The company released the 2023 half-year report, the revenue increased by 96.57% compared with the same period last year, the company released the half-year report on 2023, with revenue of 714 million yuan, an increase of 96.57% over the same period last year, the net profit of returning to the mother was 45 million yuan, down 9.40% from the same period last year, and deducting the net profit of 30 million yuan, an increase of 172.27% over the same period last year.

Affected by the narrowing of the growth rate of the 2023H1 power exchange industry, the volume of the company's power exchange business is lower than expected. Therefore, we downgrade the company's performance forecast for 2023-2025, and it is estimated that the return net profit of the company in 2023-2025 will be 2.52 billion / 3.32 (- 1.10) / 460 (- 1.43) billion respectively, and the corresponding EPS in 2023-2025 will be 1.44 (- 1.11) / 1.90 (- 1.64) / 2.63 (- 2.20) yuan per share respectively. The current share price corresponds to the 2023-2025 PE of 22.8 pound 17.3 12.5 times, the company's three major business sectors have good prospects and maintain a "buy" rating.

2023Q2 revenue increased by 101.46% year-on-year, automobile and battery intelligent manufacturing equipment increased significantly by 532 million yuan, up 101.46%; net profit from home was 88 million yuan, up 82.16% from the same period last year; and net profit from non-home was 71 million yuan, up 184.31% from the same period last year. From a business point of view, the company's automobile and battery intelligent manufacturing equipment achieved high growth, with revenue of 4.63 yuan and 97 million yuan respectively, an increase of 174.31% and 126.86% respectively over the same period last year, while rechargeable smart equipment decreased slightly, with revenue of 123 million yuan, down 8.19% from the same period last year. In addition, the company firmly focused on the main track of new energy and automobile electrification and intelligence, sold its 45.009% stake in Suzhou Hanma Intelligent Technology Co., Ltd., and divested the industrial interconnection business.

Focus on electric intelligent main channel, buyback and real controller increase to demonstrate long-term confidence in automobile intelligent equipment plate, flat line motor stator product line to complete the first phase of equipment listing and obtain orders; high-speed transmission harness and other standard products have reached cooperation with BYD and others. Recharge intelligent equipment plate, complete passenger vehicle / commercial vehicle exchange power station, station control cloud platform, operation and maintenance terminal and commercial vehicle battery package development & product construction, the company completed chassis replacement technology reserve, and customer orders were obtained at the end of the first half of the year. Battery intelligent equipment plate, released the 100PPM all-polar ear large cylinder high-speed automatic assembly line, has won a number of customer orders for the pilot line.

Following the development trend of new energy, the company focuses on the electric intelligent main waterway, continues to strengthen the development of new products and customers, and the performance has improved significantly. On June 21, 2023, Mr. Cai Changwei, the controller of the company announcement, indirectly increased his holding of 3% of the company's total share capital. On August 1, 2023, the company announced that the company would buy back 0.3-60 million yuan of shares at a price of no more than 49.88 yuan per share, which would be used for employee stock ownership plans or equity incentives. Increase and repurchase show long-term confidence.

Risk tips: the sales of power-changing models are not as expected; the competition in the equipment market is intensified; and the downstream demand is lower than expected.