营收增长稳健，检漏业务中流砥柱。1）收入层面：在环境监测行业整体景气度较差的情况下，23H1 公司营业收入较上年同期增长 15.17%，主要系公司加大市场开拓力度，尤其是检漏仪器销售额增长所致。2）毛利率层面：本报告期内公司的毛利率为49.87%，较去年同期下滑0.7pct，幅度远小于雪迪龙（-5.79pct）与力合科技（-3.72pct）等竞争对手，表现出极强的韧性。3）利润层面：公司单Q2 归母净利润下滑主要系计入当期收益的政府补助减少所致，但扣非归母净利润同比大增640.79%，从侧面反映出公司盈利质量有所提升。Matters:
During the reporting period, the company achieved main revenue of 3.1 billion yuan, an increase of 15.17% over the previous year, and net profit of 10.85 million yuan, an increase of 72.16% over the previous year. Q2 alone achieved main revenue of 176 million yuan, an increase of 13.4% over the previous year; net profit of Gimu was 9.3632 million yuan, a year-on-year decrease of 39.54%.
Commentary:
Revenue growth is steady, and the omission detection business is a mainstay. 1) Revenue level: With the overall prosperity of the environmental monitoring industry being poor, 23H1's revenue increased 15.17% over the same period last year, mainly due to the company's increased market development efforts, especially the increase in sales of leak detection instruments. 2) Gross margin level: The company's gross margin during the reporting period was 49.87%, down 0.7 pct from the same period last year. The margin was far less than that of competitors such as Chevrolet (-5.79pct) and Lihe Technology (-3.72pct), showing great resilience. 3) Profit level: The decline in the company's net profit for Q2 was mainly due to a decrease in government subsidies included in current revenue, but net profit after deducting non-attributable net profit surged 640.79% year-on-year, reflecting an improvement in the quality of the company's profit.
The logic of reducing fees and increasing efficiency continues to be interpreted. In the annual report and quarterly report reviews, we determined that a reduction in the cost rate would be one of the important reasons for the company to release profits. This view continues to be verified in the interim report. 23H1's sales/management/R&D expense ratios were 25.83%, 6.24%, and 23.97%, respectively, down 4.91/0.4/1.18 pct from the same period in 2022. The sharp decline in sales expenses is mainly due to the company introducing an LTC system, optimizing the existing marketing system at all levels, building a systematic marketing sales capacity, improving the system's ability to sign orders for major customers, and continuously improving efficiency.
Major special inspections are imminent, and high R&D results have been demonstrated. 2023H1's R&D expenses were 74 million yuan, an increase of 9.79% over the same period last year. The number of R&D personnel was raised from 455 to 508, and the per capita salary increased from 97,200 yuan to 106,300 yuan. On this basis, the company's national “major scientific instrument and equipment development” project - the four-pole flight time liquid quality combination instrument, has been developed, tested and verified. The key performance indicators have reached the expected level, and the second half of 2023 will soon be accepted.
Investment advice: Maintain the “push” rating, with a target price of 30.26 yuan in 2024. Due to the poor boom in the environmental monitoring instrument industry in the first half of the year, we lowered our profit forecast for the company: we expect the company's net profit from 2023 to 2025 to be 99 million yuan, 145 million yuan, and 216 million yuan respectively (previous values were 120, 180, and 244 million yuan), corresponding to 27 times, 18 times, and 12 times PE, respectively. Using the segmental valuation method, the company's business is divided into traditional environmental monitoring instruments and high-end scientific instruments. In the environmental monitoring instrument sector, we selected the company's main competitors Juguang Technology, Xuedilong, and Hexin Instrument as comparable companies, giving them 22 times the target PE for 2024; for the high-end scientific instruments sector, we selected Dingyang Technology and Puyuan Jingdian as comparable companies, giving them 30 times the target PE for 2024. Assuming that each sector accounts for the same share of net profit as gross profit, the company is given a target price of 30.26 yuan in 2024.
Risk warning: Domestic substitution falls short of expectations, risk of R&D failure, risk of industrialization failure, increased competition in the industry, falling short of expectations in policy promotion, and greater reliance on government subsidies and tax incentives.
