毛利率维持较高水平，彰显产品高技术壁垒。23H1 公司综合毛利率为58.16%，中报披露传感器网络系统业务毛利率为49.85%，据此测算公司高可靠性传感器业务毛利率为60%左右，均维持在较高水平。公司生产的传感器已在航空航天和高铁动车等高端装备领域实现了国产化配套，当前军用领域传感器国产化程度较高，但工业领域传感器国产化仍处于起步阶段，公司将受益于传感器行业的国产替代进程。Incidents:
The company released its 2023 interim report. 2023H1 achieved revenue of 144 million yuan, an increase of 9.46% over the previous year, and achieved net profit of 40.3016 million yuan, an increase of 4.5% over the previous year. The review is as follows:
Focus on high-reliability sensors and sensor network systems to serve the military and industrial markets. The company's main products and services include various sensors such as pressure, acceleration, temperature, humidity, and displacement, as well as sensor network system solutions using these sensors and integrated signal transmission processing technology. Downstream is divided into two categories: military and industrial. Among them, military fields include aerospace and weapons, and industrial fields include coal equipment, rail transit, and metallurgy. Most of the main customers are large central state-owned enterprises in the military industry and well-known industrial enterprises such as China Automobile Group, Baowu Group, Zheng Coal Machinery, Sany Group, and XCMG Group.
Gross margin remains at a high level, demonstrating high technical barriers to products. 23H1's overall gross margin was 58.16%, and the interim report revealed that the gross margin of the sensor network system business was 49.85%. Based on this, it is estimated that the gross margin of the company's high-reliability sensor business is around 60%, all of which remain at a high level. The sensors produced by the company have achieved localization support in high-end equipment fields such as aerospace and high-speed rail trains. Currently, the degree of localization of sensors in the military field is high, but the localization of sensors in the industrial sector is still in its infancy, and the company will benefit from the domestic substitution process in the sensor industry.
Focus on R&D investment and consolidate technological advantages. The company currently has 89 R&D personnel, an increase of 43.5% over the same period last year. The company's R&D expenses in the first half of the year were 18.66 million yuan, an increase of 9.76% over the same period last year. Looking vertically, the company's R&D includes sensor chip research and development, sensor research and development, wireless sensor network system research and development, etc. Among them, many new sensor R&D projects serve national key projects; horizontally, in terms of sensor categories, the company has completed the development of magnetostrictive displacement sensor spectroscopy, height sensors, speed sensors, etc., further enhancing the company's ability to respond to diverse market needs. At present, the company has the ability to independently design MEMS sensitive chips, and will gradually begin mass production of self-designed chips by the end of 2022. For MEMS pressure sensors, which are the company's main source of revenue, the future will cover all aspects from chip design, chip packaging, sensor design, device packaging, and inspection and testing.
Profit forecast: The company's net profit for 2023-2025 is expected to be 1.17, 1.57, and 195 million yuan, respectively, with corresponding PE values of 44, 33, and 26 times. Covered for the first time, giving it an “increase in holdings” rating.
Risk warning: Domestic replacement of industrial sensors falls short of expectations; profit predictions and valuation models fail
