公司积极开拓新客户，光伏接线盒与光伏连接器产品销量稳步增长，2023 年第一季度公司实现营业收入3.04 亿元，同比增长22.49%。受原材料价格回落、公司生产效率、运营效率提升驱动，公司盈利能力显著回升。2023 年第一季度公司销售毛利率为20.68%，同比提升4.49pct；净利率为12.67%，同比提升4.27pct。Incidents:
On April 27, 2023, the company released its report for the first quarter of 2023. In the first quarter of 2023, the company achieved operating income of 304 million yuan, an increase of 22.49% over the previous year; achieved net profit of 385.244 million yuan, an increase of 84.59% over the previous year; and achieved net profit of 363.15,500 yuan after deducting non-return to the mother, an increase of 72.44% over the previous year.
Performance continues to grow, and profitability has rebounded markedly:
The company is actively developing new customers, and sales of photovoltaic junction boxes and photovoltaic connector products have been growing steadily. The company achieved revenue of 304 million yuan in the first quarter of 2023, an increase of 22.49% over the previous year. Driven by falling raw material prices and improvements in the company's production efficiency and operating efficiency, the company's profitability has rebounded markedly. The company's gross sales margin for the first quarter of 2023 was 20.68%, an increase of 4.49 pct over the previous year; the net interest rate was 12.67%, an increase of 4.27 pct over the previous year.
In the first quarter of 2023, the company achieved net profit of 38,524 million yuan, an increase of 84.59% over the previous year. The company's customer resource advantage is obvious, and it is one of the enterprises with a strong competitive advantage in the segment. It is expected that future performance will continue to improve as the industry drives and the company's own competitiveness and production capacity increase.
Continued expansion of production capacity, leading R&D and innovation capabilities:
According to the company announcement, the company is actively promoting the expansion of production capacity of photovoltaic junction box products and photovoltaic connector products. In 2022, the production capacity of junction boxes will be 70 million sets, and the production capacity of connectors will be 100 million sets. It is expected to achieve 100 million junction box production capacity and 120 million connector production capacity in 2023.
Adequate production capacity will lay the foundation for improving the company's performance. In addition, the company has leading R&D and innovation capabilities, and has technical advantages in terms of current and voltage carrying capacity, weather resistance and intelligent protection, and has become an important partner for photovoltaic module manufacturers. The company's customers include Tianhe Solar, Jingao Solar, Tongwei Co., Ltd., Artus, Dongfang Risheng, Youda Optoelectronics, Yiyi New Energy, Zhonglai Co., Ltd., AUO, ADANI, HANSOL, Solarwatt and other mainstream photovoltaic module manufacturers at home and abroad. Through continuous R&D and innovation, optimized circuits and upgraded control modules, the performance of the company's smart junction box products has gradually improved. At present, a new generation of smart junction box products with efficiency optimization functions has been launched. In the future, the company will also focus on developing electronic connector products in other fields such as integrated products for wind energy, energy storage, new energy vehicles, and photovoltaic photothermal systems. The new business reserve will also provide impetus for the company's subsequent development.
Investment advice:
The company's performance has maintained rapid growth, forward-looking layout in the field of smart junction boxes, and continuous expansion of production capacity.
We expect the company's revenue for 2023-2025 to be 1,631 million yuan (+48.3%), 2,341 million yuan (+43.5%), and 3,262 million yuan (+39.3%) respectively; the estimated net profit to the mother is 187 million yuan (+58.1%), 276 million yuan (+47.6%), and 381 million yuan (+38.0%), respectively; the corresponding EPS is 2.92, 4.32 and 5.96 yuan respectively. We gave the company 31 times PE in 2023, corresponding to the target price of 90.52 yuan, maintaining the “Buy-A” investment rating.
Risk warning: The risk of being greatly affected by changes in industrial policies in the photovoltaic sector, increased market competition, rising raw material prices, and falling short of expectations in R&D results.
