毛利率 57.5%，同比+4.6pct；净利率 28.5%，同比+0.7pct.22年受益海外需求强劲，23年国内复苏有望继续增长。22年国内需求放缓、竞争加剧，导致国内营收同比略降3.16%，但海外市场需求强劲，出口营收同比增长30.38%。Event: On 4.21, the company released its 2022 annual report and 2023 quarterly report.
1) 2022: Achieved revenue of 770 million yuan, +11.6% year on year; net profit of returned mother was 230 million yuan, +18.3% year on year; net profit of non-return mother was 210 million yuan, +19.2% year on year. The gross profit margin was 57.8%, +3.1pct year on year; the net profit margin was 31.0%, +2.4pct year on year.
2) 23Q1: Achieved revenue of 197 million yuan, -0.18% year-on-year, +21.4% month-on-month; Guimo's net profit was 503 million yuan, +0.44% year-on-year, +34.1% month-on-month; net profit of non-Gumo was 502 million yuan, +0.3% year-on-year, +51.1% month-on-month.
The gross profit margin was 57.5%, +4.6pct year on year; the net interest rate was 28.5%, +0.7pct year on year. Benefiting from strong overseas demand in '22, domestic recovery is expected to continue to grow in '23. Domestic demand slowed and competition intensified in '22, leading to a slight decrease in domestic revenue of 3.16% year on year, but demand in overseas markets was strong, and export revenue increased 30.38% year on year.
By product, nonlinear optical crystals/laser crystals/precision optical components/laser devices achieved revenue of 1.99/1.30/2.80/134 million yuan respectively in '22, -8.5%/+37.9%/+28%/-1.0%; gross margin was 75.4%/73.7%/49.8%/29.8%, respectively, compared to +2.3/11.9/+7.3/-10.7pct. Precision optical component growth mainly benefited the development of optical communication and high-power continuous fiber laser markets. Looking ahead to 23 years, the competitiveness of the company's high-end products continues to improve. In addition to the fact that the domestic market is expected to gradually recover, its performance is expected to continue to grow.
Lay out ultra-precision optical components and actively expand production to meet demand. In 2022, the company was established as a wholly-owned subsidiary of Photonics, focusing on the R&D and production of nano-precision ultra-precision optical components and complex optoelectronic components, targeting cutting-edge high-end optical applications such as semiconductors and biomedicine. In order to cope with the growing demand for various types of new downstream businesses, the company actively promoted the second phase of the D building renovation and expansion project, aiming for a smooth commencement of construction in 23.
The actual control of the human structure is carried out, and the competitiveness of the product continues to improve. The company is the world's largest supplier of LBO and BBO crystals and their components, with the highest market share in the world. Furthermore, the Fujian Construction Institute, a subsidiary of the Chinese Academy of Sciences, is the actual controller of the company (holding 22.5% of the shares), helping the company achieve faster breakthroughs in key materials and technology. In '22, important breakthroughs were made in the field of large-size A-bBO crystal blunt growth technology, and product competitiveness continued to improve.
Investment advice: We expect the company's net profit to be 2.7/33/41 million yuan in 2023-25, corresponding to 52/43/35 times PE valuation, maintaining the “buy” rating.
Risk warning events: risk of declining sentiment in the laser market; growth in the optical communications industry falling short of expectations; new product development falling short of expectations; risk of untimely information updates used in research reports.
