Event: according to the company's semi-annual report for 2023, the company achieved 294 million yuan in operating income in the first half of 2023, down 18.97% from the same period last year; the net profit from home was 8.9245 million yuan, down 89.21% from the same period last year; and the net profit from non-return was 1.6607 million yuan, down 97.84% from the same period last year.
The first half of the year results are temporarily under pressure, and the second half of the year is expected to get out of the haze. 2023H1 achieved operating income of 294 million yuan, year-on-year-18.97%; net profit of 8.9245 million yuan, compared with-89.21% of the same period last year; revenue of 2023 Q2 company of-89.21%; revenue of 155 million yuan, year-on-year; month-on-month ratio of + 11.23%; net profit of 17.8495 million yuan,-32.44% of the same period last year, an increase of 26.7745 million yuan over 23Q1. The revenue of 23H1 carbon dioxide products is 98 million yuan,-14.03% compared with the same period last year, accounting for 33.44% of the total revenue ratio, and the revenue of special gas business is 25 million yuan,-62.19% compared with the same period last year, accounting for 8.45% of the total revenue ratio.
The industry cycle factors superimposed the impact of the company's short-term operating changes, and the company's performance in the first half of the year was temporarily under pressure: 1) due to the market expectation that the terminal of the chip industry was gradually de-stocked in the first half of the year, the price of rare gas gradually returned from the previous high. Yueyang Camet's revenue fell in the first half of the year compared with the same period last year. 2) Anqing Camet Branch was affected by upstream planned parking maintenance and low-load operation of upstream production equipment after resumption of production in January, LPG sales decreased compared with the same period last year; 3) the company's implementation of the 2022 equity incentive plan resulted in a reduction of net profit in 2023 half-year share payment. With the semiconductor industry cycle gradually out of the downward trough, the company's second-quarter performance month-on-month repair, future performance is expected to further improve.
The company is a leading enterprise of liquid carbon dioxide in China, with multiple advantages of channel passenger production capacity. 1) the tail gas recovery process is bound to large central enterprises, which has both gas source stability and cost advantages; 2) High-quality products are widely recognized by food, beverage and industrial customers, and the company is the China strategic supplier of Coca-Cola Company and PepsiCo Inc, covering food, beverage and industry well-known customers with high quality and stable customers. 3) the capacity continues to expand deeply in the southern market, with an annual production capacity of 560000 tons of carbon dioxide, and a new carbon dioxide recovery plant in Jieyang, with a scale of 300,000 tons per year in the first phase, with a deep layout in the southern region.
Fixed increase to raise 700 million yuan to fill the special gas category layout of hydrogen peroxide to drive a new round of growth of the company.
1) continuous filling special gas category, Yizhang special gas project includes hydrogen chloride, hydrogen bromide, fluorine gas, fluorine-based mixed gas, etc.; Fujian Camet project contains 300,000 tons / year (27.5%) high clean food grade, electronic grade, industrial grade hydrogen peroxide. 2) improve the self-sufficiency of raw materials, layout the Baling 90000Nm3 rare gas extraction device, and gradually realize the self-sufficiency of rare gas raw materials. 3) customer certification is accelerated: a number of electronic special gas products have been certified by ASML, French liquid Air and COHERENT. 4) follow-up focus on the layout of high-margin laser gas mixture, ophthalmology industry to achieve a sales breakthrough and sign a long-term association.
Profit forecast and investment rating: taking into account the impact of industry cycle factors superimposed on the company's short-term operating changes, we reduce the company's homing net profit forecast for 2023-2025 from 2.45x341 million CNY to 1.74x31x396 million to 1.74x2.26Universe 2023-2025 with a growth rate of 5%, 30%, 34%, corresponding to 41-32-24 times PE, and maintain the "Buy" rating.
Risk tips: downstream demand is not as expected, project research and development is not as expected, market price fluctuation risk.