Bizlink's revenue in 2022 will hit a record high.

(file photo)

[Reporter Fang Weijie/Taipei Report] Bizlink-KY (3665)'s revenue in 2022 hit a record high in the past years. However, the market has recently expressed concerns about Bizlink's fundraising plan of up to 7 billion yuan and the overall economic situation, which has led to Bizlink's share price It has fallen by about 11% in the past three months. In this regard, the legal person believes that after the expansion of Bizlink's share capital, this year's earnings per share (EPS) will decline compared with last year, so the target price of Bizlink is revised down.

Bizlink’s revenue in December last year was 4.01 billion yuan, and the overall revenue in the fourth quarter was 13.5 billion yuan, both lower than the market and legal person expectations. The main factors include the depreciation of the US dollar, the impact of the weak economy on performance, and high-performance computing revenue due to customers’ destocking. However, the softening and electric vehicle sales were impacted by Tesla's load reduction, but with the contribution of the INBG business group, the annual revenue reached 53.662 billion yuan, a record high.

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The legal person pointed out that INBG contributed 37% of Bizlink’s revenue for the whole year, and the group’s core business grew by 19% compared with 2021. However, considering the decrease in operating profit margin, it is estimated that Bizlink’s earnings per share in the fourth quarter of last year will reach 6.66 yuan, a quarterly decrease of 14.28. %, an annual increase of 56.7%, it is estimated that Bizlink will earn 25.8 yuan per share in 2022, an annual increase of 69.51%.

Looking forward to 2023, the legal person believes that the steady growth of Bizlink's industrial and automotive businesses will help offset the adverse effects of other products. The annual revenue is expected to grow to 57 billion yuan, an annual increase of 3%. Bizlink INBG Electric vehicles will drive the annual growth of industrial performance and revenue by 9%. However, the legal person still maintains a conservative attitude towards the general environment at this stage.

Based on the current share capital of Bizlink, the legal person estimates that Bizlink can earn 26.98 yuan per share this year. However, after the completion of Bizlink’s fundraising plan and complete conversion, the share capital will expand by 24% from the current 156 million shares to 193 million shares. Therefore, , The fully diluted earnings per share in 2023 is estimated to be 21.81 yuan.

Regarding the first quarter of this year, the legal person estimates that Bizlink’s revenue will only decrease by 3% quarterly, which is better than the same period in previous years. The price of 309 yuan was revised down to 288 yuan, and the rating of "increase shareholding" was given.

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