Event: according to the company's semi-annual report of 2023, the company achieved revenue of 2.562 billion yuan in the first half of 2023, + 17.3% year-on-year; net profit of 60 million yuan, + 39.3%; and deduction of non-net profit of 81 million yuan, + 48.7%.
Comments:
The performance of 23H1's steam zero business is sound, and the weighing instrument business is under temporary pressure. 23H1's Auto Zero business achieved revenue of 2.22 billion yuan, + 22.3% compared with the same period last year. 1) Intelligent cockpit business: realized revenue of 1.86 billion yuan, + 15.5% compared with the same period last year, mainly due to the increase in the share of the company's intelligent cockpit business in luxury cars, and the increase in the penetration of intelligent products such as electric air outlets led to ASP uplink. 2) New energy vehicle charging and distribution business: realized revenue of 360 million yuan, + 76.3% compared with the same period last year.
Main departments: the company's DC pile product matrix continues to improve, a number of charging and distribution product orders to achieve mass production, supporting new energy customers strong demand for seafood, rapid release. Weighing instrument business is mainly affected by overseas inflation, regional conflicts and so on, and there is great pressure at the beginning of the year. Weighing instrument business achieved revenue of 320 million yuan, year-on-year-8.0%, temporarily under pressure.
The large-scale effect is released, and the profit of automobile zero business is improved. The company's 23H1 gross profit margin is 24.38%, year-on-year + 2.24pct. Automobile zero business gross profit margin 23.54%, year-on-year + 2.43pct. From a business point of view, the gross profit margin of intelligent cockpit business is 23.72%, year-on-year + 2.68pct; new energy vehicle charging and distribution business gross profit margin is 22.63%, year-on-year + 0.92pct. It is mainly due to the gradual release of scale effect and the improvement of profitability. We believe that with the gradual landing of overseas projects of the new energy vehicle charging and distribution business and the gradual release of production capacity, the company's profitability is expected to be further improved.
Overseas business is expected to provide new momentum for the company. 1) order aspect: the company has obtained the offshore new energy head customer order, and some of the orders will be mass produced in the second half of the year; 2) charging pile business:
The company expects to complete the product certification of American Standard charging piles in the second half of the year, and at the same time actively promote the construction of overseas sales channels, key customer development, digital marketing platform construction, expand brand influence, and is expected to increase the company's market share. 3) capacity: the company has expanded its production capacity in Mexico and Europe, which will help the company to further consolidate its overseas competitive advantage.
Profit forecast and investment rating: the company is full of orders on hand, the new energy business is growing rapidly, and the production capacity of overseas factories is advancing in an orderly manner. We are optimistic about the long-term development of the company. We predict that the company's net profit from 2023 to 2025 will be 140 million yuan, 200 million yuan and 260 million yuan, an increase of 64.9%, 42.6% and 29.3% over the same period last year, corresponding to EPS 1.08,1.54,1.99 yuan, and PE is 1.08,1.54,1.99 times that of 29-20-16.
Risk factors: overseas market development is less than expected risk; overseas orders for weighing products reduce risk; exchange rate fluctuation risk and so on.