Event: the company released its mid-2023 report.
2023H1:
1) realized revenue of 967 million yuan, year-on-year + 6.97%; net profit of 346 million yuan, + 6.79%; and non-return net profit of 340 million yuan, + 13.53% of the same period last year.
2) Gross profit margin 52.5%, year-on-year + 1.08pct; return net profit margin 35.8%, year-on-year-0.06pct; deduction of non-home net profit margin 35.17%, year-on-year + 2.03pct.
3) the expense rate for the period is 13.67%, year-on-year + 0.44pct, and the sales / management / R & D / financial expense rate is 9.05%, 4.5%, 5.03%, 4.91%, respectively-0.23/-0.19/+0.29/+0.57pct.
2023Q2:
1) achieve revenue of 560 million yuan, year-on-year + 11.54%, month-on-month + 37.69%; return-to-mother net profit 221 million yuan, year-on-year + 5.03%, month-on-month + 76.96%; deduct non-return net profit of 217 million yuan, + 12.1%, month-on-month + 76.25%.
2) Q2 single-quarter gross profit margin of 51.57%, year-on-year-1.08pct, month-on-month ratio-2.22pct; return-home net profit margin of 39.49%, year-on-year-2.45pct, month-on-month ratio + 8.76pct; deduction of non-return net profit margin of 38.74%, year-on-year + 0.2pct, month-on-month + 8.48pct.
Performance split:
1) Color sorter revenue 564 million, year-on-year + 5.22%, accounting for 58.26% of revenue, gross profit margin 50.44%, year-on-year + 2.74pct
2) Medical equipment revenue 303 million, year-on-year + 1.28%, accounting for 31.32% of revenue, gross profit margin 55.27%, year-on-year-2.94%
3) the revenue of X-ray equipment is 81 million, which is + 50.27% compared with the same period last year.
Comments:
Color sorter: 1) the company has densely released a variety of new color sorters, such as special color sorter for small leaf tea, the industry's first UV color sorter, UHD deep learning color sorter, integrated plastic bottle sorting equipment, etc., the new products are built by an intelligent factory based on deep learning technology to improve color sorting performance and reliability. 2) the company released the first grain and food industry Internet platform in China: Meiya Zhaopin Industrial Internet platform, which uses the Internet of things, artificial intelligence and other technologies to provide customers with digital factory solutions to promote the digital transformation of the rice processing industry.
High-end medical imaging equipment: 1) the Pure-Detail image enhancement technology launched by the company can more clearly restore the details of bone tissue and soft tissue structure; 2) released the new high-end seated oral CBCT,6 during the Beijing oral exhibition at the beginning of this month, the oral CBCT group purchase activity received 1466 orders. 3) release the "Meiya Meiya teeth" oral health digital cloud platform, based on truly solving the pain points of clinic management and meeting the intelligent needs of diagnosis and treatment, and promote the digital development of the oral industry.
X-ray industrial testing equipment: the release of a new small and medium-sized packaging, canned food X-ray testing machine, equipped with deep learning and four-angle technology, can not only accurately identify and remove foreign bodies, but also comprehensively improve the identification range and detection efficiency.
Profit Forecast: we expect the company's 23-25 net return to be 8.23 million, 9.79 million, and corresponding PE 23.87, 20.05, 16.72X respectively, maintaining a "buy" rating!
Risk tips: increased competition in color selection and industrial testing markets, less than expected expansion of public hospitals, less than expected overseas expansion, and so on.