积极拓展储能、数据中心等新业务，产品结构持续优化。公司专门成立了针对储能产品和大数据超算领域管路系统的市场开发和技术保障团队。储能领域，已经与G 客户、B 客户、Q 客户等四十余家储能客户建立了商务洽谈或合作关系，储能产品实现了批量供货；数据中心领域，公司对某大数据服务器公司使用的冷却系统管路产品已经研发成功，并经1 号客户验证合格，该类产品目前主要以国外进口产品为主，川环率先填补国内空白具有后续进口替代，实现该业务快速增长的优势。Event: the company released the third quarter report of 2023 on October 17. The 23-year Q1-Q3 achieved operating income of 746 million yuan, + 18.5% year-on-year, and net profit of 109 million yuan, + 28.3%, deducting 106 million yuan of non-return net profit, + 29.6% of the same period last year.
Comments:
Profitability improved significantly, and the performance of Q3 reached an all-time high. Benefiting from the increase in production capacity and strong demand from downstream customers, the performance has achieved steady growth, and the increase in gross profit margin is mainly due to the decline in raw material prices and the increase in self-sufficiency rate. In 2023, Q3 achieved operating income of 286 million yuan (year-on-year + 18.9%), net profit of 47 million yuan (year-on-year + 43.2%), gross sales margin of 25.4% (year-on-year + 2.2pct) and net sales margin of 16.5% (year-on-year + 2.8pct).
Actively expand energy storage, data center and other new business, product structure continues to optimize. The company has specially set up a market development and technical support team for energy storage products and big data supercomputing pipeline system. In the field of energy storage, it has established business negotiations or cooperation with more than 40 energy storage customers, such as G customers, B customers, Q customers, and so on, and the energy storage products have been supplied in bulk. In the field of data center, the cooling system pipeline products used by a big data server company have been successfully developed and verified by customer No.1, which are mainly foreign imports at present. Chuanhuan takes the lead in filling the domestic gap with the advantage of subsequent import substitution to achieve the rapid growth of the business.
Actively carry out the layout of production capacity and improve the self-sufficiency of products. The company sets up injection molding branch and processing center, changes the original outsourcing parts, moulds and tooling into self-made, the injection molding branch produces plastic joints, O-rings, sealing rings, etc., and the processing center produces tooling moulds, inspection tools and tooling, reducing intermediate links, reducing procurement costs, reflecting the advantages of integration and integration, and complying with the requirements of customers for the integration of products. In addition, the plant under construction in 2023 will be put into production one after another to further enhance the company's production capacity.
Profit forecast and investment rating: the company is the leading automotive thermal management leader in China, actively expanding energy storage, data center and other new business, performance is expected to achieve rapid growth. We expect the company's 2023-2025 net profit to be 1.65,2.11 and 257 million yuan, corresponding to 22, 17 and 14 times PE respectively, maintaining a "buy" rating.
Risk factors: raw material price fluctuations, capacity release is not as expected, customer development is not as expected, supporting model sales are not as expected.