Event: the company issued a forecast for the third quarter of 2023. The company's 2023Q1-Q3 expects to achieve a net profit of 134 million yuan, or + 55% million yuan, compared with the same period last year, and to deduct a non-net profit of 1.48% to 158 million yuan, which is 65% higher than that of the same period last year.
Comments:
The performance of 23Q3 increased from the same period of the previous month. 23Q3 achieved a net profit of 0.74 billion yuan to 83 million yuan, which was + 70% to 90% compared with the same period last year, and non-net profit of 0.67 billion yuan to 0.77 million yuan, which was + 62.87% over the same period last year. Measured by the company's 23Q30.79 billion yuan return net profit center, the month-on-month ratio is + 227.1%; with 72 million yuan deducted from the non-net profit center, the quarter-on-quarter performance of + 44.0% Ma 23Q3 is outstanding.
Charging pile-cockpit business two-wheel drive, steam zero business contribution is mainly incremental. 1) charging pile business:
The company 23Q3 new energy customer orders speed up the landing, the company's main products in the new power of car building and independent brands in the penetration rate; 2) cockpit business: electric hidden tuyere, photoelectric touch surface and other innovative products permeability increase, the value of a bicycle continues to grow.
Overseas markets are expected to open up new increments. The cooperation project between the company and the global leading new energy vehicle customers is progressing smoothly; the production of several production bases in Europe and North America is further expanded, and the annual production capacity of Mexico is expected to expand to 1 billion yuan in 2023, and the overseas annual production capacity is expected to reach 3.5 billion yuan. The continuous landing of new overseas orders is expected to become a new performance growth point of the company.
Profit forecast: the company is full of orders on hand, the new energy business is growing rapidly, and the production capacity of overseas factories is advancing in an orderly manner. We are optimistic about the long-term development of the company. Considering the rapid growth of the company's performance in the first three quarters of 23 years, we raise our profit forecast. We predict that the company's net profit from 2023 to 2025 will be 195 million yuan, 259 million yuan and 341 million yuan, an increase of 126.6%, 32.6% and 31.4% over the same period last year, corresponding to 1.48,1.96,2.58 yuan in EPS, and PE is twice as much as in 24-18-14.
Risk factors: overseas market development is less than expected risk; overseas orders for weighing products reduce risk; exchange rate fluctuation risk and so on.