Event: when the company released its semi-annual report in 2023, 23H1 achieved revenue of 1.723 billion yuan, year-on-year-7.49%, and net profit of 49 million yuan, + 151.41%. 23Q2 achieved revenue of 982 million yuan, year-on-year + 6.05%, month-on-month + 32.48%; net profit 37 million yuan, year-on-year + 180.10%, month-on-month + 203.13%, the performance was in line with expectations.
Carbon fiber business revenue increased year-on-year, profitability under short-term pressure. 2023H1's carbon fiber business achieved revenue of 175 million yuan, year-on-year + 346.30%, gross profit margin 3.31%, year-on-year-15.96pct. The company's carbon fiber business is gradually expanding, and its revenue has increased significantly, but due to the current supply and demand pattern of carbon fiber products, the market price has declined, the industry development has appeared phased pressure, and the gross profit margin of the products has declined significantly. However, in the long run, the growth of electric power new energy based on wind and light has led to the demand for civil large tow carbon fiber. With the maturity of carbon fiber production technology, the production cost has room to decline, and large tow carbon fiber is expected to open more industrial use scenes. At present, the company's main carbon fiber products include small tow carbon fiber produced by Jilin Camecor, a wholly owned subsidiary, and large tow carbon fiber produced by the front end of the 12000 ton carbon fiber composite project.
The demand for viscose filament has warmed up, and the profitability of traditional business has improved compared with the same period last year. Viscose fiber 2023H1 company viscose fiber business achieved operating income of 1.221 billion yuan, year-on-year-31.38%, gross profit margin 16.99%, year-on-year + 9.99pct. Among them, the company's viscose filament sales achieved revenue of 1.22 billion yuan, year-on-year-1.31%, gross profit margin 17.01%, year-on-year + 7.00pct. Affected by environmental protection and other factors, viscose filament industry is difficult to enter in the future, the company currently has 80,000 tons / year filament production capacity, the leading position is stable. The demand for 23H1 viscose filament is relatively stable, the price rebounds, the superimposed cost decreases, and the profit level is improved. with the upgrading of consumption and the adjustment of the company's filament product types, the future market prospect is still good. 23H1 viscose staple fiber business income of 1 million yuan,-99.72% year-on-year, the company changed the short fiber business model, collecting processing fees to avoid the impact of market fluctuations.
Investment suggestion: the company's net profit for 23-25 is estimated to be 1.19, 2.21, 000,000,000 yuan respectively, compared with the same period last year, + 230.1%, 85.5%, 99.7%, corresponding to an EPS of 0.05, 0.09, and 0.18 yuan, respectively, maintaining the "buy" rating.
Risk tips: industry cyclical risk, industrial transformation risk, raw material price rise risk, etc.