2023H1 performance is under pressure in the short term, and many businesses are expected to achieve high growth in the long run. Large companies with flexible performance released mid-2023 reports that 2023H1 achieved revenue of 403 million yuan,-5.83% year-on-year, and net profit of 109 million yuan, or-22.55%, year-on-year. The decline in profits was mainly affected by gains and losses on the exchange of US dollars. The gross profit margin of sales is 51.1%, which is still at a high level, and the R & D expenditure rate is 14.1%, which shows the company's determination to continue to expand its capacity circle. Taking into account that downstream consumer electronics demand is still relatively weak, we downgrade our profit forecast for 2023-2025. We estimate that the 2023-2025 net profit is 2.6x8xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxuxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx9xxxxxxx9xxxxxx Based on precision welding technology, the company is expected to achieve high growth in a number of businesses and maintain a "buy" rating.
The business of precision welding and assembly equipment is under short-term pressure, and the company has sufficient pre-research projects on hand, thanks to new energy vehicles, high prosperity and domestic replacement demand for core equipment, and the company's selective wave soldering equipment has successfully expanded its major customers. Due to the weak demand for consumer electronics and the delay of new products from customers, the revenue of precision welding equipment declined compared with the same period last year, but the company has sufficient NPI projects on hand and its performance is more flexible. With the advantage of stable supply to major customers for many years, the company's welding and AOI products are also expected to participate in the AR/VR/MR product line.
Automobile intelligence promotes the growth of complete sets of equipment business, domestic replacement of semiconductor equipment opens long-term growth space to benefit from automobile electrification and intelligence, the company's intelligent manufacturing complete sets of equipment is higher than the same period last year, and the on-line chassis assembly line has won Bethel orders and 3D/4D millimeter wave radar assembly line orders / deliveries from customers such as Great Wall Mande, Firuizhi and Xingyu lights. The self-developed SiC packaging core "neck" nano-silver sintering equipment has completed the customer mass production process verification, realizing the domestic replacement of SiC module silver sintering equipment in large manufacturers, and has completed the process verification of many packaging enterprises, and the order is being gradually implemented. Solid crystal machine and wire welding machine are the most valuable equipment in the chip closed test link, and the localization rate is less than 5%. The company's IGBT multi-function solid crystal machine has completed the technical iteration, formic acid welding furnace has formed a series of product lines, vacuum welding furnace and solid crystal AOI have won a small number of orders. With the gradual expansion of products in the future, the business of semiconductor packaging equipment is expected to achieve high growth.
Risk tips: semiconductor equipment volume progress is not as expected, A customer new product launch is not as expected, and so on.