Event: the company released the 2023 interim report that 2023H1 realized revenue of 510 million yuan (+ 10.4%) and net profit of 4.26 million yuan (+ 36.2%), of which Q2 realized revenue of 330 million yuan (+ 2.5%) and net profit of 37.7 million yuan (+ 2.7%) in 2023.
Revenue from visual process equipment and intelligent driving solutions has grown rapidly. The revenue of 2023H1 visual measurement equipment was 140 million yuan, down 9.4% from the same period last year, accounting for 26.7% of the revenue; the revenue of visual inspection equipment was 220 million yuan, an increase of 8.5% over the same period last year, accounting for 43.3% of revenue; and the revenue of visual process equipment was 120 million yuan, up 29.7% from the same period last year, accounting for 22.5% of revenue. The revenue of the smart driving program reached 38.42 million yuan, an increase of 94.6% over the same period last year, accounting for 7.5% of the revenue.
The change in revenue structure makes the gross profit margin fluctuate, and the gross profit margin is expected to be stable for the whole of 2023. 1) 2023H1's overall gross profit margin was 38.2%, down 5.5 ppm from the same period last year; of which Q2 single-quarter gross profit margin was 37.3%, down 8.9pp from the same period last year and 2.4pp from the previous year. 2) during the 2023H1 period, the expense rate was 45.2%, an increase of 0.1pp over the same period last year, including a sales expense rate of 16.5%, an increase of 0.2pp, a management expense rate of 7.2%, a year-on-year increase of 0.5 ppm, a R & D expense rate of 21.6%, a decrease of 1.3 ppm over the same period last year, and a financial expense rate of-0.1%, an increase of 0.7pp over the same period last year. 3) in terms of net interest rate, 2023H1's overall net interest rate was 0.8%, an increase of 0.2 ppm over the same period last year; of which Q2 net interest rate in a single quarter was 11.4%, which was basically the same as that of the same period last year, with a month-on-month increase in 29.8pp.
Continue to upgrade existing products, and look forward to the gradual expansion of new services such as domain controllers, copper plating equipment, semiconductors and so on. 1) Photovoltaic field: the company continues to optimize the key technical indicators of photovoltaic wafer testing and sorting equipment, with a detection speed of 18000 PCS/H; further extends the product function, realizes the functions of automatic handling and automatic packaging of sorted wafers, and greatly improves the degree of automation of wafer manufacturing, and the new equipment has been ordered in bulk. Photovoltaic copper plating graphics equipment is progressing smoothly, and the first generation of photovoltaic copper plating graphics equipment is expected to be delivered to customers for trial in Q3. 2) Intelligent driving field: the company's autopilot domain controller based on Horizon Journey Journey5 chip has obtained the development point of the autopilot domain controller for the new automobile platform of a mainframe factory, has completed the DV test, and is expected to have the conditions for mass production within 2023. 3) Semiconductor sector: Suzhou Sihang Semiconductor Co., Ltd., in which the company is a shareholder, has made great progress, and its first open-field testing equipment for semiconductor front micro defect detection, TB1000, has been delivered to customers for trial in August.
Profit forecast and investment advice. It is estimated that the company's net profit from 2023 to 2025 will be 2.36,3.00 and 352 million yuan respectively, corresponding to 1.21,1.54 and 1.80 yuan respectively. The company's net profit will maintain a compound growth rate of 32% in the next three years and maintain its "buy" rating.
Risk tips: the risk of periodic fluctuations in the consumer electronics industry, semiconductor equipment research and development may not meet expectations, domain controller business development is not as expected, and so on.