业绩拐点已经出现。2023 上半年，公司实现营业收入12.68 亿元，同比下降 18.96%，归属于上市公司股东的净利润 2971.69 万元，同比下降 8.74%。公司二季度实现归母净利润1903.69 万元，同比增长11.27%，结束了连续4 个季度的单季度利润同比负增长。公司的业绩拐点在二季度得到了确认，预计随着募投项目逐步投产，公司业绩有望逐步提升。Events:
2023 semi-annual report: in the first half of 2023, the company achieved operating income of 1.268 billion yuan, down 18.96% from the same period last year. The net profit belonging to shareholders of listed companies was 29.7169 million yuan, down 8.74% from the same period last year, and the rate of return on net assets was 2.69%.
Comments:
The performance inflection point has already appeared. In the first half of 2023, the company achieved operating income of 1.268 billion yuan, down 18.96% from the same period last year, and the net profit belonging to shareholders of listed companies was 29.7169 million yuan, down 8.74% from the same period last year. The company achieved a net profit of 19.0369 million yuan in the second quarter, an increase of 11.27% over the same period last year, ending four consecutive quarters of negative profit growth in a single quarter compared with the same period last year. The company's performance inflection point was confirmed in the second quarter, and the company's performance is expected to improve gradually as the fund-raising project is gradually put into production.
The business of increasing materials is gradually improving. Increasing material manufacturing metal powder materials company seize the opportunity of rapid development of the industry, continue to develop new customers, open up new applications, and achieve a year-on-year increase of 149% in sales of 3D printing products. In the first half of 2023, YouResearch achieved a business income of 34.85 million yuan and a net profit of 5.19 million yuan. With the support of national policy, the promotion of technological innovation, the pull of market demand and the promotion of industry cooperation, the manufacturing industry will maintain rapid development. It is estimated that the domestic market will exceed 40 billion yuan by the end of 2023.
New business segment increases, profitability is expected to improve. In 2023, the company reorganized the business of the former Beijing Youyan Powder New Materials Research Institute Co., Ltd., and the businesses of Kangpu Xiwei, Youyan increasing materials and Youyan powder. This business reorganization revolves around the future operation and development plan of micro-nano electronic paste plate and powder metallurgy plate, which aims to re-build a better development platform and enhance business coordination. With the help of the independent legal personality of the Powder Research Institute, the Powder Research Institute changed its name to Youyan Micro New Materials (Beijing) Co., Ltd., completed the industrial and commercial change in April 2023, and realized the independent operation in the field of micro-nano electronic paste. The establishment of the company has increased the electronic paste plate, and the electronic tin alloy powder of the company has always been the raw material supplier of the electronic paste enterprise. the profit of the electronic paste business is about twice the profitability of electronic tin alloy powder, and the company increases the electronic paste plate. It is expected to improve the company's profitability.
Investment advice and rating: it is estimated that the company's operating income from 2023 to 2025 will be RMB 4309 million, and its net profit will be RMB 2.38 billion RMB respectively. Taking into account the production of the company's production base in Chongqing and Thailand in 2023 and the rapid increase in the production capacity of 3D printing powder materials, maintain the company's "buy" rating.
Risk hint: the price of raw materials fluctuates greatly; the risk of insufficient demand downstream of powder materials.
