Hengshuai shares released its 2023 semi-annual report, with revenue of 398 million yuan in the first half of the year, + 23.60% year-on-year, net profit of 91 million yuan, + 37.03%, and non-net profit of 84 million yuan, + 48.74% over the same period last year. Sales gross profit margin 35.29%, year-on-year + 3.39%.
Fluid technology products accumulate abruptly, thermal management system business income increases rapidly the company's fluid technology products are mainly divided into driving visual cleaning system business and thermal management system business. The main products of driving vision cleaning system are cleaning pump, cleaning system and ADAS sensor cleaning system. The company has accumulated deep business in cleaning pumps and cleaning systems, including BMW Group, Guangzhou Automobile Honda, SAIC General Motors, Geely Automobile, North American New Energy customers, XPeng Inc. and other traditional and new power customers at home and abroad. The total revenue of cleaning pump and cleaning system products in the first half of 2023 was 208 million yuan, + 18.35% compared with the same period last year. In terms of thermal management system business, the company has developed a number of products in the field of thermal management systems, among which the business of cooling manifold products is growing rapidly, with an income of 29 million yuan in the first half of 2023, + 39.92% of the same period last year.
ADAS active perception cleaning system is expected to enter the fixed-point cycle this year. ADAS active perception cleaning system belongs to the forward-looking layout of the company's products in the field of cleaning systems. Compared with traditional cleaning system products, the intelligence and complexity of this product have been greatly improved. It is expected that there will be a better market prospect in the field of high-level self-driving in the future. The company's related products have been submitted to customers for product road test, with the accelerated landing of L3 autopilot, the company's related products are also accelerating industrialization, it is expected that some projects will finish the road test and enter the designated link this year.
The motor business continues to expand, and the industrialization of new motors and magnetic materials is just around the corner. We believe that improving the cost performance of our products and providing the intelligent configuration that users want is a win-win solution for automobile companies and consumers in the current competitive environment. The company's motor business unit mainly includes trunk and side door motor, fan motor, ABS motor and other products; electric module business unit mainly includes invisible door handle drive mechanism, charging door actuator and other products, which are important executive end parts of automobile intelligence. In the first half of 2023, the revenue of the company's motor technology products reached 149 million yuan, + 31.79% compared with the same period last year. In terms of new motors and magnetic materials, the company has cooperated with Lentz in Germany to develop drum motor products used in logistics systems. In addition, the magnetic material is one of the core materials that determine the performance of the motor. the company has invested various technical forces to customize and develop the matching magnetic materials, and the industrialization of the new magnetic materials is expected to be launched in 2023 according to the planned R & D projects. gradually build a small batch of pilot test line.
Profit forecast and valuation
We estimate that the company's revenue from 2023 to 2025 will be 9.42,11.84 and 1.485 billion yuan respectively, and the net profit will be 2.01,2.54 and 314 million yuan respectively, corresponding to PE32/25/20X. Considering the continuous upgrading of the company's micromotor, the ADAS active sensing cleaning system is expected to be in fixed-point mass production and maintain a "buy" rating.
Risk enhancement
The development of automobile intelligence is not as expected, and the landing cycle of the company's new technology project is not as expected.