1、营收稳步增长，利润水平短期承压。2023H1，公司定制化增材制造业务需求旺盛，实现营业收入1.15 亿元，同比增长56%，实现归母净利润2748.15 万元，同比下降24%，主要是由于公司持续加大研发及市场等投入，同时受股权激励费用计提、政府补助同比减少及主要原材料价格波动等因素影响。Event
On August 15, the excellent Aviation Division released its 2023 half-yearly results report. In the first half of 2023, the company achieved operating income of 115 million yuan, an increase of 56% over the same period last year, and a net profit of 27.4815 million yuan, down 24% from the same period last year.
Comment
1. The revenue is growing steadily, and the profit level is under short-term pressure. 2023H1, the company has a strong demand for customized material-increasing manufacturing business, with operating income of 115 million yuan, an increase of 56% over the same period last year, and a net profit of 27.4815 million yuan, down 24% from the same period last year, mainly due to the company's continued increase in investment in research and development and the market. At the same time, it is affected by factors such as equity incentive fees, year-on-year reduction of government subsidies and price fluctuations of major raw materials.
2. Based on the cold spray manufacturing technology, the military business has grown steadily. 2023H1, the company has deeply participated in the research and development of the fatigue crack repair of the landing gear girder of a certain domestic fighter, and has successfully developed a new base-level overhaul factory to become a customer of the company, and the related new customized timber production line has also been completed and is expected to be put into production in the second half of this year. The first phase of the Luoyang material-increasing manufacturing base of the company has been completed and put into production, mainly for customers such as a unit under AVIC, focusing on aviation "weapons" and "equipment". More production capacity is expected to be released in the second half of the year.
3. Expand the new scene of cold spray augmentation manufacturing technology application, and accelerate the development of civil products business.
2023H1, the "cold spray repair process rules for aluminum alloy and magnesium alloy parts" submitted by the company to the Airworthiness Accreditation Office of the Central and South China Civil Aviation Administration has been formally approved, marking the official opening of the road for cold spraying solid-state reinforcement manufacturing technology to enter domestic civil aviation maintenance. At the same time, the company accelerates along the new business line that has been expanded in 2022. In the field of new energy vehicles, the company has carried out the research and development of various types of products for the new generation of thermal management system parts. Some models have been verified by customers and have entered the stage of small batch trial production. According to customer description, the product will be used in the new generation of new energy vehicle platform, there is a great demand for the company's production capacity, the company plans to build a production line in the second half of this year, specifically for the production of related products.
4. Profit forecast and investment rating: we expect the company's net profit from 2023 to 2025 to be 0.71,1.24 and 162 million yuan, an increase of 19%, 76% and 31% over the same period last year. The current share price is 56, 32 and 25 times PE, with a "buy" rating.
Risk Tips:
Product price reduction pressure; increased competition in the industry; business development is not as expected.
