下游需求疲弱，光学膜短期承压。2023H1，公司营收小幅下滑，主要系受下游宏观经济周期波动影响，消费电子行业需求疲弱，导致处于产业链上游的光学膜行业随之波动，报告期内公司光学薄膜产品实现营收4.99 亿元，同比下滑11.12%，其中量子点膜、复合膜及COP 等高端显示用光学膜产品销售额达2.51 亿元，同比下滑7.27%。展望后续，公司高度重视复合膜及量子点膜等高端光学膜的研发、更新，进一步推进新品光学膜的性能提升及市场推广，持续提升高附加值光学膜的销售份额，依靠毛利率更高的高端光学膜，公司毛利率有望逐步修复。Incidents:
The company released the 2023 semi-annual report. At 2023H1, the company achieved operating income of 997 million yuan, a year-on-year decrease of 5.20%, net profit of 50 million yuan, an increase of 30.69% over the previous year, net profit of non-attributable income of 29 million yuan, a year-on-year increase of 37.68%, a gross profit margin of 19.98%, a year-on-year increase of 2.12 pct, a net interest rate of 4.75%, and a year-on-year increase of 0.39 pct. At 2023Q2, the company achieved operating income of 562 million yuan, an increase of 9.17% over the previous year, net profit of 22 million yuan, an increase of 2975.55% over the previous year, after deducting non-return net profit of 112 million yuan, an increase of 303.38% over the previous year.
reviews
Downstream demand is weak, and optical films are under pressure in the short term. 2023H1, the company's revenue declined slightly, mainly due to fluctuations in the downstream macroeconomic cycle, and weak demand in the consumer electronics industry, which led to subsequent fluctuations in the optical film industry in the upstream of the industrial chain. During the reporting period, the company's optical film products achieved revenue of 499 million yuan, a year-on-year decline of 11.12%. Among them, sales of high-end display optical film products such as quantum dots, composite films and COP reached 251 million yuan, a year-on-year decline of 7.27%. Looking forward to the future, the company attaches great importance to the development and updating of high-end optical films such as composite films and quantum dot films, further promoting the performance improvement and market promotion of new optical films, and continuously increasing the sales share of high-value-added optical films. Relying on high-end optical films with higher gross margin, the company's gross margin is expected to gradually recover.
Actively lay out diversified businesses such as photovoltaics, and the future is promising. In the backplane business, sales of the company's backplane film (including transparent backsheets for double-sided batteries) reached 381 million yuan during the reporting period. Delivery to many leading companies in the component industry has increased, and its share in customer component products has increased. New products such as TPO and transparent backboards have also passed verification and mass production delivery by customers such as Jinkotech and Longji. In the adhesive film business, the construction of the Anhui factory for packaging film with a fixed increase project was smooth during the reporting period, and product testing work progressed rapidly. EVA and EPE (co-extruded POE) products have been mass-produced, achieving sales of 45 million yuan. Affected by strong demand for downstream photovoltaics, the company's film and backboard business is expected to grow rapidly. In addition, the company actively lays out businesses such as lithium manganese iron phosphate, quantum dot diffusion plates, and PC films, and also reserves materials including barrier films, protective films, semiconductors, medical films, etc. While maintaining a leading position in optical display materials, the company actively promotes mass production of new products and the development and testing of functional thin film products in emerging fields, and is expected to blossom at multiple points in the future.
Profit forecast: As a leading optical film company, the company is actively developing business fields such as photovoltaics and new energy vehicles. In the future, it is expected to fully benefit from the expansion of downstream demand and further enhance its market position. We expect the company to achieve net profit of 1.19/ 1.63/2.11 yuan from 2023-2025, corresponding to a PE of 35/25/ 20 times. A PE valuation of 28 times profit in 2024 was given, and the target price was 17.3 yuan. It was covered for the first time, and a “increase in holdings” rating was given.
Risk warning: downstream demand falls short of expectations, profit forecasts and valuation judgments fall short of expectations.
