营收端，23 年H1 实现营收15.78 亿元（YOY-55.66%）分业务来看，23 年H1 公司元器件板块实现营收6.56 亿元（YOY-22.81%），主要系下游需求复苏压力、市场竞争加剧等因素所致；贸易板块实现营收8.40亿元（YOY-20.90%），主要系供需、经济形势影响，消费类客户端仍以消化库存为主，出货量较去年同期减少；新材料板块实现营收0.77 亿元（YOY+107.51%），公司新材料板块已完成液态PCS 产线建设，与固态聚碳硅烷产品构建稳定的订单来源。盈利端，23H1 归母净利润同比下降48.90%，下滑幅度大于营业收入。主要系：（1）公司整体毛利率下滑。2023H1 公司毛利率同比降低3.91pct 至39.38%，主要由于公司下游需求尚待复苏且公司调整部分产品价格。（2）公司整体费用率提升。2023H1 公司期间费用率同比增加5.55pct，销售/管理/研发/财务费用率均有不同程度提升， 同比分别增加1.83pct/2.41pct/1.30pct/0.01pct 至4.67%/7.35%/3.66%/0.90%。其中销售费用的增加主要系销售机构经费增加引起，管理费用的增加主要系资产折旧摊销增加引起，研发费用的增加主要系薪酬和折旧摊销增加引起。报告期内，公司收购厦门芯一代布局主动功率器件，完成液态PCS 产线建设，与固态聚碳硅烷产品构建稳定的订单来源，推动产业能力建设。Core ideas:
Event: the company announced its semi-annual report of 2023 that its operating income in the first half of 2023 was 1.578 billion yuan, down 55.66% from the same period last year; the net profit from home was 254 million yuan, down 68.35% from the same period last year; and the net profit from non-return was 244 million yuan, down 69.15% from the same period last year.
Comments: promote industrial capacity building, layout of active power devices, and accelerate the contribution of new materials.
On the revenue side, H1 achieved 1.578 billion yuan in revenue in 23 years (YOY-55.66%). From a business point of view, H1 company's components sector achieved 656 million yuan in revenue (YOY-22.81%) in 23 years, mainly due to the pressure of downstream demand recovery and intensified market competition. Trade plate revenue of 840 million yuan (YOY-20.90%), mainly due to supply and demand, economic situation, consumer clients are still mainly to digest inventory, shipments decreased compared to the same period last year; new materials plate revenue of 77 million yuan (YOY+107.51%), the company's new materials plate has completed liquid PCS production line construction, and solid polycarbosilane products to build a stable source of orders. At the profit end, 23H1's homing net profit fell 48.90% compared with the same period last year, which was larger than operating income. Mainly: (1) the company's overall gross profit margin declined. 2023H1's gross profit margin fell 3.91pct to 39.38% year-on-year, mainly because downstream demand has yet to recover and the company adjusts the prices of some products. (2) the overall expense rate of the company is increased. During the period of 2023H1, the expense rate increased 5.55pct compared with the same period last year, and the sales / management / R & D / financial expense rate increased to 4.67% 7.35% 3.66% 0.90% respectively compared with the same period last year. Among them, the increase in sales expenses is mainly caused by the increase in funds of sales organizations, the increase in management expenses is mainly caused by the increase in depreciation and amortization of assets, and the increase in R & D expenses is mainly caused by the increase in salary and depreciation amortization. During the reporting period, the company acquired Xiamen Core I layout active power devices, completed the construction of liquid PCS production line, built a stable source of orders with solid polycarbosilane products, and promoted industrial capacity building.
Profit forecast and investment advice: it is estimated that the EPS for 23-25 years will be 1.50 RMB 1.87max per share respectively. Considering the improvement of demeanor under the new replenishment cycle, the contribution of superimposed new materials business will be accelerated, giving 25 times PE in 23 years, corresponding to a reasonable value of 37.46 yuan per share, given a "overweight" rating.
Risk tips: market expansion is not as expected, equipment demand and delivery is low expected, policy adjustment and so on.
