Downstream demand continued to be weak, and operating income increased slightly compared with the previous month.
On October 25, 2022, the company released three quarterly reports. Due to the overall weakness of the global macro-economy, 2022Q3's operating income was 492 million yuan, down 0.48% from the same period last year, and 0.79% higher than the previous year. Due to the increase in expenses brought about by personnel expansion, 2022Q3's net profit deducted from non-return was 60 million yuan, down 45.31% from the same period last year and 44.7% from the previous month. Considering that the overall economy is weak in 2022 and the R & D staff of the superimposed company is still in a period of continuous expansion, we downgrade our profit forecast. It is estimated that the company's net profit in 2022-2024 will be 4.68 shock 5.80 / 761 million yuan (the original value in 2022-2024 is 6.27 shock 7.28 billion yuan, 894 million yuan respectively), the EPS is 0.81 pound 1.07 yuan, and the current stock price corresponds to 33.8 shock 27.320.8 times. Considering that the company still has a lot of room for development in automobiles and industrial control tracks, it maintains a "buy" rating.
The level of gross profit margin decreased slightly compared with the previous month, and the cost of research and development increased significantly.
Affected by the overall weakness of the macro-economy, competition in the semiconductor design industry intensified in 2022, which forced many semiconductor design manufacturers to adopt more radical pricing strategies. 2022Q3's overall gross profit margin is 34.21%, slightly lower than the previous year, but still higher than the level in 2020 and before, which reflects the strong persistence of the increase in gross profit margin brought about by the company's product upgrading. In terms of R & D investment, in the absence of a new equity incentive plan, 2022Q3's R & D expenditure was 80 million yuan, an increase of 63.09% month-on-month, which means that the company's R & D personnel are in a period of rapid expansion.
Silicon tower technology achieves amalgamation, category expansion continues to advance.
The company's acquisition date for Shenzhen Silicon Tower Technology is June 30, 2022, that is, 2022Q3 Silicon Tower Technology began to merge. Silicon Tower Technology specializes in motor drive, motor control chips, the main product lines are motors, drive chips, gate drive chips, Hall sensor chips and so on. In addition, the performance commitment of Silicon Tower Technology is that the cumulative deduction of non-recurring profit and loss profit and loss for 2022-2024 is not less than 90 million yuan. We believe that the success of Silicon Tower Technology will further enrich the company's product line and have a strong synergistic effect.
Risk hints: macro managers have the risk of continuous weakness; there is great uncertainty in the speed of customer introduction; and there is uncertainty in the progress of new product development.