Event: the company released semi-annual report 2023: 2023H1 achieved revenue of 967 million yuan, an increase of 6.97% over the same period last year; net profit of 346 million yuan, up 6.79%; and net profit of 340 million yuan, up 13.53% over the same period last year. Among them, the company resumed business growth in the second quarter, with quarterly income of 560 million yuan, an increase of 11.54% over the same period last year.
Event comments:
Revenue returned to double-digit growth in the second quarter, and contract liabilities grew rapidly. 2023H1 achieved a revenue of 967 million yuan, an increase of 6.97% over the same period last year, and a net profit of 340 million yuan, an increase of 13.53% over the same period last year. From a quarterly point of view, the revenue of Q1 and Q2 in 2023 was 407 million yuan and 560 million yuan respectively, with year-on-year growth rates of 1.26% and 11.54% respectively, and non-return net profit of 123 million yuan and 271 million yuan respectively, up 16.13% and 12.10% respectively. From a sub-sector perspective, the revenue of color sorters, medical equipment and X-ray industrial inspection machines is 564 million yuan / 303 million yuan / 81 million yuan respectively, accounting for 58.26%, 31.32% and 8.41% of revenue respectively, and the year-on-year growth rate is 5.22% 1.28% and 50.27% respectively. 2023H1's overall gross profit margin of sales was 52.5%, an increase of 1.08 PCT over the same period last year; the contract liability was 105 million yuan, an increase of 57.71% over the beginning of 2023, mainly due to the increase in the company's advance payment, which confirmed the gradual recovery of the company's operation from the side.
Last year, under the high base of H1, the color sorter still grew steadily. 2023H1's color sorter business achieved revenue of 564 million yuan, an increase of 5.22% over the same period last year; gross profit margin was 52.50%, an increase of 2.74PCT over the same period last year, and an increase of 0.98PCT over the end of last year, mainly due to the effective production cost control under the company's stable overall price system. The company is the largest color sorter production base in Asia, with the first intelligent chemical plant and intelligent painting and sheet metal production base in the industry, which effectively improves product quality and production efficiency, and enhances the market competitiveness of the company's products.
Oral CBCT, the overall gross profit margin of the plate remains relatively stable. 2023H1's medical equipment sector achieved revenue of 303 million yuan, a slight increase of 1.28% over the same period last year. During the Beijing Stomatological Exhibition in early June this year, the oral CBCT group purchase activity received 1466 orders. The company adopts a flexible sales strategy. under the complex domestic and foreign environment and the increasingly competitive industry, the overall gross profit margin of the plate remains relatively stable, which is basically the same as that at the end of last year, which is 55.27%. In addition, the company actively strengthens the marketing rhythm of new products, and the spinal surgery navigation equipment that obtained the registration certificate at the beginning of the year has successfully completed the first operation, taking the first step of product marketization. In the first half of this year, the company also officially launched the "Meiya Meiya" oral health digital cloud platform, which has been used by more than 1,000 customers and may bring service performance increments for the company in the future.
Industrial testing business is growing at a high speed. The revenue of 2023H1's industrial testing business reached 81 million yuan, an increase of 50.27% over the same period last year. The company's industrial inspection business is mainly involved in packaged food testing, general industrial product testing (shoes, hats, boxes, clothes, etc.), tire testing and other fields. The company continues to optimize existing products, continuously improve the technical level and stable reliability of products through engineering design and intelligent production, and released a brand-new X-ray inspection machine for small and medium-sized packaging and canned food in the first half of this year. In recent years, in order to meet the needs of real-time, online and rapid detection, more and more enterprises begin to actively seek industrial product safety testing, and the industry has great potential for future development.
Investment advice:
We expect the company's homing net profit from 2023 to 2025 to be 7.86 PE 8.93 / 1.015 billion yuan and EPS 0.89 Universe 1.15 yuan respectively, and the current share price corresponding to PE is 24-21-19 times. Considering the steady growth of the company's color sorter business, oral CBCT business is expected to resume, and industrial testing business is growing rapidly, we maintain its "overweight" investment rating.
Risk Tips:
Overseas market demand slows and domestic CBCT industry recovers less than expected