Event
According to the annual report released by the company in 2023, 23H1 achieved operating income of 977 million yuan, down 21% from the same period last year; net profit from home was 108 million yuan, down 28% from the same period last year; net profit from non-return was 99 million yuan, down 30% from the same period last year, of which Q2 achieved 559 million yuan in operating income in a single quarter, down 18% from the same period last year; net profit from home was 82 million yuan, down 10% from the same period last year Realized deduction of non-return net profit of 76 million yuan, down 14% from the same period last year.
Core viewpoints
Export sales are under pressure, while domestic sales are growing. The operating income of 23H1 reached 977 million yuan, down 21% from the same period last year. According to the breakdown of products, the company's operating income of wireless vacuum cleaners / wired vacuum cleaners / accessories and other / floor-sweeping robots reached 5.15 billion yuan, respectively. The year-on-year growth rate was-29%, 38%, 106%, 317%, and the floor sweeper products grew rapidly. The company's operating income of new energy storage products has reached 54 million yuan, which is expected to continue in the future.
According to the regional breakdown, the company's operating income from export and domestic sales reached 7.14 / 261 million yuan respectively, with a year-on-year growth rate of-30% and 26% respectively. On the one hand, under the influence of the decline in overseas demand, the company's export revenue is under short-term pressure; on the other hand, the second-generation floor washer products Q series and V series that the company cooperates with Fangtai have been successfully produced and delivered, commercial beauty instrument products have been formally introduced into mass production, and new energy storage products have been put into volume, the company has actively opened up new customers, developed new categories, gradually diversified income structure, and continued to improve its anti-risk ability.
Affected by changes in the exchange rate, Q2 net interest rate rose significantly from the previous month. 23Q2's sales gross profit margin reached 19.44%, year-on-year + 0.76 pct, month-on-month + 2.51 pct, company sales net profit margin of 14.79%, year-on-year + 1.32 pct, month-on-month + 8.69 pct.
On the expense side, the sales / management / R & D / financial expense rates of 23Q2 are 0.42%, 4.02%, 3.37%, 5.97%, respectively, compared with the same period last year, the rate of sales / management, R & D, and financial expenses of 23Q2 is 0.42%, 4.02%, 3.37%, 5.97%, 1.19 pct and 0.11 pct, respectively. Due to the changes in international exchange rates, the company's financial expense rate has dropped sharply compared with the previous year.
Maintain the "overweight" rating. Taking into account the large decline in overseas demand, we adjust our profit forecast. It is estimated that the company's operating income from 2023 to 2025 will be 2364, 2967, and 3.572 billion yuan respectively (the previous value is 29.49, 3277, 3.822 billion), with an increase of-14%, 26% and 20%, respectively, compared with the same period last year. The net profit of the homed company is 330, 000,000, 419, 000.) Year-on-year growth of-5%, 5%, 21%, respectively, and diluted earnings per share of 0.59, 0.62, 0.75 (previous value: 0.86, 0.97, 1.13), corresponding to PE of 21-20-16.
Risk Tips:
The trade friction aggravates the risk, the customer concentration degree is high, the raw material price fluctuation risk.