Events:
The company released its semi-annual report on July 26, 2023: the company's operating income in the first half of 2023 was 1.659 billion yuan, down 24.75% from the same period last year; the net profit was 215 million yuan, up 20.06% from the same period last year; and the net profit after deducting non-return was 187 million yuan, an increase of 14.74% over the same period last year.
Comments:
The company's laser industry is developing at a high speed, and the product matrix is continuously rich. In the first half of 2023, the company's laser series and traditional LED chip plate realized main business income of 128 million yuan, down 3.66% from the same period last year, of which laser series products achieved main business income of 121 million yuan and net profit of 31.7027 million yuan, up 14.49% and 33.9% respectively over the same period last year. In terms of the whole machine, the second-generation laser anti-UAV product Optical Blade-Ⅱ has successfully completed its development and passed acceptance; in terms of devices, the company has launched laser devices with lighter, higher electro-optic efficiency and higher brightness and mass production, constantly upgrading and optimizing the developed equipment. In terms of product marketization, we will further promote the production of Optical Blade-Ⅰ and Optical Blade-Ⅱ series laser anti-UAV products, and promote the expansion of international and domestic markets in a synchronous and orderly manner.
The business income of intelligent control series and backlight decreased, and the business structure was gradually optimized. In the first half of 2023, the company's intelligent control series products realized the main business income of 998 million yuan, down 2.98% from the same period last year; the net profit from the home was 61.208 million yuan, down 9.98% from the same period last year; and the backlight plate realized the main business income of 459 million yuan, down 23.74% from the same period last year. The main business income of optoelectronic communications and intelligent equipment cables and metal materials products was 51.5729 million yuan, a decrease of 87.16% over the same period last year, accounting for 3.15% of the company's overall main business income.
Consolidate the technological advantages and promote the production and delivery of the superconducting industry. The company continues to strengthen the innovative R & D efforts of laser, superconductor and other strategic emerging industries, relying on technology centers, postdoctoral research stations, etc., through independent research and development, technical cooperation and other ways to consolidate technological advantages. The company jointly held the commissioning ceremony of the world's first high temperature superconducting induction heating device in conjunction with Chinalco East Light, which has been widely recognized and the market promotion is progressing smoothly. at present, the order on hand has exceeded 60 units, and the production and delivery have been carried out steadily.
Investment suggestion: we adjust the profit forecast according to the medium report. It is estimated that the company's operating income in 2023-2025 will be 35.81amp 41.34max, respectively, and its net profit will be 3.53amp 4.20 / 527 million yuan respectively, corresponding to EPS 0.77max 0.92max 1.16 yuan, and maintaining the "Buy" rating corresponding to PE46.96/39.44/31.42X.
Risk hint: laser business development is not as expected, profit forecast and valuation are not as expected.