2）2023Q2：公司实现营业收入1.48 亿元，同比/环比+25.81%/+5.62%；毛利率45.13%，同比/环比+1.62pct/-1.28pct；归母净利润3298 万元，同比/环比+18.65%/-14.97%；扣非归母净利润3219 万元，同比/环比+21.11%/-14.66%。Items:
On August 29, 2023, the company released its half-yearly report for 2023:
1) 2023H1: the company achieved operating income of 288 million yuan, year-on-year + 14.11%; gross profit 45.76%, year-on-year-0.32pct; return / deduction non-return net profit of 71.76 million yuan, + 1.33% and 3.70%
2) 2023Q2: the company achieved operating income of 148 million yuan, year-on-year / month-on-month ratio + 25.81% Universe 5.62%; gross profit 45.13%, year-on-year / month-on-month ratio + 1.62pctUniverse + 1.28pct; net profit of return to mother 32.98 million yuan, year-on-year / month-on-month + 18.65% ram 14.97%; deduction of non-return net profit of RMB 32.19 million, year-on-year / month-on-month ratio + 21.11% and + 21.11% ram 14.66%.
Comments:
Demand recovery performance trend is improving, increase investment in the future. 2023H1, the overall trend of the company's performance indicators is improving: 1) revenue side: the company achieved operating income of 288 million yuan in the first half of the year, an increase of 14.11% over the same period last year, mainly due to the continuous increase in market share in the areas of medical and health care and environmental monitoring, while vehicle sensors, high-temperature gas sensors, ultrasonic gas meters and their modules continue to expand. 2) profitability: the company realized net profit of returning to the parent in the first half of the year / deducted the net profit of 71760.6992 million yuan, an increase of 1.33% and 3.70% over the same period last year. The main reason that the growth rate of net profit is lower than the growth rate of revenue is that the company insists on high-intensity R & D investment, and 23H1's R & D expenses increase by 21.97% compared with the same period last year. At the same time, in order to strengthen market development, the company's sales team gradually expanded, and the company's sales expenses increased by 39.44% compared with the same period last year. The net operating cash flow of 23H1 Company was 27.67 million yuan, an increase of 109.64% over the same period last year. With the gradual stabilization of the global macro-economy, the company's performance is expected to continue to improve.
Deep ploughing the automobile industry chain, the layout of on-board sensors is further improved. 1) comfort sensors: the on-board sensor business mainly based on the automobile comfort system continues to maintain good growth, while the product line is further extended, the product scope of application extends from the initial middle and high-end models to a wider range of models, and extends to in-vehicle air improvement devices, 23H1 adds about 7 million on-board sensor projects; 2) Power battery thermal runaway monitoring sensors: batch supply has been realized. 3) High temperature gas sensor: the company's engine emission oxygen sensor continues to be supplied in large quantities, and the product reliability is recognized by customers. at the same time, the company faces the target customers such as diesel engine manufacturers and exhaust emission post-processing system manufacturers. actively promote engine emission nitrogen and oxygen sensor products, and have made phased progress, the automobile three high test is nearing the end. The sales revenue of 23H1's high temperature gas sensor business, which is mainly engine oxygen sensor, increased by 47.71% compared with the same period last year. 4) others: based on the technical advantages of the company's sensor core components fan products, the company also extends the development of automobile seat fans in the automotive industry chain, and 23H1 automotive seat fan products have entered a small batch pilot stage.
Traditional civilian products consolidate their dominant position, and new businesses burst into growth vitality. 1) Civil empty products sensor: the company continues to consolidate the customer advantage of its products in the smart home field and improve the loading rate of environmental appliances, clean appliances and kitchen appliances; at the same time, actively promote modules and controller products to further enhance the unit value and the threshold of industry competition, and extend to the controller business in the form of ODM/OEM. 2) Gas analysis instruments: the company seized the opportunity of the policy of "double carbon" and the localization of scientific instruments to upgrade the sales model of gas analysis instruments. The sales revenue of 23H1's gas analysis instruments business, which is mainly based on environmental monitoring, increased by 71.91% compared with the same period last year. 3) refrigerant leakage monitoring sensor: at present, several international well-known customers have been assigned to the project and started to supply in batches. The sales revenue of 23H1's safety monitoring business, which is mainly industrial safety and refrigerant leakage, has increased by 85.18% compared with the same period last year. 4) Ultrasonic gas meters: with the supply chain advantages and batch manufacturing capacity of ultrasonic gas meters, the sales revenue of 23H1's smart metering business based on ultrasonic gas meters and its modules increased by 499.18% compared with the same period last year. 5) Medical and health sensors: further enrich the product line and gradually form medical and health gas sensor solutions covering the areas of ventilators, oxygen makers, anesthetic machines, monitors, diffusion lung function meters, cardiopulmonary analyzers and high altitude diffusion oxygen concentration monitoring. The sales revenue of 23H1's medical and health sensors based on ultrasonic oxygen sensors increased by 270.77% compared with the same period last year.
Investment suggestion: the company is a leader in the field of gas sensors / analytical instruments, considering the impact of inventory accumulation and slowing down of new demand in the domestic and foreign air purifier market. Based on 23 of the report, we revised the company's return net profit forecast for 2023-2025 to 1.97pm 2.97pm 4.10 (the original value is 2.54max 370pm 506 million). The corresponding EPS from 2022 to 2024 is 2.82, 4.25, 5.86 yuan (the original value is 3.63, 5.29, 7.23). It will be given 25 times PE in 2024, corresponding to a target price of 106yuan, maintaining a "push" rating.
Risk hint: the demand for downstream air and net products is not as good as expected, and the domestic expansion of gas meter business is not as expected.
