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星帅尔(002860):Q3业绩再超预期 增收降本释放弹性

Star Shuaier (002860): Q3 performance further exceeded expectations, increased revenue and reduced costs, unleashed flexibility

信達證券 ·  Oct 15, 2023 00:00

Event: the company issued a forecast of results for the first three quarters of 2023. From January to September, the company is expected to achieve a net profit of 174million yuan, 60.21million yuan, 69.91% compared with the same period last year, and an estimated net profit of 1.63 million yuan, 84.53% of the same period last year.

The photovoltaic business continues to expand, helping the company's Q3 performance to continue to grow high. In a single quarter, Q3 is expected to achieve a net profit of 0.58 billion yuan, which is expected to be + 83.19 million yuan, 116.49% compared with the same period last year, and 0.53 million yuan, 147.86% over the same period last year, continuing the high growth trend in the previous quarter, and the profit level has improved significantly. The company has a good momentum of business development at home and abroad, with sufficient orders, especially the photovoltaic module business has brought a strong driving force for the company's business performance. At the same time, it has achieved remarkable results in reducing costs and increasing profits. The company expects to ship about 1.5-1.7GW of photovoltaic modules for the whole year, with a production and sales rate of more than 100%. Based on the 1.1 billion revenue corresponding to 0.8GW shipments in the first half of the year, we estimate that Q3 photovoltaic module revenue in a single quarter is about 50.6 billion yuan, and that for the whole year is about 212.4 billion yuan. Looking forward to the follow-up, the company's "annual production of 2GW high-efficiency solar photovoltaic module project" is expected to be completed and put into production by the end of this year, and the performance is expected to continue to grow with the new capacity digestion.

The business of household appliance parts and motors is sound, and the layout of new energy fields such as energy storage continues to deepen. In terms of home appliance parts and motor business, the market vitality has gradually recovered since the beginning of this year, and the situation of customers and orders has remained sound. With the continuous popularity of new intelligent household appliances, new energy vehicle air conditioning motors and other products, the company's home appliances and motor business still has a steady and sustainable development ability in the future. In addition, the company continues to deepen the layout of other products in the field of new energy, and actively promote the development of energy storage and other projects. at present, photovoltaic modules and energy storage supporting systems have been supplied in small quantities.

Profit forecast and investment rating: we estimate that the company's operating income for 23-25 is RMB 330,281,858 million, respectively, which is + 69.3% and 18.6% respectively compared with the same period last year. The net profit of the home company is RMB 2.36pm, which is RMB 314,370 million, which is 17.9% compared with the same period of last year. The corresponding PE is 16.74, 12.60, 10.68 times. Maintain a "buy" rating.

Risk factors: capacity construction is not as expected, raw material prices fluctuate, exchange rate fluctuations, market demand is not as expected, industry competition intensifies, and so on.

The translation is provided by third-party software.


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