维持“增持” 评级，下调目标价至43.56元。受到部分产品验收周期较长、在研项目较多导致研发费用同比增长33%等影响，公司业绩短期承压。考虑到碳化硅晶锭切割和Micro LED 巨量转移等设备订单确认仍需一定时间，但研发和销售费用将在新设备验证获单后逐渐下降，下调2023-2024 年EPS 至0.64（-0.5）/1.21（-0.23）元，新增2025年EPS 为1.80 元，参考可比公司平均值给予公司2024 年36xPE，下调目标价至43.56 元，维持“增持”评级。Introduction to this report:
The company has developed new products such as silicon carbide ingot cutting equipment, which has led to a sharp increase in R&D expenses. 2023H1 deducts non-attributable net profit into loss, and Q4 order confirmation will gradually repair performance.
Key points of investment:
Maintain the “increase in holdings” rating and lower the target price to 43.56 yuan. The company's performance is under pressure in the short term due to the long inspection cycle for some products and a 33% year-on-year increase in R&D expenses due to the large number of ongoing research projects. Considering that it will still take some time to confirm orders for equipment such as silicon carbide ingot cutting and micro LED massive transfers, etc., the R&D and sales expenses will gradually drop after the new equipment is verified and the order is obtained. The 2023-2024 EPS will be lowered to 0.64 (-0.5) /1.21 (-0.23) yuan, and the 2025 EPS will be added to 1.80 yuan. The average value of a reference comparable company was given to the company 36xPE in 2024, and the target price was lowered to 43.56 yuan to maintain the “increase” rating.
Traditional businesses are under pressure, new businesses are yet to be confirmed, and the company's short-term performance is under pressure. The company has developed a variety of semiconductors and new energy devices, and the customer verification cycle is long; at the same time, downstream customer production expansion is slowing down, and the pace of revenue confirmation for some customized equipment falls short of expectations. The development of a number of new products led to the company's R&D expenses reaching 47 million yuan (YoY +32.71%), and the corresponding R&D expenses rate reached 22.82% (YoY+7.94 pct). In 2023H1, the company achieved revenue of 206 million yuan (YoY -14.83%) and net profit of non-attributable net profit of -01 million yuan. Performance was slightly lower than expected.
The new product has been successfully developed and is still waiting for downstream demand to be released. The company began developing new products such as perovskite laser marking equipment and cell blue film removal equipment in 2022, and has become one of the few suppliers of these devices. Most of the equipment has already been imported into customer production lines. As demand for equipment from downstream manufacturers is gradually released in 2023H2, the company is expected to continue to receive orders, driving a sharp recovery in revenue.
The cost rate will rise briefly and will gradually return to normal levels as new product verification is completed. The centralized development and promotion of new products led to an increase in the comprehensive cost ratio to 50.49% (YoY +10.82pct), and the corresponding net profit margin on sales fell to 1.81% (YOY-8.57pct). As new product development is completed and orders continue to be obtained, the company's net sales interest rate is expected to gradually return to a normal level of around 15%.
Risk warning: Technology iteration affects product sales; increased competition puts pressure on gross margin.
