Event: the company issued a half-year performance forecast for 2023, 2023H1 achieved a net profit of 1.9-210 million yuan, an increase of 78.20%-96.96% over the same period last year, and a net profit of 1.81-201 million yuan after deduction, an increase of 95.36% over the same period last year.
The company's track is booming, supporting the rapid growth of revenue. The substantial increase in 2023H1's homing net profit is mainly due to the strong demand for automation digitization, and the company has completed the implementation and confirmed that the scale of the revenue project has increased significantly compared with the same period last year. The downstream of the company presents a 3000N model, the traditional advantages in the tobacco field continue, the high prosperity in the new energy and petrochemical industries supports the rapid growth of income, under the current trend of enterprise automation digitalization, the demand for intelligent warehousing and logistics systems in more industries is expected to blowout, the company has an order of 5.45 billion yuan at the end of 2022, sufficient order reserve is an important guarantee for the company's high performance in recent years.
The continuous high increase in profits reflects the improvement of the company's operating efficiency and profitability. In the first half of 2023, the company strengthened cost control, optimized procurement costs, and the company's comprehensive gross profit margin increased. We believe that it is mainly due to the gradual increase of the company's orders and revenue, the continuous enrichment of project implementation and delivery experience, and the gradual emergence of scale effects. improve the quality and efficiency of management.
Deep ploughing robots for many years, the future prospects are broad. The company established the intelligent robot research and development department in 2012, which opened the way of intelligent robot research and development. The company's hardware subsidiary Robot, founded in 2016, has the core intellectual property rights and manufacturing capabilities of logistics equipment such as stacker, automatic guided transport vehicle, shuttle vehicle, conveyor, robot system and so on. Recently, the company said on the investor interaction platform that the products of the robot subsidiary will definitely be sold separately to third parties, which is expected to accelerate the company's growth.
The application of artificial intelligence enables the business development of the company. The company's products have applied artificial intelligence related technologies, mainly reflected in automatic control, path planning, machine vision, transportation optimization and so on. We believe that the application of AI is expected to help the company reduce costs and increase efficiency, enhance the competitiveness of product solutions in the field of intelligent warehousing and logistics, and improve business efficiency and human efficiency at the same time.
Investment suggestion: the company ploughs intelligent warehousing and logistics, seize the downstream opportunities of new energy and petrochemical boom, achieve high performance growth, and improve profitability and improve operation quality and efficiency under scale effect. The application of AI technology is expected to empower the business development of the company, and the prospect of deep ploughing in the robot field for many years is promising. It is estimated that the company's EPS for 2023-2025 will be 1.22 EPS 1.79max 2.58 yuan respectively, maintaining a "buy" rating.
Risk tips: new energy industry order growth is not as expected; downstream customer expansion is not as expected; industry competition is intensified.