Shenzhen Longsys Electronics (301308 CH)22年或利空出尽,23年高成长可期We expect pro-cyclical high-growth trends in 2023E, with a lighter load after heavy impairment provision in 2022TP:RMB131.88 BUY (maintain)投资要点/Investment Thesis投资要点/Investment Thesis事件:公司发布2022年度预减公告。公司预计2022年度实现归属于母公司所有者的净利润为0.57至0.85亿元,同比下降91.63%至94.39%,实现归属于母公司所有者扣除非经常性损益的净利润为0.31至0.47亿元,同比下降94.95%至96.62%。预计22年第四季度实现归母净利润-1.53至-1.25亿元,环比增长5.27%至22.64%。2022年度计提的存货跌价准备为1.44 -1.64亿元,较2021 年同比大幅增加。Company’s 2022E profit downgrade; we see 2023E pro-cyclical demand uptrendEvent: Longsys Electronics announced a 2022E net profit downgrade to RMB57m-85m, down 91.63-94.39% yoy, with ex-nonrecurring profit at RMB31m-47m, down 94.95-96
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