盈利能力环比大幅改善，规模效应初现：2023 上半年公司毛利率为28.8%，同比-2.9pct，其中汽车电子生产线毛利率32.9%，同比-4.7pct，换电设备毛利率21.5%，同比-2.9pct，锂电设备毛利率19.5%，同比-7.2pct。公司2023H1 净利率为6.1%，同比-7.1pct，期间费用率为27.6%，同比-1.1pct，其中销售费用率为10.3%，同比+1.3pct，管理费用率（含研发）为16.1%，同比-2.7pct，财务费用率为1.1%，同比+0.2pct。其中Q2 单季度毛利率为29.4%，同比-3.9pct，环比+2.2pct，净利率16.9%，同比-0.95pct，环比+42.4pct，盈利能力环比大幅改善。Main points of investment
Order acceptance accelerated, Q2 performance greatly improved compared with the same period last year: in the first half of 2023, the company achieved revenue of 710 million yuan, year-on-year + 97%, return net profit of 45 million yuan, year-on-year-9.4%, deducted non-return net profit of 30 million yuan, + 172.27%. Q2 achieved revenue of 530 million yuan in a single quarter, + 101% year-on-year, + 192% month-on-month, and net profit of 88 million yuan, + 82% and + 306%, respectively.
Among them, the revenue of 2023H1 automotive electronics production line is 460 million yuan, which is + 174% compared with the same period last year, accounting for 65%. The rechargeable equipment is in the early stage of realizing the performance, with revenue of 120 million yuan,-8%, accounting for 17%, lithium equipment revenue of 100 million yuan, + 127%, accounting for 14%, and revenue of 40 million yuan from other businesses.
Profitability improved significantly compared with the previous month, and the scale effect first appeared: the gross profit margin of the company in the first half of 2023 was 28.8%, year-on-year-2.9pct, including automotive electronics production line gross profit margin of 32.9%, year-on-year-4.7pct, electricity exchange equipment gross profit margin of 21.5%, year-on-year-2.9pct, lithium equipment gross profit margin of 19.5%, year-on-year-7.2pct. The company's 2023H1 net interest rate is 6.1%, year-on-year-7.1pct, period expense rate is 27.6%, year-on-year-1.1pct, of which the sales expense rate is 10.3%, year-on-year + 1.3pct, management expense rate (including R & D) is 16.1%, year-on-year-2.7pct, financial expense rate is 1.1%, year-on-year + 0.2pct. Among them, Q2 single-quarter gross profit margin is 29.4%, year-on-year-3.9pct, month-on-month + 2.2pct, net profit rate 16.9%, year-on-year-0.95pct, month-on-month + 42.4pct, profitability greatly improved.
There are plenty of orders on hand, and the guarantee performance is growing steadily: as of the end of 2023Q2, the company's contract liabilities are 180 million yuan,-25% year-on-year, and inventory is 880 million yuan, + 21% year-on-year. By the end of July 2023, the company had orders of 2.88 billion yuan (including tax), of which lithium equipment was 1.5 billion yuan, accounting for 52%, power exchange equipment 1.05 billion yuan, accounting for 36%, and automotive electronics production line 330 million yuan, accounting for 11.5%.
The rapid increase in the production capacity of power exchange equipment has opened up new room for growth: we expect that the number of replacement power stations to be built in 2025 will exceed 16000, corresponding to an investment of more than 30 billion yuan in new equipment. Hanchuan has obvious first-mover advantages in the equipment industry, and we expect that the company's new orders for power exchange equipment will reach 2 billion yuan in 2023. At present, the company's existing Zhuji and Suzhou bases have a production capacity of 680 sets of power exchange equipment, and the production capacity of the newly built Ningxia exchange equipment production base is gradually climbing. We expect the production capacity to reach 1500 units by the end of 2023 and nearly 3000 units by 2024, ensuring a high increase in performance.
Profit Forecast and Investment rating: with the gradual expansion of the power exchange business, we maintain the company's 2023-2025 return net profit of 2.4 billion yuan, respectively. The current stock price corresponds to the dynamic PE of 28-17-12, maintaining the "overweight" rating.
Risk hint: downstream production expansion is not as expected, and new product expansion is not as expected.