Event: the company released its "2023 semi-annual report" on August 7, and the company achieved a total operating income of 9. 5% in the first half of 23 years. 7.2 billion yuan, an increase of 141.27% year on year. The net profit of returning home is 1. 5%. 3.2 billion yuan, an increase of 82. 5% over the same period last year. 27%. The deduction of non-net profit was 120 million yuan, an increase of 72. 5% over the same period last year. 58%.
With the gradual recovery of railway passenger transport, the company's rail transit business has warmed up: compared with other production enterprises in the industry, the company's powder metallurgy brake pad and synthetic brake pad / brake shoe technology have strong first-mover advantages such as technology, scale and cost. And the company further expanded the scope of product certification during the reporting period. In the joint procurement of EMU brake plates held in 2023, the joint procurement ranked first in the number of winning bids, maintaining and maintaining the industry leading edge and market leading position. The development market of China's railway industry is still broad in the future. with the pick-up of domestic personnel travel and the volume of high-speed trains, it is expected to lead the company's powder metallurgy brake pad business to recover gradually.
The core competitiveness of the photovoltaic new energy business plate has been continuously enhanced, which has contributed to the high revenue growth of the company in the first half of the year: in the production of carbon-carbon composite products, the company has achieved complete self-made preforms and "three high and one low". Greatly improve material utilization and production efficiency, while solving the problem of easy deformation of products The production efficiency and process level of the company's carbon-carbon thermal field components have reached the industry-leading level, and the production capacity of carbon-carbon thermal field products has reached 3500 tons, which can meet the mass production of 36-inch or larger products; the service life and unit yield ranking of quartz crucible products produced by Xin Liyang have ranked among the top level in the industry, and have achieved remarkable synergy with the company's carbon-carbon thermal field business. In the first half of 2023, benefiting from the rapid growth of global photovoltaic installation and the steady increase in wafer demand, the company continued to expand its customers, leading to the steady development of carbon and carbon thermal field components income. At the same time, benefiting from the strong demand downstream, the supply and demand of raw material high purity quartz sand continues to maintain a tight balance, the trend of large size of silicon wafers is obvious, the price of the company's quartz crucibles increases accordingly, and the number and proportion of large size quartz crucibles continue to increase. it has led to a substantial increase in the business performance of the company's business sector.
Carbon ceramic brake disc is expected to open a new space for growth: with the continuous impact of domestic new energy vehicles on the positioning of middle and high-end brands, the upgrading of market demand is expected to promote the rapid industrialization of carbon ceramic brake disc, and the market space is broad. The company has made progress in the key technology of carbon ceramic brake disc industrialization, completed the development of new products of ceramic coated carbon ceramic brake disc, and further improved the apparent quality and friction performance of the products. it has laid the foundation for the application of carbon ceramic brake disc in the higher-end vehicle market, and completed the verification of the key functions of the brake disc automatic production line.
Investment suggestion: the leading position of the rail brake pad is stable, and the hot field crucible is highly coordinated, which is expected to form scale effect and reduce production cost; for a long time, the company continues to dig deeply into the characteristics of advanced carbon matrix composites and actively create a new material platform group. open up a new space for the company's future growth. From 2023 to 2025, we expect the company to achieve an operating income of 24.01 million yuan and a net profit of 3.84 million yuan and a net profit of 548 million yuan. The corresponding PE is 25.69, 18.01 and 11.44 times, respectively, maintaining the "over-holding" rating.
Risk tips: the installed capacity of photovoltaic is not as expected; the expansion of quartz crucible is not as expected; the recovery of rail transit is not as expected.