According to the company's 23 semi-annual report, 1H23 achieved revenue of 2.82 billion yuan, + 37.61% year-on-year; net profit of 128 million yuan, + 40.86%; and non-return net profit of 107 million yuan, + 47.34% year-on-year. 2Q23 realized revenue of 1.576 billion yuan, month-on-month ratio + 26.69%; return-to-home net profit of 102 million yuan, month-on-month ratio + 288.22%; deduction of non-return net profit of 80 million yuan, month-on-month ratio + 198.02%.
Q2 performance exceeded expectations, fund-raising project photovoltaic aluminum components capacity release. In the first half of the year, benefiting from the development of the photovoltaic industry and the release of production capacity of fund-raising projects, the company's new energy photovoltaic aluminum profiles and aluminum parts production and sales continued to grow, driving industrial aluminum profile revenue from + 17.01% to 978 million yuan, industrial aluminum parts revenue from + 56.06% to 1.669 billion yuan, and construction aluminum profile revenue from + 14.07% to 153 million yuan. Q2 company's annual production capacity of 100000 tons of photovoltaic aluminum components has been gradually completed, capacity utilization has increased steadily, the price of superimposed silicon has fallen, downstream component customers have reduced processing fees and reduced prices, and the profitability of products per ton has been enhanced. Q2 comprehensive gross profit margin ring increased by 1.38% to 13.21%. Roe ring increased by 3.81% to 5.19%.
The layout of recycled aluminum helps to reduce cost and increase efficiency. In June 23, the company plans to raise no more than 1.345 billion yuan to invest in the annual production of 600000 tons of recycled aluminum, which is planned to be put into production in three phases at the end of 23-25. At present, the relevant examination and approval procedures for the above recycled aluminum project have been completed, and the fixed increase project has been approved and approved by the CSRC. Recycled aluminum can effectively reduce carbon emissions in the production process, save the purchase of raw materials and the cost of small metals, and reduce the production cost by 300-500 yuan / ton.
Global layout to enhance the competitiveness of photovoltaic aluminum frame. In April 23, the company plans to build self-financed plants in Vietnam and Malaysia to build photovoltaic aluminum frame capacity of 120000 tons and recycled aluminum capacity of 120000 tons, which is expected to be put into production in the second half of 24 years. The establishment of overseas plants will help to enhance the company's global competitiveness of photovoltaic aluminum frames, reduce market risk and serve downstream component customers. It is expected that with the overseas aluminum frame project put into production, the company's aluminum product shipments in 23-25 will be 31.51542 / 550000 tons respectively.
The production capacity of new energy automobile parts is just around the corner. The company has an annual production capacity of 100000 tons of new energy auto parts project with a production capacity of about 50,000 tons in mid-June. The equipment order for the second phase of the project has been issued, and it is expected that Q3 will be installed and debugged and Q4 will be put into production. The main products are battery tray, front and rear bumper, threshold beam, etc., gross profit margin is better than aluminum frame, bringing product structure optimization.
It is estimated that the company's revenue for 23-25 years will be RMB 73 million, net profit will be RMB 3.35 million, EPS will be RMB 2.93, and PE will be 9.63 times of PE, maintaining the "Buy" rating.
Photovoltaic installation is lower than expected, industry competition intensifies, project construction is not as expected, and new technologies are replaced.