Incident: The revenue reported in the 2023 mid-year report was 566 million yuan, up 1.7% from last year, and net profit to the mother was 49.036 million yuan, or 32.01 percent from last year. The company's performance was in line with expectations.
Comment:
Q2 The revenue structure has been optimized, and profitability has improved markedly. 23Q2 achieved revenue of 270 million yuan, yoy -3.4%. Thanks to the contraction of the continuous fiber laser business and the optimization of the product structure in the direction of new energy/module inspection, etc., the company's profitability has improved positively.
23Q2 gross margin was 39.6%, +5 pct year on year; net interest rate was 6.8%, +2.3 pct year on year.
New energy: Entering the new energy boom track, replacing domestic production of lithium battery laser light sources+actively expanding perovskite customers. According to the China Report, 1) Lithium Battery: The product has covered all laser processing processes in lithium battery production, and has completed verification of all laser processing processes in leading customers. In 2022, it was the first to achieve domestic replacement of power battery pole cutting MOPA pulsed lasers and continuous fiber lasers for welding processes; 2) Photovoltaics: Received the first order from Giexin Optoelectronics, a leading perovskite photovoltaic cell company, to build a complete set of laser marking equipment for the 100MW perovskite photovoltaic cell production line. This marks a new milestone in JPT's perovskite photovoltaic cell laser line technology. 2023 7 The month was successfully delivered, and the next generation GW mass production line is being developed.
Optical inspection: VR/AR inspection+VCSEL module inspection+camera module inspection. 1) VR/AR inspection equipment: Apple's Vision Pro product was released. The company announced that it is meeting the inspection needs of customers for second-generation products. The new generation of inspection equipment will add optical inspection parameters and new optical inspection modules, which are expected to provide customers with higher value inspection equipment; 2) VCSEL module inspection is progressing smoothly: second-generation VCSEL module inspection equipment has improved inspection efficiency and inspection yield according to customer customized requirements, providing technical possibilities for subsequent large-scale inspection requirements; 3) Camera module inspection: Calibration equipment for displaceable optical image stabilization modules (OIS) and micro motor modules (VCM) has been developed.
JPT's core lasers and laser/optical intelligent equipment products have been recognized by leading global consumer electronics, semiconductors, optoelectronic components and power battery manufacturers such as Company A, Meta, Intel, Guoju Co., Ltd., Housheng Electronics, ST, Shunluo Electronics, Ningde Times, BYD, Guoxuan Hi-Tech, and Kodali.
Adjust profit forecasts and maintain buy ratings. Due to changes in the development of the new energy equipment and optical inspection business, net profit of 194/269/357 million yuan for 23-25 was adjusted to 1.4/2.3/370 million yuan; the current stock price corresponding to PE is 50/30/19X, respectively. The company actively lays out room for growth in business fields such as new energy+ module testing, etc., and maintains purchase ratings.
Risk warning: the risk that the recovery of the industry boom falls short of expectations; the risk of increased competition in the industry; the risk that the new energy and module testing business will fall short of expectations, etc.