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富创精密(688409):2022全年核心产品高速成长 业绩同比大幅提升

Fuchuang Precision (688409): The rapid growth performance of core products in 2022 increased significantly year-on-year

招商證券 ·  Jan 29, 2023 00:00  · Researches

Fuchuang Precision issued a forecast of its annual results for 2022, with an estimated net profit of RMB 2.15-258 million, compared with the same period last year, with a year-on-year estimated net profit of RMB 2.15-258 million, compared with the same period last year, deducting non-net profit of RMB 1.65-198 million, which was + 120.5% and 164.5% compared with the same period last year. The company's profitability continues to increase, maintaining the "overweight" rating.

Core products are growing at a high speed, and the annual performance in 2022 has increased significantly compared with the same period last year. In 2022, the estimated net profit for the whole year is RMB2.15-258 million, which is + 70% RMB104 per cent compared with the same period last year, while the non-net profit is RMB1.65-198 million, which is + 120.5% RMB164.5 per cent compared with the same period last year. The company's annual performance has achieved high growth, mainly due to strong downstream demand, the company continues to expand markets at home and abroad, the rapid growth of core products, while the improvement of capacity utilization, superimposed cost reduction and efficiency has also led to an increase in gross profit margin.

22Q4's quarter-on-quarter performance grew steadily compared with the previous quarter. The estimated net profit of 22Q4 for a single quarter is 0.52-95 million yuan, compared with the same period last year, the estimated net profit is 0.52-95 million yuan, compared with the same period last year, the estimated net profit is 0.52-95 million yuan, compared with the same period last year, and deducting the net profit of 0.41-74 million yuan from the same period last year, the net profit of 22Q4 is calculated as a steady increase in the quarter-on-quarter performance based on the median.

Overseas business is expected to grow steadily in 2023, and the performance of domestic business is expected to outperform overseas business. At present, the localization rate of domestic high-end metal parts, gas pipelines and modules is low, and the demand for domestic substitution is still strong in 2023. The company's current major domestic customers are North Huachuang, other customers including Huahai Qingke, Tuojing Technology and so on. In the future, we will continue to actively expand other domestic customers, such as China Micro Corporation, etc. More than 50% of the company's 2021 revenue comes from key customer A. although the downward trend of the global equipment industry is established in 2023, taking into account the company's order accumulation in overseas customers and its low share of overseas customers, therefore, the company's overseas revenue is expected to grow steadily in 2023, but the growth rate of domestic business is expected to be higher.

Nantong production capacity is expected to be put into production in 2023, and the proportion of gas transmission and module products is expected to continue to increase. The company plans new plants in Shenyang, Nantong and Beijing, among which the new plant in Nantong will be put into production one after another in 2023. Considering the pace of capacity release, the company's income in the second half of 2023 is expected to show a month-on-month increase. At present, the company is making great efforts to develop gas pipeline and module products, while actively developing functional components based on metal parts, such as valves, electrostatic chucks, heaters and other high-end parts. it is expected that the proportion of revenue from gas pipelines and modules will continue to increase in the future.

Investment suggestion: the company's annual performance in 2022 is high, and customers at home and abroad continue to expand. We expect the annual operating income in 2022-23-24 to be 14.1 shock 20.1 billion yuan, corresponding to 17.1 pound 12.0 pound 7.7 times, slightly revised to 235 million yuan in 2022, and estimated to be 3.12 / 510 million yuan in 2023, corresponding to 77.2 times PE. Maintain the "overweight" rating.

Risk hints: macroeconomic and industry fluctuations, intensified industry competition, lower-than-expected progress in R & D and verification, reliance on key customers A, risk of technology brain drain and core technology leakage.

The translation is provided by third-party software.


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