2023H1 performance was in line with expectations, and revenue growth was mainly influenced by Optoko Aerospace
2023H1 achieved operating income of 355 million yuan, a year-on-year increase of 42.14%, net profit of 53 million yuan, a year-on-year increase of 45.18%, after deducting non-return net profit of 48 million yuan, a year-on-year increase of 45.26%. The performance was in line with expectations, and the increase in revenue and net profit was mainly influenced by Guangyuhang. We maintain the company's profit forecast. We expect the company to achieve net profit of 231/3.14/423 million yuan in 2023-2025, EPS of 0.96/1.31/1.76 yuan, respectively, and the current stock price corresponding to PE 30.5/22.4/16.7 times, respectively. Consider the company's dominant position in high-end grating encoders and maintain the “buy” rating.
The company's gross margin has increased slightly, and the amount of carbon fiber composites released by Changguang Aerospace can be expected
The gross margin of 2023H1 was 37.8%, an increase of 6.47 percentage points over the previous year. This was mainly due to the increase in the share of composite materials revenue, which brought about high gross margins after the merger of Optical Aerospace. Changguang Aerospace is engaged in the design, development, and production of carbon fiber composites. Products include arrow/projectile structural parts, space structural parts, solid rocket engine nozzles, etc. Participating in space projects include the Express Boat rocket and Fengyun satellite. According to the company's announcement, carbon fiber composite truss structural parts have been applied in the field of robotics. The application field has been expanded, and production capacity has been expanded, and future expansion can be expected.
By introducing strategic investors, Yu Heng Optics actively expands channel resources such as industrial mother machines
On August 7, 2023, the company announced that the natural person shareholders of the holding subsidiary Yuheng Optics intend to transfer 2,319,000 yuan of registered capital to recipients in industrial mother machines and other related fields through a public listing, raise no less than 75 million yuan to invest in high-end position sensor R&D and industrialization, and also plan to transfer the registered capital of no less than 309,000 yuan to Yuheng Optics's employee holding platform to achieve interest binding with the core team. Yu Heng Optics is the only pilot base for encoder engineering in China. High-end grating scales have broken overseas technology monopolies. Through this capital increase and stock expansion, it has met the capital needs for the development of the grating ruler and encoder industry, further expanded channel resources, and gained a continuous competitive advantage, which is expected to drive the company's grating encoder revenue to grow rapidly.
Risk warning: the development of industries such as industrial mother machines and humanoid robots falls short of expectations; Changguang Aerospace's production capacity expansion falls short of expectations; the company's customer expansion falls short of expectations.