This report is read as follows:
Gao Bi Lei Gas Chromatography helps the company expand the market of high-end industrial analyzers, and 2023H1 industrial process analysis revenue increased by 112% compared with the same period last year. At the same time, under the background of carbon market expansion and CCER restart, carbon metering business is worth looking forward to.
Main points of investment:
Maintain the "overweight" rating. We maintain the forecast net profit of the company from 2023 to 2025 is 3.77,4.62 and 575 million yuan respectively, and the corresponding EPS is 0.60,0.73,0.91 yuan respectively. High-precision chromatography technology expands the field of high-end industrial analysis, while carbon metering business is expected to benefit from the expansion of China's carbon market and the restart of CCER. Maintain the target price of 10.78 yuan and maintain the "overweight" rating.
The performance is basically in line with expectations. 1) 2023H1 realized revenue of 637 million yuan, down 5.42% from the same period last year, and net profit attributable to 82.13 million yuan, down 48% from the same period last year. The decline in attributable net profit is mainly due to a slight decrease in income compared with the same period last year, a decrease in government subsidies, an increase in bad debts, and so on. The net profit attributable to 2023Q2 in a single quarter was 53.89 million yuan, an increase of 91% over the previous quarter. 2023H1 contract debt of 285 million yuan, we believe that with the settlement of orders in hand, the company's performance is expected to improve quarter by quarter. 2) the net operating cash flow was 93.78 million yuan, an increase of 129% over the same period last year, mainly due to the increase in payment received and the decrease in payment to suppliers.
Ppb grade gas chromatography core technology expands the market of high-end industrial analytical instruments, and 2023H1 industrial process analysis business increases by 112% compared with the same period last year. The company started from online monitoring of pollution sources and traditional industrial process analysis system, and mastered the core technology of ppb gas chromatography through the acquisition of Belgian subsidiaries. Industrial process analysis products include ultraviolet, infrared and high-precision gas chromatography analyzers to meet the requirements of multi-scene in the industrial field. 2023H1, the industrial process analysis system achieved revenue of 54.86 million yuan, an increase of 112% over the same period last year.
EU carbon tariff transition period is coming, China's carbon market is expected to accelerate expansion, the company's carbon metering business is expected to benefit. In October 2023, EU carbon tariffs will enter a transitional period, and importers should count the carbon density of products from six major industries, such as steel and cement. We believe that China will accelerate the EU to expand the carbon market coverage industry. The carbon metering monitoring business of the company's joint venture with the Chinese Academy of Metrology is expected to benefit.
Risk hints: the risk of technology iteration, the change of industry policy, the risk of accounts receivable recovery.