Event: the company publishes its 2023 semi-annual report. 23H1:
1) achieve revenue of 3.351 billion yuan, + 6.73% compared with the same period last year; realize net profit of 222 million yuan, + 12.71% year-on-year (excluding exchange profit and loss, + 54.24%); realize non-return net profit of 191 million yuan, + 1.22% year-on-year (excluding exchange profit and loss, year-on-year + 40.55%).
2) Gross profit margin 22.34%, year-on-year + 3.76pct; net profit rate 6.62%, year-on-year + 0.48pct (excluding foreign exchange profit and loss, net interest rate 6.54%, year-on-year + 2.01pct); deducting non-net interest rate 5.71%, year-on-year-0.31pct (excluding exchange profit and loss, deducting non-net interest rate 5.62%, year-on-year + 1.35pct).
3) the expense rate during the period is 14.27%, year-on-year + 3.38pct, sales / management / R & D / financial expense rate is 4.76%, 5.43%, 3.70% and 0.39% respectively, with year-on-year changes of + 0.83,1.06,-0.06 and + 1.55pct, respectively.
23Q2:1) realized revenue of 1.661 billion yuan, year-on-year + 12.32%, month-on-month ratio-1.67%; realized return-to-mother net profit of 118 million yuan, year-on-year-5.81%, month-on-month ratio + 12.62%; realized non-return net profit of 121 million yuan, year-on-year-8.91%, month-on-month ratio + 73.33%. 2) Gross profit margin 24.06%, year-on-year + 4.39pct, month-on-month + 3.41pct; net profit 7.17%, year-on-year-1.23pct, month-on-month + 1.10pct.
Comments:
1) from a business perspective, 23H1 warehousing and logistics vehicles and equipment / intelligent logistics system business achieved revenue of 1.724 billion yuan, 1.631 billion yuan, respectively, compared with the same period last year. The gross profit margin was 22.18%, 22.45%, and + 4.17pct/3.27pct respectively.
2) steady development of intelligent intelligent equipment business: the company grasps the trend of forklift motorization, focuses on resources to actively expand cart production capacity, and fully supports the improvement of series and hierarchical research and development of cart products. measures such as adjusting the marketing system at home and abroad, optimizing and building a relatively perfect supply chain system, establishing a comprehensive customer management system, actively training and introducing high-end talents, etc., actively respond to customer demand. Ensure the sustainable development of cart strategy, constantly increase market share, and create new growth points. 23H1 car sales continue to maintain rapid growth, revenue structure is significantly optimized.
3) healthy growth of intelligent logistics integration business: 23H1 Zhongding Integration achieved a net profit of 48.1469 million yuan, + 50.02% compared with the same period last year, while France SAVOYE achieved a net profit of 975600 yuan, from loss to profit. 23H1 Zhongding integrated adjustment and optimization of the management team, adjust the business structure, strengthen overall management, optimize the compensation system; intelligent logistics integration of its companies within the business, strengthen resource coordination, actively carry out project cooperation. The French company SAVOYE is actively expanding new markets, building new factories and expanding production capacity. Through the effective integration of its resources, the system integration business is expected to continue to contribute to performance increment in the future.
Profit forecast: the company's net profit from 2023 to 2025 is expected to be 5.4x690,000,000 respectively, corresponding to PE of 11.1pm 8.6pm 6.7X, continuous recommendation!
Risk tips: the risk of exchange rate fluctuations, the risk of rising costs caused by fluctuations in raw material prices, the risk of geopolitical impact on overseas revenue, the risk of market competition, and so on.