2023H1 performance is in line with expectations, optimistic about the growth of new energy vehicle business, maintain "buy" rating company H1 to achieve operating income of 679 million yuan in 2023, YoY+0.05%; to achieve a net profit of 69 million yuan, YoY-15.27%. The net profit of non-return is 63 million yuan, and the gross profit of YoY-15.89%; is 30.37%, which is 1.45pcts of YoYmurt. Among them, 2023Q2 realized revenue of 360 million yuan, YoY-4.95%; realized net profit of 34 million yuan, YoY-21.04%; deducted non-net profit of 32 million yuan, and YoY-18.86%; gross profit was 33.01% Magi YoYue 0.35pcts. Taking into account the weak recovery of demand in the downstream rail transit industry, we downgrade the 2023Universe 2024max 2025 performance forecast. It is estimated that the return net profit from 2023 to 2025 will be 2.10 (- 0.31) / 2.74 (- 0.80) / 3.51 (- 0.66) billion yuan, corresponding to EPS of 0.55 (- 0.08) / 0.71 (- 0.21) / 0.91 (- 0.17) yuan, and the current stock price corresponds to 23.2kg / 17.8 of PE 13.9 times. We are optimistic about the growth potential of the company's high-voltage connectors and charging guns and maintain our "buy" rating.
The new energy vehicle charging business continues to expand, and the rail transit business is under short-term pressure 2023H1 rail transit and industrial, vehicle and energy information services achieve operating income of 311 million yuan respectively, corresponding to-11.45% Universe 11.53%; gross profit 40.51% picks 18.88%, corresponding to year-on-year 0.25/-1.13pcts.
The decline in the company's rail transit and industrial business revenue is mainly due to the decline in revenue from rail transit non-connector products; the company's vehicle and energy information business mainly benefits from the continuous volume of new energy vehicle charging business, 2023H1 new energy vehicle business revenue of 305 million yuan, YoY+15.77%.
The construction of rail transit order + charging facilities for winning the bid is accelerated, which is expected to promote the long-term performance growth of rail transit business: the company is the leader of domestic rail traffic connectors, and a number of rail transit product projects of the new winning bid winning vehicle Group in 2023. In the future, with the EMU and subway bidding warming up, rail transit business will usher in a recovery. Charging gun business: the company leads the layout of liquid-cooled charging gun, which can realize the charging system 600KW energy replenishment, and the charging gun products have been introduced into the supply chain of domestic well-known vehicle factories and charging pile manufacturers, such as BYD, Huawei, Telai, such as pre-charging. At the same time, the company's liquid-cooled European standard DC charging gun has passed CE, CB, Toner V certification, indicating that all the company's trolley charging products have obtained the European standard certification, which adds power for the company to further expand the international market.
Risk tips: increased competition in the industry; downstream demand is lower than expected; new product research and development is not as expected.