上半年业绩超预期，两大主业收入大增，毛利率提高显著。公司上年实现营收17.84 亿元，同比增加64.16%，主要原因是红外热成像和微波射频两大业务增长强势，营收分别增长61.18%/65.12%。公司整体毛利率为49.79%，较去年同期增长5.51%。其中，红外热成像业务毛利率为52.79%，微波射频业务毛利率为34.63%。Events:
The company released the 2023 semi-annual report that 2023H1 realized revenue of 1.784 billion yuan / + 64.16%, net profit of 258 million yuan / + 129.03%, and deducted non-net profit of 230 million yuan / + 131.20%. The performance exceeded market expectations. 2023Q2's single-quarter revenue is 994 million yuan / + 54.94%, the net profit is 176 million yuan / + 79.24%, and the non-return net profit is 154 million yuan / + 70.41%.
Comments:
In the first half of the year, the results exceeded expectations, the income of the two main industries increased significantly, and the gross profit margin increased significantly. The company achieved revenue of 1.784 billion yuan last year, an increase of 64.16% over the same period last year, mainly due to the strong growth of infrared thermal imaging and microwave radio frequency business, with revenue growing by 61.18% and 65.12% respectively. The company's overall gross profit margin was 49.79%, an increase of 5.51% over the same period last year. Among them, the gross profit margin of infrared thermal imaging business is 52.79%, and that of microwave and radio frequency business is 34.63%.
Domestic and foreign markets continue to open up, overseas sales revenue is growing rapidly. A number of delayed projects in the domestic special equipment field were delivered one after another in the first half of the year, and a number of new precision guidance projects entered the stage of mass delivery, with domestic revenue of 1.103 billion yuan, an increase of 100.99% over the same period last year. Relying on advanced infrared thermal imaging technology and product quality, the company has opened up the global outdoor sports, industrial measurement and security vision market, achieving overseas main business income of 647 million yuan, an increase of 21.88% over the same period last year.
We will continue to strengthen R & D investment and gradually break through the new pattern in the field of infrared, microwave and laser multi-dimensional sensing. In the first half of the year, the company invested 304 million yuan in R & D, an increase of 29.65% over the same period last year. The company has 1141 R & D personnel, accounting for 44.8% of the total number of the company. (1) in terms of microwave products, we will continue to promote full-chain technology and product development from core chips to components and subsystems. Remarkable progress has been made in all aspects of research and development. Lead Wuxi Huamei to carry out R & D and manufacturing of Tamp R components, continuously increase production capacity, and cooperate to open microwave business channels. At present, the company has continuously and steadily delivered customer orders on a large scale, and in the first half of the year, the company has completed a special production line for aerospace Thand R components, entered the development and production of high-reliability aerospace-class components, and won the bid for a certain research institute's linear array assembly development project. new growth points have emerged in the application field of high-performance precision guidance components. (2) in the aspect of laser products, it focuses on laser sensing technology and product research and development, and is committed to building the R & D and manufacturing capability of serial laser ranging and lidar products. The products are widely used in UAV, outdoor handheld observation, photoelectric turntable and other fields, and have begun to be delivered in batches. (3) the newly established Ruisi Microelectronics (Yantai) Co., Ltd. will continue to promote the development of the company in the field of microwave semiconductors and RF electronic systems.
Investment suggestion: we make a profit forecast based on the results of the mid-term report in 2023. It is estimated that the company's operating income from 2023 to 2025 will be 3.505 and 6.067 billion yuan, respectively, and the net profit will be 5.50, 6.33, and 1.046 million respectively, corresponding to 1.23, 1.41, and 2.34 yuan for EPS, and 40X/35X/21X, respectively, with a "buy" rating.
Risk tips: performance forecasts and valuations fall short of expectations; product research and development falls short of expectations
