Sustained high growth in performance
According to the company's semi-annual report in 2023, 2023H1 achieved operating income of 1.769 billion yuan (+ 29.19%), net profit of 366 million yuan (+ 48.56%), net profit of 352 million yuan (+ 60.39%) and net cash flow of 324 million yuan (+ 50.13%). The performance is consistent with the previously disclosed performance of KuaiBao.
The profit margin increased more than expected.
During the reporting period, the company's comprehensive gross profit margin was 38.4%, which was higher than that of the same period last year and at the end of last year.
Among them, the gross profit margin of the compressor unit was 34.8%, an increase of 5 percentage points over the same period last year; and the gross profit margin of vacuum products was 43.7%, an increase of 2 percentage points over the same period last year. At the same time, the company's combined rate of sales, management and R & D expenses was 19.6%, slightly lower than that of the same period last year, so the overall profit margin improved more than expected.
Keep optimistic about the future development of the company
We believe that the company continues to improve and upgrade its products in the fields of commercial central air conditioning compressors, refrigerated compressors, heat pump compressors, air compressors and so on. In the field of vacuum products, the dry pump in the photovoltaic crystal and battery industry has won a large market share with excellent application performance, and there are a full range of medium vacuum dry vacuum pump products that can meet the most advanced technology of semiconductor production in the semiconductor field. there is great potential for development in the domestic alternative market.
Investment suggestion
According to the information of the China Daily, we adjust the forecast operating income for 2023-2025 to 47.72155.55 billion yuan (the previous value is 39.3x6x552 billion), an increase of 23% 18% over the same period last year. The net profit of homing mother is forecast to be 817,791.69 billion yuan (the previous value is 74pm 90,009 million yuan), an increase of 27% 20% 19% over the same period last year. The 2022-2025 homing net profit CAGR is 22.0%, and the diluted EPS calculated on the basis of the current total share capital of 535 million shares is 1.53, 1.83 and 2.19 yuan (the previous value is 1.39, 1.69, 2.04). The current share price corresponds to an PE multiple of 16-13-11, maintaining a "buy" investment rating.
Risk hint
1) the risk of subsequent production expansion in the photovoltaic industry is not as expected. 2) the risk of customer expansion in the semiconductor industry is less than expected. 3) the risk of volatility in overseas markets. 4) the risk of large fluctuations in raw materials. 5) calculate the error risk of the market space.