\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 171 Shanghai Belling Corp.Ltd(600171) )
The downstream demand is loose and the performance shows strong toughness
On April 22, 2022, the company released the first quarterly report of 2022. Subject to the relative suppression of downstream demand caused by the frequent covid-19 epidemic in various places, the operating revenue of 2022q1 company was 446 million yuan, a year-on-year increase of 4.00%, and the net profit deducted from non parent company was 93 million yuan, a year-on-year increase of 22.58%. Considering that the investment in the parent company is expected to be RMB 1.8 billion yuan / 2021, and the net profit of our investment in EPS is expected to be RMB 1.8 billion yuan / 2021, respectively, which is expected to be RMB 1.8 billion yuan / 2022, and the net profit of our investment in the parent company is expected to be RMB 1.8 billion yuan / 2022, respectively. Considering the continuous layout of the company’s industrial control and vehicle track, the “buy” rating is maintained.
Dispose Wuxi Nce Power Co.Ltd(605111) equity to reduce the impact of fair changes, and maintain rapid growth in R & D investment
With the successful listing of Wuxi Nce Power Co.Ltd(605111) , the company has obtained rich equity investment income, significantly optimized the level of monetary capital and trading financial assets of the company, but also made the net profit attributable to the parent company fluctuate greatly in each quarter. Therefore, the company has adopted the method of gradual disposal to reduce the impact of changes in fair value on its own profit. At the same time, we note that the R & D expenses of the company are relatively flat before 2021, while the year-on-year growth rate of R & D expenses of the company from 2021q1 to 2021q4 shows a continuous upward trend, and the year-on-year growth rate of R & D expenses in 2022q1 has also reached a high level of 51.82%.
Focus on Pan analog layout, and continuously launch new products of power devices and interface chips
According to the news on the company’s official website in March and April 2022, in terms of power devices, the company launched sgt-mos suitable for electric vehicle controller and lithium battery protection and 1200V / 40aigbt suitable for inverter welding machine; In terms of interface chip, the company has launched RS-232 transceiver which can be widely used in industrial control and medical fields. With the continuous improvement of R & D investment, we believe that the company is in the period of rapid expansion of product layout.
Risk warning: there is a risk of continuous tightening of upstream capacity; There is great uncertainty in the speed of customer expansion; There is uncertainty in the research and development progress of new products.
