Q2 业绩高增，主航道业务蓬勃发展。公司2023 年Q2 营收5.32 亿，同增101.46%，环增192.47%；归母净利0.88 亿元，同增82.16%，环增305.63%，单季度业绩创新高。在政策和市场的双重作用下，2023 年我国新能源汽车依然稳步增长，成为公司各板块业务发展的强劲内驱。公司2023 年H1 汽车智能装备实现营业收入46,327.95 万元，同比增长174.31%，占营业收入的64.9%，毛利率32.87%；充换电智能装备实现营业收入12,268.46 万元，同比下降8.19%,占营业收入的17.19%，毛利率为21.54%；电池智能制造装备实现营业收入9,745.28 万元，同比增长126.86%；占营业收入的13.65%，毛利率为19.51%。Matters:
The company's H1 revenue in 2023 was 714 million, an increase of 96.57%; net profit of 45 million yuan, a decrease of 9.40%; net profit of non-attributable income of $30 million, an increase of 172.27%.
Commentary:
Q2 Performance was high, and the main waterway business was booming. The company's revenue for Q2 in 2023 was 532 million, a year-on-year increase of 101.46%, and a year-on-year increase of 192.47%; net profit of 88 million yuan, an increase of 82.16%, a year-on-year increase of 305.63%, and a record high of performance in a single quarter. Under the dual influence of policy and market, China's new energy vehicles continued to grow steadily in 2023, becoming strong internal drivers for the company's business development in all sectors. In 2023, the company's H1 automotive intelligent equipment achieved revenue of 463.2795 million yuan, up 174.31% year on year, accounting for 64.9% of revenue, gross profit margin of 32.87%; charging/switching intelligent equipment achieved revenue of 122.6846 million yuan, down 8.19% year on year, accounting for 17.19% of revenue, gross margin of 21.54%; battery intelligent manufacturing equipment achieved revenue of 97.4528 million yuan, up 126.86% year on year; accounting for 13.51 percent of revenue, gross margin of 19.51 %.
Continue to increase investment in R&D and strengthen technological advantages. In the reporting period, the company invested 48.568 million yuan in R&D, an increase of 67.05% over the previous year, accounting for 6.80% of revenue. The first stage equipment development for the company's new energy vehicle flat wire motor stator standard production line has been completed and released. The second stage equipment has been developed and has the ability to sample; in the field of lithium battery equipment, the reporting period completed the development and marketing of high-precision digital power supplies such as 120A/200A/240A, and completed optimization and iteration of large cylindrical power supplies such as 15A/30A/60A; in the field of charging and switching equipment, relying on core technical advantages, promote research and development of core components of power exchange stations, operation and maintenance systems, station control systems, and cloud management platforms.
The construction of a power exchange production base is progressing steadily to ensure timely delivery of products. In terms of production base, the Zhuji+Suzhou power exchange production base was built to generate a production capacity of 680 sets of power exchange equipment per year. During the reporting period, a new power exchange production base in Ningxia was built and put into operation. In terms of fund-raising projects, the “Smart Power Exchange Equipment Production and Construction Project” and the “Intelligent Equipment Production and Construction Project for Intelligent Electric Vehicle Components” began in the first half of 2023, with a planned construction area of 100,000 square meters. At the same time, personnel are being expanded to adapt production capacity and ensure rapid delivery. The company continues to establish training and training mechanisms in a modular and team-based manner to rapidly expand mature talents, further improve production efficiency and expand production capacity.
Investment advice: We expect the company's revenue from 2023-2025 to be 21.91/36.89/5.265 billion yuan. Considering that the company is still in the period of development of various businesses and high short-term expenses, we slightly lowered the net profit to 227/371/486 million yuan (2023-2024 original value was 245/371 million yuan), corresponding to 1.30/2.12/2.78 billion yuan, respectively. Considering the high growth rate of the company's major businesses and the beta nature of the power exchange station industry, we gave the company 25 times the PE valuation in 2024, corresponding to a target price of 53.08 yuan, and maintained a “strong promotion” rating.
Risk warning: Downstream market policy change risk, overseas business risk, new business market development risk, etc.