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骄成超声(688392):业绩稳健增长 第二曲线孕育新机

Jiaocheng Ultrasound (688392): Steady growth in performance, the second curve nurtures new opportunities

中郵證券 ·  Aug 30, 2023 19:22

What happened: Jiaocheng Ultrasonic disclosed its 2023 semi-annual report.

The company's performance is growing steadily, in line with expectations. 2023H1, the company achieved revenue of 348 million yuan, year-on-year + 41.74%; net profit of 63 million yuan, + 15.58%; net profit of 53 million yuan, + 27.67%; gross profit of 51.75%, year-on-year + 2.61pcts; net profit rate of 17.78%, year-on-year-3.89pcts, mainly due to (1) share payment fees of about 7.62 million yuan generated by the company's new restricted stock incentives in the first half of the year. (2) the company increases its R & D investment and expands its R & D team, resulting in a year-on-year increase in the sales expense rate and R & D expense rate of 1.6pcts and 2.8pcts in the first half of this year.

Pay attention to research and development, create the company's technical core moat. The company's main products ultrasonic equipment technical threshold is high, set multi-disciplinary expertise in one. The company's talent team comes from Shanghai Jiaotong University, which combines industry, university and research. In the first half of the year, the company invested more than 54 million yuan in R & D, an increase of 73% over the same period last year, accounting for 15.55% of the total revenue. The company expanded its R & D team, adding 53 new R & D personnel, an increase of 26.77% compared with the end of 2022.

The new technology of composite fluid collector gives rise to new demand for equipment, and roll welding equipment is expected to become the company's second growth curve. Composite current collector has obvious advantages in improving battery safety and reducing foil cost. at present, the progress of industrialization is accelerating, composite aluminum foil has been applied, and composite copper foil is about to fall to the ground. At the equipment end, the production of batteries with composite current collector requires additional roll welding equipment, and the demand for roll welding equipment in a single production line is 3 times higher than that in polar ear ultrasonic welding. At present, the company has supplied a small amount of rolling welding equipment to Ningde era, and it is expected to become a major growth point of the company's business with the large-scale application of composite fluid collector in the future.

Profit forecast and valuation

We estimate that the company's operating income from 2023 to 2025 will be RMB 7.05 billion, an increase of 3500%, an increase of 41.28%, 44.61%, and an estimated net profit of 1.44%, 2.06%, 295 million yuan, an increase of 29.72%, 43.70%, 43.05%, respectively, corresponding to a PE of 67.08, 46.68, 32.63 times, giving it a "overweight" rating.

Risk hint

Downstream demand is lower than expected; market competition aggravates risks; new technology promotion is not as expected

The translation is provided by third-party software.


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