This report is read as follows:
The company reported results in the middle of 23 years in line with expectations, the company's gross profit margin improved compared with the same period last year, abundant orders on hand, and a new increase in the contribution of intelligent mine equipment business.
Main points of investment:
Maintain the overweight rating and lower the target price to 40.09 yuan. The company's 23H1 performance is in line with expectations.
Considering that the company has sufficient orders on hand and the new increment of intelligent mine equipment contribution, the company's EPS for 23-24 years will be increased to 1.46 yuan 2.00 yuan (the previous value is 1.40 yuan 1.77 yuan), and the company's 25-year EPS is expected to be 2.49 yuan. With reference to the valuation level of the industry, the company is given a 24-year 20x PE, corresponding to a target price of 40.09 yuan (the previous value is 60.69 yuan) to maintain an overweight rating.
The company's 23H1 performance is in line with expectations. The company's 23H1 realized revenue of 640 million yuan, an increase of 32.02% over the same period last year, and a net profit of 78 million yuan, an increase of 39.32% over the same period last year. The sales / management / R & D / financial expense rates were 9.01%, 4.35%, 4.57%, 0.39%, respectively. Of this total, 23Q2 achieved a revenue of 426 million yuan in the single quarter, an increase of 25.16% over the same period last year, an increase of 98.64% over the previous quarter, and a net profit of 58 million yuan, an increase of 48.11% over the same period last year, and an increase of 179.15% over the previous quarter.
The company's gross profit margin improved compared with the same period last year and there are plenty of orders on hand. The company's 23H1 comprehensive gross profit margin is 29.76%, year-on-year + 2.51cpts. As of 23H1, the company's contract debt was 118 million yuan, an increase of 99.70% over the same period last year.
The company's intelligent mine equipment business contributes new increments. The company relies on Shandong Energy Group, Yanzhou Mining Energy's second set of coal mine emergency power products were successfully connected to the grid in Nantun Coal Mine on January 10, and the first set of 1140V coal mining machine long-distance power supply project was put into operation in the Great Wall No. 5 Mine with good results. The 23H1 revenue of the company's intelligent mine equipment business increased by 258.14% compared with the same period last year, contributing to a new increase in performance.
Risk hint. The share of the company's products falls short of expectations; the price war in the industry is more intense than expected.