Event: the company's 23H1 realized operating income of 156 million yuan, + 9.1% year-on-year, and net profit of-54 million yuan,-692% compared with the same period last year.
Q2 revenue is higher than the previous month. The company's Q2 revenue is 90 million yuan (YoY + 31% QoQ + 37%), with a gross profit margin of 10.8%, year-on-year-17.3pcts, month-on-month-11.7pcts. The 23H1 industry has entered a downward cycle, with destocking pressure and market competition intensifying. The company implements the strategic idea of "share and inventory reduction" and adopts active market strategies to increase market share and shipments, so the company's revenue is higher than the previous month, and its gross profit margin has declined. At the same time, the company Q2 provides for 8 million yuan of asset impairment loss, so the decline at the profit end is greater than that at the revenue end. The company's Q2 net profit is-33 million yuan (YoY-703% QoQ-60%). The net interest rate is-37%, year-on-year-31.0pcts, month-on-month-5.1pcts. We believe that the company's 23Q2 revenue has been repaired, and with the positive impact of the gradual clearing of the company's inventory and the reversal at the bottom of the stack cycle, the company's performance in the second half of the year is expected to continue to improve and gradually come out of the business trough.
MEMS product / R & D / manufacturing multi-dimensional force. (1) in terms of products, the company's MEMS products are widely used in smart phones, tablet computers, notebooks, smart home, wearable devices and other consumer electronic products, as well as in automotive and medical fields. The brands that have used the company's products include Huawei, Quan, XIAOMI, Samsung, OPPO, Lenovo, Sony Group Corp, Jiu'an Medical, Lexin Medical and so on. According to the statistics of Omdia, the company ranks third in the world in 2021 MEMS acoustic sensor chip shipments. (2) in R & D, the company invested 38 million yuan in 23H1 R & D, accounting for 24.21% of the business income; as of June 30, 23, the company had 79 invention patents and 283 utility model patents at home and abroad; 212invention patents and 339 utility model patents are being applied for. Continue to maintain high-intensity R & D investment and adhere to technological innovation. (3) in terms of manufacturing, the new project of the company's MEMS microphone production base is progressing steadily, and it is expected to further reduce costs and continuously improve gross profit margin in the future.
We will actively expand the emerging areas of the automobile industry and strengthen the industrial layout. Recently, Lingke Sensor, a wholly owned subsidiary of Senxin, has put into application the new automatic production line of MEMS, oil-filled and glass micro-melting automotive pressure sensors to expand customers outside consumer electronics. The company has obtained pre-installed customer orders in brake systems, smart seats and other projects. Among them, the glass micro-melting pressure sensor project has been verified in a number of mainframe factories / system suppliers. In terms of industrial layout, the company and related parties, non-related parties jointly invested 10 million yuan to set up sensitive easy chain semiconductor technology, accelerate the company's layout in the field of MEMS accelerometer and gyroscope ASIC chip, and create a MEMS technology platform enterprise.
Investment advice: taking into account the impact of the industry downward cycle, we expect to achieve an income of 410 pounds in 2023-2025, a net profit of 0.20 pounds, a net profit of 0.58 pounds, and a 25-year PE of 48 pounds, 29 times, respectively, maintaining a "buy" rating.
Risk hint: research and development is less than expected risk, industry competition aggravates risk, downstream demand is lower than expected risk.