境内/境外主营业务营收同比增速分别为+101%/+22%。具体来看，1）境内主营业务：2023H1 收入11.03 亿元，同比+100.99%，主要受益于1）特种装备领域的多个延期项目已转入正常交付阶段实现业绩释放，叠加多个精确制导新项目顺利转产并进入批量交付阶段，需求较好，同时无锡华测板块研发、竞标和生产交付节奏持续达标；2）公司在工业、安防、消费电子等商业市场持续拓展营销网络，并受益于需求复苏。In 2023H1, the company achieved revenue of 1,784 million yuan, +64.16% year on year, net profit of 258 million yuan, +129.03% year on year, net profit after deducting net profit of 230 million yuan after deduction of net profit of 230 million yuan, +131.20% year on year. Benefiting from significant year-on-year improvements in all domestic business lines, combined with continued overseas business development, we are optimistic about the company's development trend throughout the year and maintain a “buy” rating.
Benefiting from a recovery in domestic demand, 2023H1's revenue/net profit to parent was +64%/+129%, respectively.
In 2023H1, the company achieved revenue of 1,784 million yuan, +64.16% year on year, net profit of 258 million yuan, +129.03% year on year, net profit after deducting net profit of 230 million yuan after deduction of net profit of 230 million yuan, +131.20% year on year. On the cost side, the company's gross margin for 2023H1 was 49.79%, +2.60 pcts over the same period last year. On the cost side, 2023H1's sales/management/R&D/financial expense ratios were 5.10%/9.59%/17.05%/0.83%, respectively, year-on-year -0.85/+0.89/-4.54/+1.24 pcts. The cost rate fell 3.26 pcts year on year during the period, mainly due to the company starting to control personnel growth in 2022 H2, and with rapid revenue growth, the scale effect on the cost side was prominent. Looking at a single quarter, 2023Q2 achieved revenue of 994 million yuan, +54.94%, and +25.86% month on month; net profit of 176 million yuan, +79.24% year on year, +115.69% month on month. The month-on-month improvement trend is clear.
The revenue growth rate of domestic/overseas main business was +101%/+22%, respectively. Specifically, 1) Domestic business: 2023H1 has revenue of 1,103 billion yuan, +100.99%, mainly benefiting from 1) Multiple deferred projects in the special equipment field have been transferred to the normal delivery stage to achieve performance release, and multiple new projects with precise guidance have been successfully converted and entered the batch delivery stage. Demand is good. At the same time, the pace of R&D, bidding, and production delivery in the Wuxi Huacheng sector continues to meet standards; 2) The company continues to expand its marketing network in commercial markets such as industrial, security, and consumer electronics, etc., and is benefiting from demand recovery.
2) Overseas main business: 2023H1 revenue was 647 million yuan, +21.88% over the same period last year. In the first half of 2023, the company continued to strengthen its overseas business layout and achieve comprehensive expansion in the outdoor sports, industrial temperature measurement and security vision markets with leading infrared thermal imaging technology and product quality.
Risk factors: demand for special equipment falls short of expectations; risk of project delays in delivery; new business development of the company falls short of expectations; progress of the company's fund-raising projects falls short of expectations; increasing market competition, etc.
Profit prediction, valuation and rating: Benefiting from positive factors such as the normalization of the delivery pace of many special equipment projects in China, 2023H1's revenue/net profit both showed a rapid growth trend. We raised the company's 2023/24/25 EPS forecast to 1.29/1.80/2.51 yuan (the original forecast was 1.16/1.65/2.26 yuan), combined with historical valuation levels (the average value of Forward PE in the past year was about 50 times), based on 50 times PE in 2023, with a target price of 65 yuan.” “Buy” rating.
