得益于新能源汽车销量的快速提升，公司主营业务稳健成长。汽车空调系统业务销量为318.34 万台套，实现收入16.49 亿元，同比+16.39%；毛利率为9.43%，同比+4.02pct。汽车空调压缩机业务销量为246.65 万台，实现收入12.79 亿元，同比+9.07%；毛利率为18.39%，同比+2.43pct。Events:
According to the company's semi-annual report for 2023, 23H1 achieved 3.049 billion yuan in revenue, + 6.64% year-on-year; realized 42.6151 million yuan in net profit, turning losses into profits; and deducting 28.6391 million yuan in non-net profits, turning losses into profits. Among them, 23Q2 achieved revenue of 1.649 billion yuan, year-on-year + 10.00%, month-on-month + 17.73%; net profit of 7.5279 million yuan, year-on-year-80.34%, month-on-month-78.55%.
The increase in sales of new energy vehicles promotes the steady growth of the main industry.
Thanks to the rapid increase in sales of new energy vehicles, the company's main business has grown steadily. The business sales of automotive air-conditioning systems were 3.1834 million sets, with an income of 1.649 billion yuan, + 16.39% year-on-year, and a gross profit margin of 9.43%, year-on-year + 4.02pct. The sales volume of automotive air-conditioning compressors was 2.4665 million, with an income of 1.279 billion yuan, + 9.07% compared with the same period last year, and a gross profit margin of 18.39%, year-on-year + 2.43pct.
Accelerate the transformation of new energy and actively open up overseas markets
The company has steadily increased its market share in the new energy vehicle compressor market, established a supply relationship with the main products of the mainstream vehicle manufacturers in the industry, and entered the designated list of many "new power" automobile manufacturers; the sales volume of 23H1 electric compressor products has been close to 22 years. Driven by factors such as the increase in the market share of domestic independent brands and the resumption of growth in commercial vehicle sales, the compressor products used for fuel cars basically maintained the sales level in the same period last year. In the international market, the company's product competitiveness has been significantly improved, thanks to the boom in the European and American electric vehicle market, the company's shipments to an American electric vehicle brand have increased compared with the same period last year, and the cooperation with Vinfast, Tata and other emerging international electric vehicle manufacturers has been deepened day by day.
Energy storage thermal management business is under pressure to promote the direct supply of overseas customers due to the intensification of market competition and terminal product price fluctuations and other adverse factors, the company's energy storage thermal management business sales scale and product unit price have declined. The company has actively opened up new markets and customers at home and abroad, reached cooperation with a number of domestic energy storage battery emerging enterprises and electric commercial vehicle enterprises, and at the same time realized the products to go out to sea and began to supply directly to customers in emerging market countries. the types of customers are further enriched and diversified.
We expect the scale of energy storage thermal management business to pick up in the second half of 23 years.
Earnings forecast, valuation and rating
We estimate that the revenue of the company from 2023 to 2025 will be 76.71 billion yuan and 89.66 million yuan respectively, and the year-on-year growth rate will be 23.13% 16.88% 14.23% and 1.78 billion yuan respectively, respectively. The net profit will be 2.59 billion yuan per share, and the year-on-year growth rate will be 100.07%, 45.39% and 58.52%, respectively, and the three-year CAGR will be 66.44% and 0.05%, 0.08 and 0.13 yuan per share, respectively. The corresponding PE is two times higher than that in 45-31-20, so it is recommended to keep an eye on it.
Risk hint: the progress of going out to sea is not as expected; the competition in the industry is intensified; the price of raw materials fluctuates; and the downstream demand is lower than expected.
