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香山股份(002870):业务加速恢复 充配电产品逐渐放量

Xiangshan Co., Ltd. (002870): Accelerate business resumption and gradual release of charging and distribution products

財通證券 ·  Jan 18, 2023 00:00  · Researches

Event: on January 11, 2023, the company issued a performance forecast for 2022. During the reporting period, the net profit belonging to shareholders of listed companies was 0.78-94 million yuan, an increase of 55.69%-87.62% over the same period last year; net profit after deducting non-recurring profit and loss was 1.54-156 million yuan, an increase of 1.03%-2.34% over the same period last year; basic earnings per share was 0.62 cents per share.

The negative factors alleviated in the second half of 2022, and the company's business recovery accelerated: under the influence of the international macro situation and epidemic situation, the company's performance in the first half of 2022 was under pressure, deducting non-return net profit of 55 million yuan, and business recovery accelerated after the adverse factors were alleviated. It is expected that the month-on-month growth of non-return net profit in the second half of the year will exceed 80% to more than 99 million yuan, and the performance will continue to improve.

Intelligent cockpit and new energy charging and distribution system business opened the growth ceiling: after winning the list in 2021, 2022H1 intelligent cockpit and new energy charging and distribution system contributed 1.813 billion yuan in revenue, accounting for 83% of the total revenue that year, becoming the company's main source of revenue. As the company's new energy charging and distribution products are polished and mature, the contribution share of intelligent cockpit and new energy charging and distribution system is expected to continue to increase after it is put into the market.

The automobile interior decoration cooperation manufacturers are mainly high-end, and the cooperation relationship is stable: with the high-end development of national brands and new power models, the car interior is upgraded to a smarter and more luxurious trend. The penetration of the company's luxury smart accessories in the above-mentioned customers continues to increase, bringing new growth momentum for the company. The company cooperates with many brands in automobile interior decoration, and its main customers include BMW, Volkswagen, Audi, Tesla, Inc. and other global vehicle manufacturers and domestic first-tier independent brands. The company has a stable cooperative relationship with the first three Mercedes-Benz, Volkswagen and BMW, which are the main sources of income of the company in the past few years, and have signed long-term framework agreements with some manufacturers, effectively ensuring the profitability of the company.

Profit forecast and investment rating: the company leads the world in weighing instrument business, and the new energy business contributes to the second growth track. It is estimated that the company will achieve revenue of 46.86% 55.91 billion yuan in 2022-2024, a year-on-year increase of-4.18%, 19.31%, 18.80%, and net profit of 0.87, 237,362 million yuan, respectively, an increase of 73.76%, 171.78%, 52.83%. The corresponding EPS is 0.66 amp 1.79 max 2.74 yuan respectively, maintaining the "over-holding" rating.

Risk tips: overseas charging piles expand at a slower speed than expected, unable to expand quickly, industry competition intensifies, the pattern deteriorates, Qunying fails to fulfill its performance commitments, and goodwill impairment risks.

The translation is provided by third-party software.


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