Event: on October 27, 2022, the company released its third quarterly report in 2022. Q3's revenue in a single quarter of 22 was 3.03 billion yuan, an increase of 31.17% over the same period last year. The net profit of returning to the mother was 101 million yuan, up 10.86% over the same period last year. The net profit of 65 million yuan was deducted, an increase of 3.71% over the same period last year. The company's overall income in the first three quarters was 7.903 billion yuan, an increase of 10.99% over the same period last year; the net profit was 204 million yuan, an increase of 8.41% over the same period last year; and the non-return net profit was 134 million yuan, an increase of 3.20% over the same period last year.
The performance growth is in line with expectations, and the company enters the profit channel. In the first three quarters of 2022, the company's operating income reached 7.903 billion yuan, an increase of 10.99 percent over the same period last year. Among them, the core optical business developed smoothly, and revenue increased by 37.84% compared with the same period last year. In the third quarter alone, optical revenue increased by 22.54% compared with the same period last year. In 2022, Q3's gross profit margin is 12.42%, an increase of 2.00pct over the previous month; net profit is 3.32%, with a month-on-month increase of 1.12pct. We expect to mainly focus on the rapid volume of vehicle optics and high-definition wide-angle with high gross margin to improve the product structure.
The core optics develops smoothly, and the vehicle optics grows rapidly. In the first three quarters of 2022, the company's vehicle optical revenue grew rapidly, up 718.02% from the same period last year, with a good momentum of development. In the third quarter alone, vehicle optical revenue grew rapidly, with a growth rate of 587.62%, and profitability was enhanced. The company has strategic cooperation with self-driving solution providers Mobileye, NVIDIA Corp, Huawei, and other Tier1 manufacturers such as Valeo, Magna, Aptiv, Mcnex, etc. In addition, the company's car business has expanded from lenses to on-board modules, and a number of high-pixel ADAS car lenses and modules supplied by NIO Inc. and BYD will also be gradually landed. Based on the accumulation of in-car camera technology and customer resources, the company is actively arranging lidar, AR-HUD, in-car monitoring and vehicle touch display screen. Overall, the company's vehicle business has entered the volume cycle, and the construction of the platform has gradually taken shape.
New businesses such as high-definition wide-angle and bar code scanning are blooming, and the company's intelligent layout is far-reaching. Based on HD wide-angle lens products, the company expands to high-value intelligent track: 1) HD wide-angle: it mainly serves domestic and foreign well-known customers in the fields of GoPro, DJI, Shadow Stone, AXON, UAV, panoramic camera and police monitoring, and has carried out in-depth cooperation with Huawei in many fields such as intelligent monitoring and intelligent driving, and with DJI in aerial photography, intelligent obstacle avoidance and other fields. In the third quarter alone, optical revenue increased by 22.54% compared with the same period last year, while revenue from high-definition wide-angle lenses and modules increased significantly, with a growth rate of 72.56%. 2) Barcode scanning: barcode scanner lenses and image modules in cooperation with the world-renowned barcode scanner company Zebra continue to mass-produce.
Investment suggestion: considering that the consumer electronics business is repeatedly affected by local epidemics, and the trend of automobile intelligence slows down, we downgrade the company's profit forecast, and it is estimated that the company's 22-24 net return profit will be 3.00 shock 5.36 / 908 million yuan, corresponding to the current price PE is 49-27-16 times, the company is one of the leading manufacturers of ADAS products, and intelligent and diversified layout, strong competitive advantage, maintain the "recommended" rating.
Risk tips: the risk that vehicle shipments fall short of expectations, the epidemic affects demand, industry competition intensifies, and the progress of new product research and development falls short of expectations.