Event: the company released its semi-annual report for 2023, with revenue of 3.35 billion yuan in the first half of 2023, an increase of 6.7% over the same period last year, and a net profit of 220 million yuan, an increase of 12.7% over the same period last year. In the single quarter, Q2 realized operating income of 1.66 billion yuan, up 12.3% from the same period last year, down 1.7% from the previous year; and realized net profit of 120 million yuan from the same period last year, down 5.8% from the same period last year and up 12.6% from the previous year.
The increase in the foreign exchange lock-up ratio affects exchange earnings, excluding the exchange impact, and 23H1's homing net profit rose 54 per cent year-on-year.
Affected by the increase in the foreign exchange lock-up ratio, the exchange income of 2023H1 was only 2.96 million yuan, compared with 54.97 million yuan in the same period last year, that is, the exchange income of 23H1 decreased by 52.01 million yuan compared with the same period last year, which greatly affected the growth of the company's homed net profit. Excluding the foreign exchange effect, 23H1's homed net profit increased by about 54.3% over the same period last year.
Q2 gross profit margin increased broadly under the influence of exchange rate, while net interest rate decreased slightly under the influence of foreign exchange. 2023H1, the company's comprehensive gross profit margin is 22.3%, an increase of 3.8% over the same period last year; Q2 is 24.1% in a single quarter, an increase of 4.4% over the same period last year, and 3.4% from a month earlier. We expect the increase in gross profit margin to be greatly affected by the exchange rate.
2023H1, the company's expense rate during the period was 14.3%, an increase of 3.4% over the same period last year. The increase in the expense rate during the period was mainly due to the increase in the number of employees of the company; Q2 was 13.7% in the single quarter, an increase of 4.3% over the same period last year, and a decrease of 1.2% from the previous quarter. 2023H1, the company's net interest rate was 6.6%, up 0.5% from the same period last year; Q2 was 7.2% in the single quarter, down 1.2% from the same period last year and 1.1% higher than the previous year. The decline in net interest rate from the same period last year was mainly affected by the decrease in foreign exchange earnings.
The profit of the intelligent logistics sector improved significantly, and the integrated net profit of 23H1 Zhongding increased by 50% compared with the same period last year. The integrated net profit of 2023H1 and Zhongding was 48.15 million yuan, an increase of 50.0% over the same period last year; the net profit of French savoye was 980000 yuan, turning losses into profits over the same period last year. Generally speaking, the net profit of savoye was mainly concentrated in the second half of the year; Suzhou Swift lost 2.58 million yuan, reducing its loss by 6.03 million yuan over the same period last year. The company's intelligent logistics plate has sufficient orders on hand, and with the improvement of internal management and the improvement of the external business environment, it has gradually entered the profit release period, and this logic has been preliminarily verified.
The "cart strategy" has become a new engine for the growth of the forklift plate and continues to distribute overseas markets. Taking advantage of the industry lithium electrification Dongfeng, the company established a large truck strategy in the forklift plate, focusing on expanding large-scale lithium forklift trucks, 23H1 sales increased significantly compared with the same period last year. In March this year, the company announced that it would obtain 500mu of land for the construction of large lithium forklift trucks, with a production capacity of 308mu and an output value of 3 billion yuan. The company's resource-focused "cart strategy" has been gradually landed. The company's forklift is mainly export-oriented, accounting for more than 70% of exports. The main markets are Europe and the United States. With the growth of the number of overseas dealers, the new production capacity will be gradually digested.
Profit forecast and investment advice. The company's net profit from 2023 to 2025 is expected to be 5.3,6.8 and 880 million yuan respectively, with a compound growth rate of 29.9% in the next three years, maintaining the "buy" rating.
Risk hint: macroeconomic fluctuation risk, exchange rate fluctuation risk, newly signed order less than expected risk.