解决方案业务大增，Q2 单季营业收入增速转正。业绩方面，公司上半年实现营业收入3.08 亿元，同比下降11.43%，Q2 单季实现营业收入1.90 亿元，同比转正。产品方面，龙芯1 号在智能门锁、跑步机/健步机、电动工具领域实现较强竞争力；龙芯3 号服务器解决方案销量明显提升，贡献收入超过1 亿元。因产品结构发生较大变化，公司上半年整体毛利率为35.91%，同比下滑19.05pct。其中，工控类芯片实现营业收入1.12 亿元，同比减少36.76%，毛利率68.03%，较去年下降7.72pct；信息化业务实现营业收入3805.27 万元，同比减少54.91%，因销量下降和固定成本分摊影响致毛利率下降14.30pct，实现毛利率10.50%；解决方案业务因市场方针调整，业务大幅增长，实现营业收入1.57 亿元，同比增长85.39%。Items:
Recently, the company released its semi-annual report of 2023, with operating income of 308 million yuan in the first half of the year, down 11.43% from the same period last year; net profit of-104 million yuan, down 216.92% from the same period last year; and deducting non-return net profit of-175 million yuan. Q2 achieved operating income of 190 million yuan in a single quarter, an increase of 14.24% over the same period last year; net profit of-31.61 million; deduction of non-return net profit of-79.56 million yuan.
Comments:
The solution business increased greatly, and the Q2 single-quarter operating income growth rate became positive. In terms of performance, the company achieved operating income of 308 million yuan in the first half of the year, down 11.43% from the same period last year. Q2 achieved operating income of 190 million yuan in a single quarter, becoming a regular employee in the same period last year. In terms of products, Godson 1 has achieved strong competitiveness in the fields of intelligent door locks, treadmill / treadmill and power tools; Godson 3 server solution sales have significantly increased, contributing income of more than 100 million yuan. Due to great changes in product structure, the company's overall gross profit margin in the first half of the year was 35.91%, down 19.05pct from the same period last year. Of this total, the operating income of industrial control chips was 112 million yuan, down 36.76% from the same period last year, and the gross profit margin was 68.03%, down 7.72 pct from last year; the operating income of information business was 38.0527 million yuan, down 54.91% from the same period last year, and the gross profit margin decreased by 10.50% due to the decline in sales and fixed cost sharing. Due to the adjustment of market policy, the solution business grew significantly, with an operating income of 157 million yuan, an increase of 85.39% over the same period last year.
Point noodles, vertical and horizontal combination, the company transformed into the open market. The company launched a three-year transformation from 2022 to 2024, striving to get rid of its dependence on the policy market and open an open market with full competition. To this end, the company has formulated a point-to-face combination, vertical and horizontal combination of work policy. "Point" focuses on several sub-areas, namely, MCU for hardware and electronics applications, SoC for printer applications, storage server and cloud terminal system solutions, etc.; "noodles" is the product platform and industrial ecological construction. In the first half of the year, the company developed a new product 3A6000 streaming, which is more than 60% higher than that of the previous generation 3A5000 desktop CPU under the same process. "Vertical" in order to adopt a flexible business model, through solutions to drive chip sales at a specific stage; "horizontal" refers to Godson is an ecological enterprise, mainly to sell chips.
Continue to increase personnel and investment, product competitiveness continues to iteratively upgrade. The company's R & D investment in the first half of 2023 was 268 million yuan, an increase of 65.57% over the same period last year. By the end of June, the number of R & D personnel in the company was 620, accounting for 67.61% of the total number of the company, compared with 580 in the same period last year, accounting for 65.91%. The total number and proportion of R & D personnel have increased. At the same time, the competitiveness of the company's products continues to strengthen. In terms of core technology, LA664 processor core completes taping; in chip research and development, we continue to increase R & D investment in improving independent controllability and cost performance; in terms of basic software, we further strengthen R & D investment in the basic operating system and constantly improve the software ecology.
Investment suggestion: considering that the company is in the middle of a new three-year transition (2022-2024) and its performance has declined, we estimate that the operating income in 2023-2025 will be RMB 10.93 million, with a corresponding growth rate of 47.9%, 51.6% and 49.7%. The net profit returned to the home was 120 million yuan, with a corresponding growth rate of 132.3 percent, 164.2 percent, and 57.5 percent, respectively (the previous forecast for 2023-2024 was 641 million yuan, a year-on-year growth rate of 33.1 percent, 26.5 percent), and was given a "strong push" rating.
Risk tips: market development is not as expected; market competition is intensified; customer concentration is high.
