2023 年上半年，公司毛利率为26.49%，同比增长1.33 个pct，主要系公司对内持续挖潜提效、优化产品设计工艺、提升劳动生产率所致；净利率为9.51%，同比降低2.52 个pct，主要原因是公司加大研发支出，新投入设备带来折旧摊销增加等。2023 年上半年，公司研发费用率为5.25%，同比增长1.08 个pct。Revenue and return net profit keep growing, and the business blossoms at many points.
In the first half of 2023, the company achieved operating income of 705 million yuan, an increase of 75.65% over the same period last year, and its net profit was 67.0337 million yuan, an increase of 38.85% over the same period last year. The increase in revenue and net profit was mainly due to the continuous expansion of demand in the downstream energy storage, electronics and electrical industries of the company. Considering the temperature-controlled release of energy storage, we raise the company's profit forecast for 2023-2025. It is estimated that the net profit of 2023-2025 will be RMB 2.07 million (the previous value is RMB 481 million), and the earnings per share will be RMB 1.23, 1.82 and 2.91 yuan, respectively. The current stock price is 13.6 times of PE. The company is the domestic industrial temperature control leader, the business blossoms more, and maintains the "buy" rating.
The gross profit margin has increased steadily, and the investment in R & D has continued to increase.
In the first half of 2023, the company's gross profit margin was 26.49%, an increase of 1.33 pct over the same period last year, mainly due to the company's continuous efforts to tap potential and improve efficiency, optimize product design processes, and improve labor productivity; the net profit rate was 9.51%, a decrease of 2.52 pct over the same period last year, mainly due to increased R & D expenditure and increased depreciation and amortization brought about by new equipment input. In the first half of 2023, the company's R & D expenditure rate was 5.25%, an increase of 1.08 pct over the same period last year.
The income of energy storage temperature control products has achieved a high increase, and the proportion of liquid cooling temperature control has increased. In the first half of 2023, the revenue of the company's numerical control equipment temperature control products and power electronic equipment temperature control products were 316 million yuan and 372 million yuan respectively, with year-on-year growth rates of 13% and 353% respectively. Among them, in the income of temperature control products of power electronic devices, the temperature control income of energy storage is 249 million yuan. If the temperature control of energy storage is excluded, the income of temperature control products of power electronic devices is 123 million yuan, an increase of 49% over the same period last year, so the growth rate of temperature control income of energy storage is relatively high. With the accumulation of industrial temperature control technology for many years, the company can provide relevant liquid-cooled and air-cooled products for customers in the field of energy storage, and the proportion of the company's liquid-cooled products has gradually increased. With the increase of market concentration in the energy storage temperature control industry in the future, the company is expected to further expand the market share of energy storage temperature control and promote the overall income to rise.
Under the catalysis of AIGC tide, the growth of IDC temperature control products is expected.
AIGC tide continues to catalyse, data center ushered in rapid development opportunities, data center temperature control including air cooling and liquid cooling, in which liquid cooling development trend, the company as a liquid cooling temperature control industry leader, is expected to continue to benefit.
Risk tips: the development of energy storage business is not as expected; the development of energy storage industry is not as expected; the development of data center industry is not as expected.
