28 Mar 2023
Wasion’s FY22 NP increased by 20.8% YoY to Rmb323.8m on the back of 27.6% YoY increase in turnover to Rmb5.9bn. Both top and bottom line beat our estimate by 14% and 9% respective. A final DPS of HK$0.23 was proposed. On the back of increasing order flow, GPM for power AMI and Communication and Fluid (C&F) AMI both improved by 6.4ppt and 1.4ppt to 38.6% and 37.5% respectively. GPM for Advance Distribution Operations (ADO) however edged down by 5.8ppt to 22.3% in FY22. This was mainly due to the adjustment in the product structure with an increase in the proportions of energy storage and major customers business with lower GPM profile. As such, blended GPM maintained stable at the level of 32.9%.