Main points of investment
Event: in the first half of 2023, the company achieved revenue of 60.8236 million yuan, an increase of 34.57% over the same period last year; net profit of 880900 yuan, 9.8918 million yuan in the same period last year, an increase of 10.7727 million yuan over the same period last year; deducting non-return net profit of-13.0913 million yuan, 1404.16 yuan in the same period last year, an increase of 950,300 yuan over the same period last year; basic earnings per share was 0.01yuan per share, up 0.20 yuan per share The weighted average return on equity was 0.05%, an increase of 1.92pct over the same period last year.
On a quarterly basis, 2023Q2 achieved revenue of 47.2224 million yuan, an increase of 217.88% over the same period last year, an increase of 247.19% over the same period last year, and a net profit of 11.2869 million yuan from the same period last year, an increase of 18.7932 million yuan over the same period last year and an increase of 21.6929 million yuan over the previous year.
In terms of products, in the first half of 2023, the revenue of optoelectronic detection equipment was 27.8596 million yuan, down 25.58% from the same period last year, accounting for 45.80% of the total revenue, down 37.02 pct from the same period last year; the revenue of military robots was 25.4729 million yuan, up 417.53% from the same period last year, accounting for 41.88% of the total revenue, an increase of 30.99pct over the same period last year Revenue from technical services reached 6.9972 million yuan, an increase of 129.17% over the same period last year, accounting for 11.01% of the total revenue and an increase of 5.94pct over the same period last year.
In the first half of 2023, the company's gross profit margin was 34.29%, down 7.66 pct from the same period last year; the net return rate was 1.45%, an increase of 23.33 PCT over the same period last year; and the weighted average ROE was 0.05%, an increase of 1.92pct over the same period last year. 2023Q2, the company's gross profit margin is 39.01%, down 14.43pct, month-on-month growth of 21.11pct, home net profit of 23.90%, year-on-year growth of 74.43pct, month-on-month growth of 100.41pct.
In the first half of 2023, the company's total expenses during the period totaled 37.027 million yuan, an increase of 18.35 percent over the same period last year, and expenses accounted for 60.88 percent of revenue, a decrease of 8.34pct over the same period last year. Of this total, R & D expenditure was 23.7805 million yuan, an increase of 44.44% over the same period last year, accounting for 39.10% of the operating income, and an increase of 2.67pct over the same period last year. In the first half of 2023, the company had 82 R & D personnel, an increase of 30.16% over the same period last year; R & D personnel accounted for 32.16% of the total number of people in the company, an increase of 7.26 pct over the same period last year; the salary of R & D personnel totaled 6.6298 million yuan, up 21.49% from the same period last year; and the per capita salary of R & D personnel was 80900 yuan, down 6.66% from the same period last year.
In the first half of 2023, Huaxin Zhihang, a subsidiary, achieved revenue of 5.3596 million yuan, net profit of 1.679 million yuan and net interest rate of 31.33%; Huaxin Aerospace realized revenue of 6.0637 million yuan, net profit of 118600 yuan and net interest rate of 1.96%; Shanghai Tuhai realized revenue of 1.2276 million yuan and net profit of-39900 yuan; Xi'an Jingpin realized revenue of 5484 million yuan and net profit of-3624 million yuan Duzhong Robot realized revenue of 1.1539 million yuan and net profit of-106100 yuan; four-dimensional space realized revenue of 32.7658 million yuan, net profit of 6.569 million yuan and net interest rate of 20.05%; and CNAC Kunwu realized revenue of 230,100 yuan and net profit of-433200 yuan.
We maintain our profit forecast and expect the company's 2023-2025 net profit to be 0.95, 130, 304 million yuan, respectively, and EPS 1.3, 1.7 and 4.0 yuan per share, respectively, corresponding to a closing price of 57.8, 42.2, and 18.1 times PE on August 18, maintaining the "overweight" rating.
Risk tips: military orders fluctuate; the progress of recruitment is not as expected; the bid for key projects is lower than expected.