Events:
According to the company's 2023 semi-annual report, 2023H1 achieved revenue of 457 million yuan /-11.79%, net profit of 38 million yuan / + 1.71%, net profit of 0.03 billion yuan /-90.30%, net profit of 296 million yuan / + 1.91%, net profit of 0.19 billion yuan /-3.75%, and net profit of 0.16 billion yuan /-16.00%. The performance was slightly lower than the market expected.
Comments:
The performance in the first half of the year is under pressure, and the intelligent logistics warehousing system project needs to be broken through. The company's revenue last year was 457 million yuan, down 11.79% from the same period last year, mainly due to the decrease in revenue from the intelligent logistics warehousing system project in the first half of the year, with revenue down 20.10% from the same period last year. Revenue from the company's smart production line increased by 6.56% over the same period last year. The company's overall gross profit margin was 22.35%, down 2.63% from the same period last year.
Among them, the gross profit margin of the intelligent logistics warehousing system project was 22.04%, a decrease of 4.69% over the same period last year, and the gross profit margin of the intelligent production system project was 23.10%, a decrease of 0.27% over the same period last year. The company's sales expense rate in the first half of the year was 2.18%, a decrease of 0.64% over the same period last year, while the management expense rate was 9.83%, an increase of 2.65% over the same period last year.
Continue to open up overseas markets and increase the international layout. At present, the company has landed projects in Europe and the United States, Southeast Asia and the Middle East, and the international layout has achieved remarkable results. In terms of intelligent production systems, the company actively expanded the European market. During the reporting period, the company's subsidiaries won orders from Mercedes-Benz, Audi, BMW and other overseas benchmark customers. In terms of intelligent logistics warehousing system, the company continues to obtain large orders from Flemn and FMM HOUSE, the leading local enterprises in Southeast Asia, and the company's brand in Southeast Asia is rising in a straight line. In the future, the company will increase its development efforts in Southeast Asia, realize the product substitution of international first-tier brands, and continue to enhance the international influence of the company's brand.
Continue to strengthen R & D investment and upgrade digitally and intelligently. In the first half of the year, the company invested 20 million yuan in R & D, and the rate of R & D expenditure increased by 0.34% over the same period last year. (1) in the aspect of digitization, we will focus on the research and development of industrial Internet and big data technology, develop more advanced industrial software, and establish industrial Internet platforms such as digital twin platform and data acquisition. (2) in the aspect of intelligence, continue to lay out the core technology of artificial intelligence and algorithm research and development to build the core competitiveness of industry 4.0. In August 2023, the company signed a contract with Magmet for a total amount of 116 million Zhuzhou intelligent storage project.
The company will gradually expand its service to leading customers on the basis of ploughing advantageous industries.
Investment suggestion: considering that the company has the ability of self-research and production of core equipment, and the layout of production base has the advantages of both cost and industrial chain, with the layout of the intelligent field of the company, the performance will make a further breakthrough. according to the first half of the year, the company's revenue from 2023 to 2025 is estimated to be 14,926pm, 2.400 billion yuan, respectively, and the net profit from its mother is 1.10amp 163,2009 million yuan. The corresponding EPS is 0.27, 0.40 and 0.51 yuan, and the corresponding PE is 29X / 20X/15X, which is covered for the first time and given a "buy" rating.
Risk tips: performance forecasts and valuations fall short of expectations; product research and development falls short of expectations; competition intensifies