Event: the company issues the 2023 half-yearly report. 1) the operating income of 2023H1 Company reached 487 million yuan, up 14.14% from the same period last year; the net profit belonging to shareholders of listed companies was 91 million yuan, down 8.51% from the same period last year; and the net profit after deducting non-return was 83 million yuan, down 3.05% from the same period last year. 2) the operating income of 2023Q2 Company reached 260 million yuan, up 26.11% from the same period last year; the net profit belonging to shareholders of listed companies was 52 million yuan, down 0.89% from the same period last year; and the net profit after deducting non-return was 49 million yuan, up 8.55% from the same period last year.
The demand for screw machines has rebounded steadily, and the company has achieved growth against the trend. The company's 2023H1 realized operating income of 487 million yuan, an increase of 14.14% over the same period last year. The company's main product screw machine achieved sales revenue of 383 million yuan, an increase of 14.60% over the same period last year. During the reporting period, the company increased the layout of its own sales channels, and actively opened up direct sales channels outside the distribution channels, the company's market position significantly improved, and sales increased.
Gross profit margin stage under pressure, follow-up look forward to the release of high-end new products. The company's 2023H1 gross profit margin is 30.55%, year-on-year-3.80pct; homed net profit margin is 18.61%, year-on-year-4.60pct; non-homed net profit margin is 17.07%, year-on-year-3.03pct; period expense rate is 10.13%, year-on-year-1.01pct. The company's 2023Q2 gross profit margin is 30.43%, month-on-month-0.26pct, year-on-year-4.20pct; homing net profit margin is 20.08%, year-on-year-5.47pct; deducting non-homing net profit margin is 18.81%, year-on-year-3.04pct. The overall profit index of the company has declined, and the main gross profit margin is under pressure periodically. Mainly due to the sales structure, the proportion of low-power models has increased. Looking forward to the follow-up, with the sales of some of the company's high-end products, gross profit margin is expected to gradually pick up.
Issue a convertible bond plan for the new plant expansion project. The company issued a preliminary plan for issuing convertible corporate bonds to unspecified objects, with a plan to raise no more than 600 million yuan for plant relocation and supporting production expansion projects. Through the convertible bond project, the company is expected to further expand its production capacity, cover more potential regional customer groups, and provide a stronger driving force for the company's long-term development in the future.
Profit forecast and investment advice: we expect the company's operating income from 2023 to 2025 to be RMB 10.111,563 million, year-on-year + 27.17%, 24.72%, 23.98%; net profit, 2.06; 2.59; 323 million, respectively; year-on-year, + 28.94%, 25.61%, 25.61, and 24.72%, respectively, and PE is 0.54, 0.680.85, corresponding to 20-16-13. Maintain a "buy" rating.
Risk hint: raw material price fluctuation risk; macroeconomic fluctuation risk; market competition aggravating risk