Event: on August 25, the company released its semi-annual report of 2023. 2023H1 achieved revenue of 199 million yuan, year-on-year + 52.17%, net profit of 40 million yuan, + 33.34%, and non-return net profit of 34 million yuan, + 53.25% over the same period last year.
Rapid growth in performance, tamping the new model of the solution. 2023H1 achieved revenue of 199 million yuan, + 52.17% year-on-year; net profit of 40 million yuan, + 33.34%; and non-return net profit of 34 million yuan, + 53.25%. The company has initially developed from a product-oriented enterprise to an end-to-end full-stack solution enterprise, from a single communications product provider to a scene-based software and hardware product solution provider. 2023H1's solution achieved revenue of 34 million yuan, accounting for 17.13% of the revenue.
Focus on the main channel market of industrial exchange, and the stock and incremental markets develop synchronously. From the perspective of application areas, 2023H1 achieved 0.65 trillion yuan in main business income in smart energy, industrial Internet, intelligent transportation, smart cities and other industries, respectively. Among them, the industrial Internet and intelligent transportation industries are growing rapidly, + 320.62% plus 122.71% respectively. From the perspective of product structure, the company's products are still dominated by industrial switches, with revenue of 1.37 billion yuan for industrial switching products, industrial gateway products and industrial wireless products respectively. Solutions, industrial software and other products respectively achieved revenue of 3409.34 picks 44.73 picks 4.8945 million yuan, of which industrial switching products and industrial gateway products were 22.60% respectively compared with the same period last year. The company adopts multi-industry layout strategy, while ploughing the stock market demand, continue to develop application scenarios, and actively expand domestic and foreign markets, in order to gradually enhance the company's brand influence and market share. 2023H1's overseas market business achieved revenue of 24 million yuan, + 105.61% compared with the same period last year.
Continue to increase independent research and development, enhance brand awareness and competitive advantage. The company adheres to the concept of independent innovation and R & D-driven development, continues to increase R & D investment, and develops the industrial Internet architecture in an all-round way. 2023H1 invested 27 million yuan in R & D, accounting for 13.82% of revenue. As of the first half of the year, the company has obtained 28 invention patents, 59 utility model patents, 12 design patents and 149 software copyrights. In addition, the company strengthens the optimization of industrial design, actively participates in the drafting of cutting-edge technical standards, enhances product competitiveness and industry influence, comprehensively promotes the company's quality improvement, efficiency and high-end upgrading, and continues to enhance brand awareness and market efficiency.
Profit forecast and investment rating: we expect the company's net profit from 2023 to 2025 to be 1.25x161max 2.03 million yuan and EPS 1.66pm 2.13pm 2.70 yuan respectively. The current share price corresponds to a multiple of PE in 32-25-20, maintaining the "buy" rating.
Risk tips: customer expansion is not as expected, downstream demand is lower than expected, raw material price fluctuation risk, macroeconomic fluctuation risk.