year, net profit of 104 million yuan, +3.77% year on year; 2022Q1's gross margin was 21.33%, -3.61/-0.26pct respectively; gross margin in 2021 was 21.66%, -4.77pct year on year; 2022Q1's net profit margin was 7.47%, -3.28/-1.41pct compared to the same period last year, and the net interest rate in 2021 was 7.97%, -2.97pct year on year; from the cost side, The 2022Q1 four-rate rate was 12.14%, and the four-month rate was +2.48/-1.03pct respectively. Among them, the sales/management/R&D/financial expenses ratio was 1.91/5.82/4.11/ 0.31%, respectively, +0.15/+1.69/+0.12/0.55pct, respectively, and +0.47/-0.48/-0.89/-0.13pct, respectively. The four rates improved month-on-month. Overall, the company benefits from high-quality customer resources and stable downstream demand, and its performance is relatively stable; short-term pressure on the profit side is mainly due to factors such as rising commodity costs, delays in price adjustment transmission of the company's products, and low price adjustment margins for some products. Following the implementation of subsequent price adjustments, combined with the increase in customer demand, the company's profitability is expected to continue to recover.
Growth in the NEV connector business is accelerating, and gross margin is under pressure in the short term. The increase in the company's performance benefited from high-quality customers (BYD, Lixun Precision, etc.) and the rapid release of consumer electronic connectors and new energy vehicle connectors. In 2021, the company's consumer electronics connectors achieved revenue of 870 million yuan, +38.57% year on year; NEV connectors achieved revenue of 317 million yuan, +147.86% year on year, and the lens business achieved revenue of 80 million yuan, -41.42% year on year; Q1 New Energy Connectors grew rapidly, achieving revenue of 111 million yuan, +73.55% year on year, +6.67% year on year, as a proportion of business It increased to 35.54% (24.32% in 2021); in terms of gross margin, the company's gross margin of consumer electronics connectors in 2021 was 22.55%, year-on-year - 0.56pct. The new energy connector business was relatively affected by the rise in raw materials, 17.44% compared to -3.96pct over the previous year.
New energy vehicle connectors open up incremental space, the domestic market of 30 billion by 2025. China has surpassed Europe and America to become the world's largest connector market (32% in 2017, with automotive accounting for 24%).
The new energy vehicle connector, on the other hand, is a new incremental market from 0-1. It is mounted as a safety device in a high-voltage structure (greater than 700V) to stably transmit power and signals between the power battery and various high-voltage components. Driven by dividends from the rapid development of new energy vehicles, it is estimated that the domestic market will reach 30 billion and the global market of 80 billion by 2025. Manufacturers such as Tyco, Yazaki, and Delphi account for a large share. Domestic manufacturers are expected to tear apart the originally closed supply system in the electrification trend. Currently, manufacturers, including companies, are gradually expanding into the electric vehicle sector, and localization is underway.
Risk warning: the boom in the automobile industry falls short of expectations; the impact of the epidemic exceeds expectations, etc. Venture capital suggestions: raise profit forecasts and maintain the “increase in holdings” rating.
Considering the acceleration in the NEV market, we slightly raised our profit forecast. We expect the EPS for 22/23/24 to be 1.23/1.53/1.92 yuan respectively (the previous forecast was 1.19 yuan for the year 22), and the corresponding PE was 13.9/11.1/8.9 times, respectively, maintaining the “increase in holdings” rating.
