Event: the company issued a forecast of 2022 results
The pre-increase of the annual report is in line with expectations, and there are many bright spots for major customers and automotive electronics: the company's net profit in 2022 is 550-60 million yuan, an increase of 24.4%-35.7% over the same period last year, deducting non-parent net profit of 4.8-530 million yuan, an increase of 30.2%-43.8% over the same period last year, which is in line with market expectations. The company continues to deepen cooperation with major international customers, the thin film optical panel business in mobile phones starts rapidly and achieves a significant improvement in profit margins, which has become a major performance increment; at the same time, automotive electronics AR-HUD continues to break through new customers and new models, resulting in a substantial increase in shipments and revenue, laying the foundation for sustainable growth in the future.
Consumer electronics is deeply involved in optical innovation: traditional filter products are iteratively upgraded, and composite filters are expected to gradually infiltrate from high-end to mid-range mobile phones, resulting in an increase in gross profit margin; the business volume and product range of overseas major customers continue to expand. In the future, it is expected to deeply participate in the optical innovation of the new generation of smart phones and the supply of microprism modules. In the long run, the company takes the lead in laying out the core optical display link of AR/VR glasses, providing key components, which can not only cooperate with international giants to develop core components, but also directly provide related product solutions, and is expected to continue to benefit from the sustainable growth of the industrial ecology.
Automotive electronics is expected to become a new growth force: the company's deep ploughing vehicle camera components, lidar prism and protective cover, AR-HUD and all kinds of vehicle optical products have first-mover advantages in specific products, and with traditional advantages such as optical design, algorithms, precision optical processing, supply chain control and other traditional advantages, it is expected to take the lead in the optical race track in the gradually open automobile supply chain system. Quickly break through the certification of domestic new forces and mainstream automakers, and consolidate the share and profitability of automotive electronics business by virtue of technological advantages, and maintain the continuous and rapid improvement of business income and profit volume.
Profit forecast and investment rating: we are optimistic that the company's consumer electronic optical products will continue to expand and upgrade, while the revenue share of automotive electronics business will increase rapidly. We predict that the company's homing net profit from 2022 to 2024 will be RMB 576, 743, 907 million, and the current market capitalization will be 31 / 24, respectively, 20 times PE, maintaining the "buy" rating.
Risk hint: the risk of product price fluctuation; the risk of gross margin fluctuation.