CCS 快速推进，期待关键客户导入放量。汇创达CCS 布局较早，在国内厂商中较为领先，已有明确的客户渠道资源。上半年的建设情况看，已有数条产线顺利投产，自动化率、产线良率都做到了行业前列。上半年CCS 在投建费用上的拖累，下半年大概率能实现产销平衡后的自主覆盖。后续产能复制与下游客户认证导入如顺利，CCS 有望成为公司可规模化的第三成长源。Incident: Huichuang released its semi-annual report for 2023 on August 22. H1 achieved total operating revenue of 511 million yuan, an increase of 20.05% over the previous year, achieved net profit of 104 million yuan, a year-on-year decrease of 64.39%, net profit after deducting non-return net profit of 115 million yuan, a year-on-year decrease of 77.19%. There are two reasons for the decline in performance. One is the continued slump in demand in the laptop industry, and the other is the company's expenses and expenses for business transformation into emerging fields such as CCS.
Backlight modules are constrained by the downturn in the industry and are waiting for an inflection point in the industry. Laptop keyboard backlight modules are an important component of the company's main business. Sales revenue in the first half of the year was 152 million, down 45.02% from the previous year. The overall delivery rate and growth were greatly hampered by weak demand in the industry. Even though the ultra-thin and new backlight structures such as mini LEDs that the company continues to promote have achieved certain results, it is difficult to perform better in the context of a sluggish industry. Fortunately, the inventory of the laptop industry has now been revised to a very low level. In the future, if the industry demand structure returns to normal, growth elasticity will also be reflected.
Xinweixing's performance is in line with expectations, and the trend of autonomous replacement of membrane switches is clear. Judging from the connectors' revenue in the first half of the year, the subsidiary Xinweixing's sales performance was in line with expectations, and it is expected that it will successfully complete its promised performance this year, however. Key customer development for membrane switches progressed normally in the first half of the year, and shipments of major products achieved steady growth. Considering the seasonal delivery characteristics of the mobile phone industry, I believe there will be more room for growth in the second half of the year.
CCS is advancing rapidly, and we are looking forward to the volume of input from key customers. Huichuangda CCS has an early layout, is relatively leading among domestic manufacturers, and already has clear customer channel resources. Looking at the construction situation in the first half of the year, several production lines have been successfully put into operation, and the automation rate and production line yield are among the highest in the industry. CCS dragged down investment and construction costs in the first half of the year, and it is likely that the second half of the year will be able to achieve independent coverage after production and marketing balance. If subsequent capacity replication and downstream customer certification are introduced smoothly, CCS is expected to become the company's third source of growth that can be scaled up.
Profit forecast and rating: The company is expected to achieve net profit of 0.89/182/356 million yuan in 2023-2025. The PE corresponding to the current market value is 42.2/20.5/10.5 times. Profit growth fell short of expectations due to weak industry demand, so a rating for increasing holdings was given.
Risk warning: The introduction of key CCS customers fell short of expectations, the recovery of prosperity in the laptop industry fell short of expectations, and competition in the industry increased the risk.
