Main points of investment
The results of the China report exceeded the forecast, and the revenue increased by 41%. The company's net profit increased by 123%. In mid-2023, the company reported operating income of 1.404 billion yuan, a year-on-year increase of 41%, and achieved a net profit of 104 million yuan, up 123% from the same period last year. Exceed the profit upper limit of the forecast (98 million yuan). The company deducted the non-return net profit of 71 million yuan in the first half of 2023. The company recently announced an equity incentive plan that aims to deduct non-homing net profit in 2023 by 25%, or 359 million yuan, over 2022. Combined with the data of this report, in order to achieve the equity incentive target, the company's non-return net profit in the second half of the year should be more than 291 million yuan.
We believe that the increase in both revenue and profitability of the company is due to the company's focus on the intelligent manufacturing equipment industry and has established a good reputation and stable customer relationship in the industry, so as to continue to obtain high-quality orders. achieve revenue and profit growth. The equity incentive target of deducting 291 million yuan of non-return net profit in the second half of the year demonstrates the management's confidence in management and is also the guarantee for the company's long-term and rapid development.
Contract liabilities increased further. The contract liabilities of semiconductor equipment business, consumer electronics business or companies exceeding expectations were only 78 million yuan at the end of 2020, 260 million at the end of 2021, 495 million yuan at the end of 2022, 618 million yuan for Q1 in 2023, and 958 million yuan for Q2 in 2023. The company said that the further increase in contract liabilities was mainly due to an increase in advance receipts from customers in the semiconductor and consumer electronics industries.
We believe that the company's contract liabilities continue to increase significantly, reflecting the company's strong market expansion ability in the semiconductor equipment and new consumer electronics industries. At the same time, the contract liability of 958 million yuan is also a solid guarantee for the sustained growth of the company's future performance, and the company's future development is worth looking forward to.
Profit forecast and valuation
We estimate that the company's revenue from 2023 to 2025 will be RMB 38.17 million respectively, an increase of 30.27%, 29.81% and 24.65% respectively over the same period last year. It is estimated that the homed net profit for 2023-2025 will be RMB 5.54 million, respectively, with a year-on-year growth rate of 37.85%, 30.81% and 30.76% respectively. The corresponding EPS is 2.22 shock 2.90 shock 3.79 yuan, and the corresponding PE is 20-16-12 times. The company has grown into a comprehensive automation equipment platform covering consumer electronics, semiconductors and new energy vehicles. It has a bright future and maintains a "buy" rating.
Risk hint
Apple Inc's new products fall short of expectations, semiconductor equipment expansion falls short of expectations, and shareholders reduce their holdings.