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力合科创(002243):投资孵化多点开花 新材料业务聚焦国内、稳健发展

Lihe Science and Technology Innovation (002243): Investment, incubation, multi-point growth, new materials business focusing on domestic and steady development

信達證券 ·  Sep 5, 2023 00:00

Event: the company publishes its semi-annual report 2023. 1) 23H1 achieved revenue of 1.125 billion yuan /-0.2% (year-on-year, the same below), net profit of 223 million yuan / + 95%, deducting non-return net profit of 89 million yuan / 60%. 2) 23Q2 realized revenue of 563 million yuan /-14%, net profit of 173 million yuan / + 117%, and non-return net profit of 83 million yuan / + 59%. 3) the operating cash flow of 23H1 is-57 million yuan (22H1 is-226 million yuan).

From a sub-business point of view: 23H1 science and technology innovation services / strategic emerging industries achieved revenue of 286 million yuan respectively, with year-on-year changes of-13% 4.7% and accounting for 25.5% of revenue respectively. Among them, innovation base platform services and science and technology innovation operation services achieved revenue of 257 million yuan respectively, year-on-year changes were-10% 33% On the other hand, the revenue of the new materials industry and the digital economy industry respectively achieved 7.8 billion yuan, an increase of 1.68% and 202% respectively over the same period last year.

The investment incubation business has been fruitful. The company's investment incubation business relies on the Research Institute of Tsinghua University in Shenzhen, and 23H1 invests in Xinton Technology, Quan Xing Technology and other enterprises, covering hard science and technology fields such as intelligent industrial Internet of things and semiconductor storage; successfully excavates a number of cutting-edge innovative projects such as gene therapy delivery technology, efficient ruthenium-based hydrogen production catalyst, medical robot and so on; investment incubator enterprises Collid and Xinbang Technology have submitted and accepted IPO applications in the first half of the year. Xihua Technology, Wuxi Muchuang, Qingyan Electronics and other enterprises have completed a new round of financing. The realized income of 23H1 investment incubation business (investment income + fair value change income) is about 306 million yuan.

The development of new materials business is steady. The proportion of the company's export of new materials business with China is about 2:8. In terms of export orders, the company has established in-depth strategic partnerships with international well-known brands such as Procter & Gamble Co, L'Oreal, Unilever, The Estee Lauder Companies Inc, Amway and so on. However, with the decline in overseas demand, the company is actively exploring the domestic market. It has successively provided overall packaging solutions for high-quality national brands such as Juzi Biology, Huaxi Biology, Fu Erjia, Bailingling, Blue Moon, Yunnan Baiyao, Tangchen Baijian and so on. At present, the number of domestic customers and the proportion of sales are on the rise.

Rely on the subsidiary digital cloud inter-branch to promote digital economy business. Digital Cloud International is an important carrier for the transformation of scientific research achievements of the School of Software of Tsinghua University, which is committed to providing advanced digital solutions for buildings / facilities and digital governance solutions for the construction industry for new smart cities. 23H1 has won the bid or signed a number of major projects, including Shenzhen water infrastructure, Guangzhou Baiyun Airport construction management platform, etc., and 6 of Shenzhen's 11 administrative / functional areas have covered services.

23H1 gross profit margin 23.47%/-2.1pct, parent net profit rate 19.85%/+9.7pct, period expense rate 29.1%/+3.4pct. Among them, the sales rate / management rate / R & D rate / financial rate is 4.7%, 11.8%, 6.1%, 6.5%, respectively, with year-on-year changes + 0.5pct/-0.1pct/+0.8pct/+2.2pct.

Investment suggestion: according to the unanimous expectation of Wind, the return net profit in 2023-25 is RMB 664802 million, and the closing price on September 5 corresponding to PE is respectively times that of 18-15-13.

Risk factors: policy risk of science and technology innovation service industry, lower-than-expected schedule of fund-raising projects, macroeconomic downside risks, etc.

The translation is provided by third-party software.


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