Benefiting from the expansion of the company's new products and new areas, 2023Q2 revenue has increased compared with the previous month.
2023H1 achieved an income of 302 million yuan,-3.85% year-on-year, and a net profit of 1 million yuan,-97.46%, compared with the same period last year. In a single quarter, 2023Q2 achieved an income of 169 million yuan, + 16.14% year-on-year and + 27.95% month-on-month, and realized a net profit of 4 million yuan,-84.12% compared with the same period last year.
2023Q2 gross profit margin rebounded significantly from the previous month, looking forward to the continuous improvement of the product structure. 2023H1 achieved a gross profit margin of 23.88%, year-on-year-11.45pct, and net profit margin of-1.75%, year-on-year-17.73pct. In a single quarter, 2023Q2's gross profit margin is 25.00%, year-on-year-7.95pct, month-on-month + 2.56pct; company net profit margin is 0.01%, year-on-year-14.77pct, month-on-month + 4.01pct. Thanks to the company's active exploration of new areas and the continuous launch of new products, the comprehensive gross profit margin has continued to increase month-on-month since 2022Q4.
Capital increase holding dynamic core micro Chengdu, layout motor drive and magnetic sensor. In June 2023, the company realized the holding of moving Core Micro, with a total stake of 60.14%. The main products and layouts of moving core micro are motor drive and magnetic sensor chips in the fields of home appliances, industry, security, automobile, new energy, server and computing power, etc. after holding moving core micro, it can enhance the layout depth and width of the company's motor drive product line. speed up the introduction and industrialization of new products in server, industrial and automotive fields.
The company's DC/DC products have achieved mass production and are expected to continue to release steadily. The company's full range of DC/DC products in the voltage range of 4.5-40V and current range of 0.6-6A have been mass-produced and are widely used in electrical lighting, household appliances, network communications, security monitoring and other fields. In addition, the company is actively engaged in the research and development of products with high current above 8A and high voltage above 60V, among which 100V high voltage CMCOT architecture DC-DC products have been in the sample delivery stage, mainly used in garden tools, new energy and energy storage, new energy vehicles and other fields.
Support daisy chain application in Dazu and automotive BMS AFE chip research and development continues to advance. The company has launched high / low edge drive BMS AFE chips that can support 110V internal battery management system applications, mainly used in portable, wearable electronic products, power tools, drones, power battery packs, indoor / outdoor energy storage and other fields. For the 200V-800V high voltage range, the company is actively developing and supporting daisy chain cascaded BMS AFE chips and promoting the certification of ISO26262 functional safety standards, targeting large energy storage systems and new energy vehicles.
Profit Forecast: we expect the company's 2023Universe 2024Universe net profit in 2025 to be RMB 0.55 million, respectively, and to maintain a "buy" rating, corresponding to the August 21 share price PE, which is twice that of 59-29-14.
Risk tips: new product research and development is not as expected, downstream expansion is not as expected, consumer demand continues to be weak.