2023H1 公司销售毛利率、净利率分别为23.01%/13.50%，同比下降1.58pct/0.21pct,仍保持较高水平。公司毛利率短期承压，主要在于70MN 深海油气水下生产系统关键部件制造产能于2022 年底投产，产能爬坡阶段设备折旧导致毛利率下降。未来随产能逐步释放使得折旧成本摊薄、以及深海订单占比持续提升，毛利率有望持续改善。Events:
According to the company's annual report for 2023, 2023H1 achieved a revenue of 600 million yuan, an increase of 44.79% over the same period last year, a net profit of 81 million yuan, an increase of 42.60%, and a net profit of 79 million yuan, an increase of 66.74% over the same period last year. Of this total, 2023Q2 achieved an operating income of 330 million yuan, an increase of 53.80% over the same period last year, a net profit of 51 million yuan, an increase of 91.56% over the same period last year, and a net profit of 50 million yuan, an increase of 110.53% over the same period last year.
The launch of new capacity has led to short-term pressure on gross profit margin and a significant improvement in the company's operating cash flow:
2023H1's gross profit margin and net profit margin were 23.01% and 13.50% respectively, down 1.58pct/0.21pct from the same period last year, still at a high level. The short-term pressure on the company's gross profit margin is mainly due to the fact that the manufacturing capacity of key components of the 70MN deep-sea oil and gas underwater production system was put into production at the end of 2022, and the decline in gross profit margin was caused by equipment depreciation during the capacity climbing phase. In the future, with the gradual release of production capacity, depreciation costs will continue to be diluted, as well as the share of deep-sea orders will continue to rise, gross profit margin is expected to continue to improve.
2023H1, the net operating cash flow of the company was 106 million yuan, compared with-33 million yuan in the same period last year. The significant improvement in cash flow is mainly due to the company's enhanced management of receivables and improved profitability.
The proportion of deep-sea orders has increased significantly, and profitability is expected to further improve:
The company's "deep-sea oil and gas development underwater production system key components manufacturing project" capacity release, greatly enhance the company's deep-sea equipment production capacity. 2023H1, special parts for oil and gas production system, special parts for well control devices and special parts for unconventional oil and gas production account for about 86%, 5% and 8% respectively, of which special parts for deep-sea equipment account for 45% of the special parts of the production system, an increase of 15% over the same period last year.
In addition, the proportion of the company's deep-sea orders increased significantly, the company's deep-sea connector "parts" to "parts" orders continued to grow in the Brazilian deep-sea area of 3000 meters, and won the Hainan Lingshui sea area phase II project order.
The 350MN multi-directional die forging project is progressing smoothly and is expected to open the second growth curve:
The company actively promotes the construction of 350MN multi-directional double-action compound extrusion production line project, most of the equipment has been entered the factory, the second half of the year will enter the installation and commissioning stage, fund-raising project is in an orderly and steady progress. After the completion of the project, it will form a large-scale manufacturing capacity of high-end valves and piping parts, and further increase the range of products covered by the company in the field of oil and gas. At the same time, the company's multi-piece valve body forming process research and development project has achieved phased results. Aiming at the production of wellhead equipment and production tree equipment with 4-inch and below valve body, the forming process and mold of one-mold multi-piece valve body are designed. Two or more 4-inch and less valve bodies can be formed on a set of moulds, with a total weight of about 700 kg, reducing resource consumption and improving production efficiency.
Investment advice:
We expect the company's revenue growth from 2023 to 2025 to be 33%, 35% and 35%, respectively, and its net profit to grow by 74%, 48%, 33%, corresponding to PE 23.5X, 15.9X, 11.9X. The company has outstanding growth. We give Buy-B an investment rating of 32.61 yuan in 6 months, which is equivalent to a dynamic price-to-earnings ratio of 30 times in 2023.
Risk tips: 1) the risk of a sharp fall in oil prices; 2) the risk of increased market competition; 3) the risk of reliance on large customers; and 4) the risk of intensified international trade frictions.
