产品交付减少，上半年业绩承压。公司上半年营业收入下降主要受上半年交付产品数量影响；经营活动现金流同比下降200.12%，主要是销售回款同期下降所致；费用端来看，公司销售/管理费用分别同比+25.27%/+4.97%，其中销售费用上涨主要系上半年积极开拓市场，导致市场推广费用上升；公司上半年毛利率/净利率为30.12%/17.9%，同比上升5.86/3.7 个百分点，盈利能力稳步提升。Events:
The company released its semi-annual report on August 18, 2023: the operating income in the first half of the year was 1.194 billion yuan, down 28.15% from the same period last year; the net profit was 214 million yuan, down 9.42% from the same period last year; and the net profit after deducting non-return was 210 million yuan, down 9.97% from the same period last year.
Comments:
Product delivery decreased and the first half of the year was under pressure. The decline in the company's operating income in the first half of the year was mainly affected by the number of products delivered in the first half of the year; the cash flow of operating activities decreased by 200.12% compared with the same period last year, mainly due to the decline in sales rebates over the same period; on the expense side, the company's sales / management expenses were respectively + 25.27% picks up 4.97% compared with the same period last year, among which the increase in sales expenses was mainly due to the active development of the market in the first half of the year, resulting in an increase in marketing expenses. The company's gross profit margin / net profit margin in the first half of the year was 30.12% / 17.9%, an increase of 5.86% / 3.7% over the same period last year, and its profitability increased steadily.
Receivables and advances are growing, and performance is expected to be released gradually. By the end of the first half of 2023, the company's receivables were 1.201 billion yuan, a sharp increase of 102.52% over the same period last year, mainly due to the fact that the sales project did not reach the collection node in the first half of the year, resulting in an increase in the balance of receivables, indicating that the company's products were delivered in an orderly manner. performance is expected to be released in the future. The advance payment was 38.2749 million yuan, an increase of 47.75% over the same period last year, mainly due to the increase in prepayment in accordance with the contract, indicating that the company is in strong demand downstream and is actively preparing production and goods. We believe that the market prosperity of UAV products continues to rise, and the company, as the core domestic UAV development and production unit, has the certainty of long-term growth.
Innovative R & D empowers high-quality products, and pterodactyl products are deeply recognized by domestic and foreign markets. The company has mastered 21 core technologies in the field of drones. In the first half of the year, the company published 2 Chinese core periodicals and 1 EI1 conference paper, obtained more than 30 new intellectual property rights, and invested 100 million yuan in R & D, an increase of 9.50% over the same period last year. At present, the scientific research verification of pterodactyl-1E UAV, pterodactyl-2D UAV and new command and control station have been completed, and the development of pterodactyl-3 has been promoted in an orderly manner. The company's pterodactyl series products have been exported to many countries and have been applied in many civilian fields, such as artificial weather influence, emergency communications, meteorological detection and so on.
Investment suggestion: we adjust the profit forecast according to the China report. It is estimated that the company's operating income in 2023-2025 will be 34.45max 43.83lb, respectively, and its net profit will be 5.06max 6.61m / 881 million RMB respectively, corresponding to EPS 0.75Comp0.98max 1.31RMB, corresponding to PE62.41/47.76/35.82X, maintaining the "buy" rating.
Risk tips: product delivery is lower than expected, profit forecast and valuation are lower than expected