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帝奥微(688381):业绩符合预期 VR、汽车等业务高速成长

Dior Micro (688381): Performance is in line with expectations, VR, automotive and other businesses are growing rapidly

西南證券 ·  Nov 2, 2022 00:00  · Researches

Event: the company released the third quarter report of 2022: in 2022 Q1-Q3, the company achieved operating income of 400 million yuan, an increase of 11.3% over the same period last year, a net profit of 160 million yuan, an increase of 43.3%, and a non-return net profit of 140 million yuan, an increase of 30.4% over the same period last year. In the single quarter of Q3 in 2022, the company achieved operating income of 110 million yuan, down 17.8% from the previous month and 21.2% from the same period last year; the net profit from home was 40 million yuan, down 27.2% from the previous month and 21.1% from the same period last year; and the net profit from non-return was 30 million yuan, down 34.2% from the previous month and 34.4% from the same period last year.

Profit margins increased compared with the same period last year, and R & D expenses maintained a high growth rate. 2022 Q1-Q3:1) revenue: the company achieved revenue of 400 million yuan, + 11.3% year-on-year. 2) profit side: the gross profit margin / net profit margin of the company is 56.7% / 40.1%, respectively, compared with the same period last year + 4.9pp/+9.0pp. 3) cost side: the company's sales / management / R & D expense rates are 3.4%, 6.3%, 11.3%, respectively, compared with the same period last year + 0.2pp/+1.4pp/+3.4pp, and the company's 22Q1-Q3 R & D investment is 45.36 million yuan, an increase of 58.3% over the same period last year. It is expected that the company will continue to increase R & D investment in the future.

New product progress is in line with expectations; inventory remains low and order repair is expected by the end of the year. In terms of consumer electronics, sales in overseas high-end markets are normal, and cooperation with Google, Qualcomm Inc and Samsung continues to deepen; in vehicles, the steady expansion of operational amplifiers and USB interface switches, the continuous development of LED drivers, and motor drivers are expected to be mass produced in 23H1, and in-car electronics is expected to contribute 10% of the company's revenue in 2023. Previously, due to the fact that end-consumer customers still have inventory, chip delivery time is shortened, prices are still falling and demand is expected to be weak, consumer customers' willingness to take the initiative to restock has been restrained. Due to the low water level of the original factory and channel inventory of the company's products, as well as product differentiation competition and good competition pattern, the company is expected to see order repair by the end of the year and return to normal delivery status in 23H1.

The equity incentive is strong and covers a wide number of people. In September 2022, the company issued a 2022 restricted stock incentive plan (draft), which plans to grant a total of 7.1 million shares (2.8 per cent of equity) to 156people (81.3 per cent). The option incentive target is that the operating income target for 22-24 is + 25%, respectively, compared with that for 21 years, and the corresponding revenue for 22-24 is RMB 6.3 billion; the net profit target for home ownership is + 15%, respectively, compared with that for 21 years; and the net profit for 22-24 is RMB 1.9 million, 2.2 billion, respectively. This incentive is strong, covers a wide number of people, and the assessment objectives are relatively conservative, mainly for the certainty of attribution, so as to achieve the purpose of motivating directors, senior managers and core technical personnel.

Profit forecast and investment advice. It is estimated that in 22-24, the company's return net profit will be 2.1 million yuan respectively, with a compound growth rate of more than 44 percent in three years. Considering the inventory digestion of major mobile phone brands, the company's penetration in VR and other high-end consumer markets, and the company's mass production in the automotive sector, we gave the company 40 times PE in 2023, corresponding to a target price of 51.60 yuan, maintaining a "buy" rating.

Risk tips: consumer market demand continues to be depressed, customer introduction is not as expected, and R & D progress is not as expected.

The translation is provided by third-party software.


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