The overall products of the equipment system were purchased in large quantities, and the strategic layout of the whole industry chain of the company went further.
Recently, the company signed an order contract with customers for the overall products of a certain type of complete equipment system and a certain type of infrared thermal imager, with a contract amount of 270 million yuan. This is a large domestic purchase order signed after the company obtained a small batch order for the overall product of this type of equipment system. It is expected to be delivered as scheduled this year, and to prepare goods for subsequent orders according to customer requirements. The overall product of this model system is expected to continue to contribute revenue in the coming year.
The low point of performance is gradually over, and the company's profitability is expected to pick up gradually.
The main results are as follows: 1) the company's revenue and profit has declined due to the change of model project procurement plan, military price adjustment and VAT policy. 22Q2-23Q1's revenue grew by-59%,-18%,-23% and-40% respectively, and net profit from home increased by-86%,-33%,-113% and-80% respectively.
2) affected by the slowdown in military procurement with high gross margin and price adjustment, the company's 22-year gross profit margin was 46.7%, a year-on-year decline of 9.2pct, which is at an all-time low. Short-term benefit from the recovery of military business, long-term benefit from economies of scale and product structure optimization, the company's profit margin is expected to continue to pick up in the future.
Full technology path infrared leader, military products + civilian products, domestic demand + foreign trade co-drive performance growth
1) military field: the company has both non-refrigeration and refrigeration infrared paths, and is the only private enterprise in China that has obtained the overall qualification of equipment. In the future, the proportion of model project business will gradually tilt to the overall equipment system. At the same time, the company has completed the approval of export projects for a variety of products, which is expected to fully benefit the rapid development of China's military trade.
2) Civil sector: the construction of the company's non-public offering fund-raising project has been completed, which has increased the production capacity of infrared core devices and civil standardized modules, further reduced costs and improved operational efficiency. The company actively distributes outdoor night vision, power, instrumentation, car-assisted driving and many other industries, civilian products business is expected to achieve rapid expansion.
The company's car infrared successively landed Dongfeng and Guangzhou Automobile, and the progress of infrared boarding is expected to be accelerated.
1) in August, 22, the company joined hands with Dongfeng Warriors to release the MmurTerrain with infrared driving assistance system; in September, the company announced that it had completed the fixed point on the GAC Ean infrared front installation project, and the infrared boarding was expected to increase speed.
2) cost is the core factor affecting civil infrared expansion. with the maturity of uncooled infrared detector and wafer packaging technology, civil infrared has gradually decreased from 10,000 yuan to 1000 yuan, and vehicle infrared has reached the industrial application node.
3) Infrared imaging has remarkable advantages in night and human recognition, which effectively solves the defect that the existing intelligent driving system is easy to fail in some scenes, and the multi-mode compound perception of "laser + millimeter wave + infrared" is expected to become the mainstream in the future. under the continuous layout of head car factories such as GAC and BYD, other manufacturers are expected to follow quickly.
Gaode Infrared: it is estimated that the compound growth rate of return net profit from 2023 to 2025 is 35%.
It is estimated that the company's net profit from 2023 to 2025 will be 7.49,10.05 and 1.244 billion yuan respectively, an increase of 49%, 34% and 24% respectively over the same period last year, corresponding to a PE of 46, 34 and 28 times, maintaining a "buy" rating.
Risk tips: 1) the release of military orders is not as expected; 2) the expansion of civilian business is not as expected.