1）实现营收7.64 亿元，同比+2.72%，环比+8.51%；实现归母净利润0.96亿元，同比+12.06%，环比+33.38%；实现扣非归母净利润1.14 亿元，同比-5.91%，环比+91.64%。2）Q2 单季度毛利率28.68%，同比+0.44pct，环比-4.22pct；归母净利润率12.52%，同比+1.04pct，环比+2.33pct；扣非归母净利润率14.89%，同比-1.37pct，环比+6.46pct。3）期间费用率为8.22%，同比+2.11pct，销售/管理/研发/财务费用率分别为2.16%、8.36%、5.53%、-7.83%，同比分别变动-0.13、+0.18、+0.83、+1.23pct。2023H1:
1) realize revenue of 1.469 billion yuan, year-on-year + 0.27%, return net profit of 167 million yuan, + 8.18% year-on-year, and deduct non-return net profit of 173 million yuan,-8.22%. 2) H1 gross profit margin is 30.71%, year-on-year + 2.66pct; return net profit margin is 11.4%, year-on-year + 0.83pct; deduction of non-home net profit margin is 11.79%, year-on-year-1.09pct. 3) the expense rate during the period is 13.32%, year-on-year + 3.52pct, sales / management / R & D / financial expense rate is 2.64%, 8.96%, 5.06%,-3.34% respectively, with year-on-year changes of + 0.71%, + 1.12%, + 0.23%, + 1.46pct.
2023Q2:
1) achieve revenue of 764 million yuan, year-on-year + 2.72%, month-on-month + 8.51%; achieve return-to-mother net profit of 96 million yuan, year-on-year + 12.06%, month-on-month + 33.38%; realize non-return net profit of 114 million yuan, year-on-year-5.91%, month-on-month + 91.64%. 2) Q2 single-quarter gross profit margin of 28.68%, year-on-year + 0.44pct, month-on-month ratio-4.22pct; return-to-mother net profit margin of 12.52%, year-on-year + 1.04pct, month-on-month + 2.33pct; deduction of non-return net profit margin of 14.89%, year-on-year-1.37pct, month-on-month + 6.46pct. 3) the expense rate during the period is 8.22%, year-on-year + 2.11pct, sales / management / R & D / financial expense rate is 2.16%, 8.36%, 5.53%,-7.83% respectively, with year-on-year changes of-0.13%, + 0.18%, + 0.83%, + 1.23pct respectively.
From a sub-industry point of view, air-conditioning motors and components / washing machine motors and components / industrial control motors and components / medical and sports health motors and components / auto parts / small household appliances motors and components / refrigerator motors and components achieve revenue of 4.0pm 1.50lash 1.50lash 1.80pm 1.48pm respectively. Compared with the same period last year, + 1.62% + 5.53% + 1.62% + 5.53% + 6.60% 3.71% + 22.43% 14.31% and 6.96% respectively The gross profit margin is 24.27%, 21.75%, 42.25%, 46.29%, 28.31%, 26.90%, 33.79%, respectively, + 2.24pct/+5.24pct/+3.80pct/+4.95pct/+2.42pct/+0.74pct/+3.88pct.
Business situation:
① product research and development: new products such as automotive and electronic water pumps for energy storage are mass produced in new energy commercial vehicles, energy storage and other fields; automotive lidar motors enter the stage of mass production, automotive electric air conditioning actuators and active safety motors enter the sample testing stage, automotive electric air conditioning compressor controllers enter the mass production stage, and air conditioning brushless motors enter the mass production stage. The voice coil motor for medical instrument ventilator is in the stage of mass production; in the field of industrial control, micro sliding screw, planetary ball and roller screw, brushless hollow cup motor and its precision transmission components, servo motor are currently in the sample testing stage.
② factory situation: 1) there are two provincial technical centers and one provincial intelligent factory of Jiangsu Province Micro Motor Manufacturing High efficiency Automation equipment Engineering and Technology Research Center and Jiangsu Enterprise Technology Center; 2) there are 39 automation production lines.
Profit forecast: the company's net profit from 2023 to 2025 is expected to be 365,000,000 yuan, corresponding to a PE of 26.64Universe 20.79x18.08, maintaining a "buy" rating.
Risk tips: new business orders are not as expected, exchange rate fluctuations, repeated COVID-19 epidemic and other risks.