2、1H23 锂电池研发投入增加，利润表现超预期。1)毛利率：1H23毛利率为14.61% ， 同比+0.46pct ； 2Q23 毛利率为14% ， 同比+1.58pct;2）费用率：1H23 公司三费费用率为8.19%，同比+0.23pct，主要系薪酬及广告宣传费增加；研发费用率同比+0.38pct，主要系锂电池项目研发费用增加;3）归母净利润：1H23 归母净利2.8 亿，同比+38.06%。Company comments:
Event: the company recently released its semi-annual report for 2023. 1H23's revenue / return net profit / non-return net profit is 6.531 billion / 280 million / 245 million, which is + 6.79%, 38.06% and 0.58%, respectively, compared with the same period last year.
1. 1H23 revenue is stable and improving, and the supporting business of commercial vehicles has increased by 14% compared with the same period last year. 1H23's revenue was 6.531 billion, + 6.79% year-on-year, mainly due to an increase in low-voltage battery sales. The company has made great efforts to develop the market for fuel vehicles and new energy vehicles. The sales volume of 1H23's mainframe supporting market has increased by about 1.5% over the same period last year, and its market share is about 48.6%, of which the sales volume of commercial vehicle supporting market has increased by about 14% over the same period last year.
2. 1H23 lithium battery research and development investment increased, profit performance exceeded expectations. 1) Gross profit margin: 1H23 gross profit margin is 14.61%, year-on-year + 0.46pct; 2Q23 gross profit margin is 14%, year-on-year + 1.58 0.23pct 2) expense rate: 1H23 company three expense rate is 8.19%, year-on-year + 0.23pct, mainly due to the increase in salary and advertising expenses; R & D expense rate is year-on-year + 0.38pct, mainly due to the increase in research and development expenses for lithium battery projects; 3) homing net profit: 1H23 return net profit of 280 million, year-on-year + 38.06%.
3. Accelerate the harvest of low-voltage lithium electricity at a fixed point, and the quantity can be released in the future. The company actively develops and promotes 12V/24V/48V low-voltage lithium products and completes 17 project assignments during the reporting period. Among them, 12V Lithium has newly realized a number of models of Chery, Dongfeng, Geely and other traditional car companies and two well-known new car manufacturing companies in China; 24V Lithium has realized the fixed points of BAIC Foton, 01 heavy truck, Valin, Sany Group, Yutong bus, Shanhe Intelligence, Dongfeng well-off and other projects and Daimler's project; 48V Lithium has obtained the fixed point of Volkswagen dual power system project.
4. Actively improve the supply chain system, energy storage business is expected to blossom more. The company's energy storage supply chain system tends to be improved: 1) in the aspect of industrial energy storage, it provides industrial and commercial energy storage system solutions around electric power enterprises, energy groups and large industrial and commercial enterprises. During the reporting period, the main acceptance work of three projects was completed and one energy storage project was signed. In terms of household energy storage, it focuses on expanding the overseas household energy storage market and providing household energy storage system solutions. By the end of the reporting period, a number of energy storage products have been certified in Europe, North America, Oceania and Africa, and have been sold to many countries such as Europe, North America and Africa.
Investment strategy:
The company is expected to make a net profit of 8.2 billion RMB 1.16 billion yuan in 2025. Cover for the first time, giving a "buy" rating.
Risk Tips:
Raw material price fluctuation risk, new energy business risk, exchange rate fluctuation risk and so on.
