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大族激光(002008):消费类需求低迷 新能源在手订单充足

Han's Laser (002008): Consumer demand is sluggish and orders for new energy are sufficient

長江證券 ·  Aug 25, 2023 00:00

Description of the event

Han's Laser announced its 2023 annual report. In the first half of the year, the company achieved revenue of 6.087 billion yuan, a year-on-year decrease of 12.25%. Net profit to the parent group was 424 million yuan, a year-on-year decrease of 32.88%. Net profit not attributable to parent was 198 million yuan, a year-on-year decrease of 67.44%.

Non-recurring gains and losses are mainly gains and losses from disposal of non-current assets. Affected by factors such as the downward cycle in consumer electronics demand and the decline in capital expenses of PCB customers, the company's fundamental growth pressure in the first half of the year was high. The company's revenue for the second quarter was 3,662 billion yuan, an increase of 51% over the previous quarter; the gross profit margin was 35.97%, an increase of 3.15 pct over the previous month, and a net interest rate of 8.57%, an increase of 2.18 pct over the previous month.

Incident comments

By business, the company's IT product revenue in the first half of the year was 867 million yuan, up 6.52% year on year, mainly due to diversified supply chain demand from overseas customers; PCB equipment revenue was 771 million yuan, down 55.29% year on year, mainly due to low overall industry demand. During the reporting period, the company adopted an active adjustment strategy and introduced a number of automated equipment such as automatic loading and unloading machines, drilling machines, etc. in response to customer automation needs to help customers reduce costs. At the same time, the company continues to promote technological upgrades in high-end markets such as high-multilayer boards and carrier-like boards. High-end equipment such as 3D back drilling CCD six-axis independent mechanical drilling machines, UV+CO2 composite laser drilling machines, and high-resolution LDI have gradually achieved mass sales or customer certification; revenue from new energy equipment is 1.53 billion yuan, an increase of 6.60% over the previous year. As of the announcement, the company has placed orders of 3.176 billion yuan, and new products such as winders, roller-cutting machines, etc., have achieved small-batch shipments; the photovoltaic equipment business has achieved revenue of 98 billion yuan, A year-on-year increase of 46.96%. As of the disclosure date of the report, the company's current orders were 430 million yuan; general industrial laser equipment revenue was 2,458 million yuan, an increase of 7.80% over the previous year, and current orders were 676 million yuan, mainly due to the increase in the company's market share in the middle and low end.

In addition, the company continued to strengthen cooperation with new energy vehicle customers. During the reporting period, it won bids for various projects such as laser brazing of 31 white body roof covers, chassis frames, and automatic welding lines for high-strength steel battery trays.

We believe that in addition to new energy, which is still growing rapidly in the main race track, the company is highly related to the global macroeconomic environment, the consumer electronics innovation cycle, and customer capital expenses, so it faces a lot of short-term growth pressure. The company continues to increase resource investment in new energy industries such as the photovoltaic industry and power battery industry, and to increase R&D investment in the semiconductor industry and core devices. Its competitive advantage continues to expand, and its leading position in the industry is stable. We are optimistic that the economic environment will recover in 2024 and the smart terminal switching cycle will drive the company's equipment demand.

We believe that as the macroeconomic economy recovers, consumer demand improves, and smart terminals enter a new switching cycle, the company's core business is expected to continue to recover. The company's net profit for 2023-2025 is expected to be 1,147 million yuan, 1,423 million yuan, and 1,767 billion yuan, respectively. The corresponding PE is 20.66 times, 16.66 times, and 13.41 times, respectively, and continues to be optimistic.

Risk warning

1. The risk that demand falls short of expectations;

2. The progress of overseas plant construction falls short of the expected risk.

The translation is provided by third-party software.


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