The company released its three-quarter report for 2023, with revenue of 592 million yuan in the first three quarters, an increase of 28.75% over the same period last year, and a net profit of 79.2 million yuan, an increase of 95.26% over the same period last year.
Comments:
Maintain high revenue and profit growth in the third quarter. 23Q3 realized revenue of 238 million yuan, an increase of 54.29% over the same period last year, an increase of 18.2% over the previous year, and a net profit of 37.6679 million yuan, an increase of 105.54% over the same period last year and 24.9% over the previous year. The gross profit margin / net profit margin of 23Q3 is 35.92% / 15.84% respectively, an increase in 8.42pct/3.95pct over the same period last year and an increase in 2.14pct/0.85pct compared with the previous year. The decline in major material costs and LNG costs in the first three quarters led to an increase in the company's profitability. The sales / management / R & D / financial expense rates for the first three quarters were 5.69%, 5.75%, 4.73%, 0.7%, respectively, with a year-on-year change of 0.0pct/-0.44pct/-0.53pct/2.05pct. The net cash flow of business activities in the first three quarters was 53.8455 million yuan, an increase of 604.9% over the same period last year, and the sales rebate was good during the reporting period.
The degree of prosperity downstream of the vacuum insulation plate remains high. The energy efficiency standards of refrigerators in the European Union and other countries and regions have been improved, and the demand of global refrigerator enterprises for vacuum insulation plates continues to grow. At the same time, refrigerator and cabinet integration is becoming a new trend of domestic consumption because of its simple aesthetics and high space utilization. Major refrigerator enterprises increase the market volume of ultra-thin embedded refrigerators and other high-end products, thus increasing the purchase of vacuum insulation plates. The company continued the strong sales trend in the first half of the year in the third quarter, and its operating income increased by a large margin.
Actively expand production to deal with the downstream market of Gaojing. In the first half of the year, the company's initial fund-raising investment project "annual output of 3.5 million square meters of ultra-low thermal conductivity vacuum insulation plate expansion project" completed the established construction plan, basically reached the planned target production capacity. In addition, the company completed the issuance of convertible bonds during the reporting period, and the convertible bond funds will be used for the "set vacuum Industry Manufacturing Base (Phase I)" project of the subsidiary Anhui set. The project has started construction in order to achieve the new annual production capacity of 5 million square meters of vacuum insulation board, and the company's market share is expected to continue to increase.
The company's vacuum glass production line equipment adjustment, and has begun to carry out the corresponding proofing and sample delivery. According to the company's record sheet of investor relations activities in August 2023, the company completed the full linkage of the vacuum glass production test line in the first half of the year, but has not yet achieved batch production and sales. At present, the company optimizes the problems exposed in the operation of the equipment, and at the same time carries out proofing and sending samples to meet the needs of some foreign customers.
Maintain the company's "overweight" rating. It is estimated that the company's net profit from 2023 to 2025 will reach 1.14,1.68 and 243 million yuan respectively, an increase of 79%, 47% and 44% over the same period last year, with a corresponding valuation of 29, 20 and 14 times.
Risk hint: project production does not meet expectations, valuation and profit forecast do not meet expectations.