2023Q2 营收利润双增，盈利能力环比提升。 公司2023Q2 实现营业收入8.28 亿元，同比增长39.57%，实现毛利率为12.46%，同比增长1.36pct，毛利率水平显著改善，我们认为主要系公司新能源线缆销售规模扩大，营收占比提升拉动所致，未来随着新能源线缆产品销售持续放量，预计公司毛利率有望进一步提升。此外，公司重视管理水平优化，费用率管控持续向好，2023Q2 销售/管理/财务/研发费用率分别为0.75%/1.74%/2.38%/0.34%，四费费率为5.20%，合计同比下降0.42pct。Events:
The company released its half-yearly report on August 18, 2023. 2023H1 realized revenue of 1.567 billion yuan, up 29.76% over the same period last year, realized net profit of 81 million yuan, up 62.14% over the same period last year, and deducted 77 million yuan, an increase of 52.07% over the same period last year. Of this total, 2023Q2 realized revenue of 828 million yuan, an increase of 39.57% over the same period last year, an increase of 12.08% over the same period last year, a net profit of 45 million yuan, an increase of 101.31% over the same period last year, an increase of 22.94% over the previous year, and a net profit of 47 million yuan, an increase of 79.89% and 57.49%, respectively.
Main points of investment:
2023Q2's revenue and profits have increased, and its profitability has improved compared with the previous month. The company's 2023Q2 realized operating income of 828 million yuan, an increase of 39.57% over the same period last year, a gross profit margin of 12.46%, an increase of 1.36pct over the same period last year, and a significant improvement in gross profit margin. We believe that it is mainly due to the expansion of the company's new energy cable sales and the increase in revenue share. In the future, as the sales of new energy cable products continue to expand, the company's gross profit margin is expected to further increase. In addition, the company attaches importance to the optimization of management level, and the management and control of expense rate continues to improve. The 2023Q2 sales / management / finance / R & D expense rate is 0.75%, 1.74%, 2.38%, 0.34% and 5.20%, respectively, with a total decrease of 0.42pct compared with the same period last year.
The draft of equity incentive has been landed, and the talent team has been continuously optimized. On August 18, 2023, the company issued a draft of equity incentive, which includes a total of 129 middle managers and core employees (excluding independent directors, supervisors and foreign employees) of the company (including subsidiaries). The award price is 43.24 yuan per share. The plan is divided into three attribution periods, and according to the different completion of net profit, the lock will be unlocked according to the proportion of 0%, 60%, 80%, 100%. This will be used as a driving force to enhance the stability and enthusiasm of employees and demonstrate the company's confidence in the future long-term development.
At the same time, the company continues to optimize the talent structure, talent training has been normalized, the relevant system has been comprehensively built, the organizational structure is more reasonable, and the quality of the talent team has been improved.
The company increases its R & D investment to enhance its core competitiveness. The company insists on taking technological innovation as the leading role, attaches great importance to the research and development of automobile cables, closely follows the development trend of downstream automobile industry, and actively distributes the market of high-voltage cables and intelligent network-connected automotive cables for new energy vehicles. In the first half of 2023, through continuous investment in R & D and innovation, as of 2023H1, the company has obtained 35 utility model patents, 7 invention patents, and successively passed IATF16949 quality management system certification and ISO14001 environmental management system certification. In addition, the company selected two senior managers to become members of ISO/TC22/SC32/WG4 (ISO International Organization for Standardization Road vehicle Technical Committee-Electronic and Electrical components and General Systems Sub-Committee-Automotive Wire working Group) to participate in the drafting, revision and management of international automotive cable standards.
As a leading cable manufacturer, profit forecasting and investment rating companies continue to benefit from electrification, increased intelligent penetration and domestic substitution trends, and their performance is expected to continue to grow at a high speed. From 2023 to 2025, we expect the company to achieve main business income of 40, 52 and 6.7 billion yuan, a year-on-year growth rate of 35%, 30% and 30%, and a net profit of 2.2,3.1 and 420 million yuan, with a year-on-year growth rate of 54%, 42% and 36%. The EPS is 2.4,3.5,4.7 yuan, corresponding to a PE valuation of 21,15 and 11 times, respectively.
Risk hints: 1) the growth rate of automobile market sales is not as expected; 2) the development of intelligent driving is not as expected; 3) the development of new customer orders is not as expected; 4) the progress of new product research and development is not as expected; 5) the industry competition is intensified; 6) the progress of equity incentives is not as expected; 7) liquidity risk in the secondary market of small market capitalization companies.
