share_log

联创电子(002036)22年三季报点评:车载业务持续放量 盈利能力有所改善

Lianchuang Electronics (002036) review of the third quarter report of '22: Continued volume and profitability of the automotive business has improved

德邦證券 ·  Oct 30, 2022 00:00  · Researches

Event: the company released its quarterly report for 22 years, with revenue of 7.903 billion yuan in the first three quarters, an increase of 10.99% over the same period last year, and net profit of 204 million yuan, an increase of 8.41% over the same period last year.

Revenue increased sharply in the third quarter alone, and gross profit margin continued to improve profitability. In the third quarter of 22, the company achieved revenue of 3.03 billion yuan, an increase of 31.17% over the same period last year, an increase of 5.67% over the same period last year; net profit of 101 million yuan, an increase of 10.86% over the same period last year; deduction of non-net profit of 65 million yuan, an increase of 3.71% over the same period last year; gross profit margin of 12.42%, an increase of 2pct on a month-on-month basis, the company's vehicle business continued to expand, and gross profit margin increased significantly. In the third quarter alone, the company's R & D expenditure was 120 million yuan, an increase of 195.19% over the same period last year, accelerating investment for the future.

High-level intelligent hardware gets on board, and the on-board optical industry accelerates. This year is the first year of the high-equipped self-driving hardware model, the pixel of the car camera head has been upgraded to 8m, and the number of bicycles has reached 11. According to CINNO Research, the average number of 22Q1 passenger car cameras in China is about 2.7, an increase of about 0.3 from the same period last year and about 0.1 from the previous year. Sunny Optical 22 September car lens shipments of 7.67 million, year-on-year + 53.2%, month-on-month + 8.9%, the industry boom. The key customers of the company's lenses and modules have been expanded to NIO Inc., BYD, Geely and other car companies. NIO Inc., the key customer, has launched three models of NT2.0 platform since September. We believe that Q3 is a landmark quarter of the company's new and old business transition.

We will speed up the expansion of the non-mobile phone field of consumer electronics and establish a platform optical business system. Based on high-definition wide-angle lens products, the company speeds up the business development of consumer electronics in the field of non-mobile phones, improves technical categories, and provides diversified products and services for the product innovation needs of major intelligent terminals. In the field of HD wide-angle lens and HD wide-angle image module, it mainly serves domestic and foreign well-known customers in the fields of motion cameras such as GoPro, DJI, Shadow Stone, AXON, UAV, panoramic camera and police monitoring, and the market share and industry position have been further consolidated and improved. In the first half of the year, the company and the world-renowned barcode scanner company ZEBRA cooperation of the three barcode scanner lens and image module smooth production.

Investment suggestion: we estimate that the company's revenue in 22-24 will be RMB 117,9147,000,000, and the net profit of the parent company will be RMB549CM864 million, corresponding to PE46/26/16 times, and maintain the "buy" rating.

Risk tips: research and development progress is not as expected, vehicle business development is not as expected, consumer electronics recovery is not as expected.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment