23Q3 营收环比增长4%，归母净利润环比增长55%23 年Q3 实现营业收入4.27 亿元，同/环比-31.26%/+4.29%；实现归母净利润0.41 亿元，同/环比-63.08%/+54.92%；实现扣非归母净利润0.38 亿元，同/环比-65.59%/+51.80%。23 年Q3 实现毛/净利率25.32%/7.60%,相比22 全年变化-8.34/-4.62pct。盈利能力下滑主要系发展电池壳业务初期成本费用较高，后续随着各在建项目落地，新产线投产进入正常商业化生产后有望改善。23 年Q3 销售/ 管理/ 研发/ 财务费用率分别为1.54%/9.12%/4.04%/3.14%，相比22 全年变化-0.18/+0.84/+0.52/+2.44pct。23Q3 performance increased month-on-month, optimistic about battery shell release.
Slick released three quarterly reports, 23 years Q1-Q3 achieved revenue of 1.132 billion yuan (yoy-11.56%), return to the mother net profit of 105 million yuan (yoy-44.45%). Among them, Q3 realized revenue of 427 million yuan (yoy-31.26%,qoq+4.29%) and net profit of 40.88 million yuan (yoy-63.08%,qoq+54.92%). Considering the delay of the company's battery shell climbing progress, we downgrade the company's battery shell sales forecast, and it is estimated that the EPS for 23-25 years will be 0.23,0.55,0.67 yuan respectively (the previous value is 0.31,0.58,0.70 yuan for 23-25 years).
Reference to comparable company's 24-year Wind consensus expected average PE of 14 times, considering that the company is a can equipment leader, relying on DWI technology to cut into the battery shell track, giving the company 19 times PE in 24 years, with a target price of 10.41 yuan (the previous value is 11.69 yuan), maintaining the "over-holding" rating.
23Q3 revenue increased by 4% month-on-month, and homing net profit increased by 55% month-on-month. Q3 realized operating income of 427 million yuan in 23 years, compared with-31.26% and 4.29% in Q3; realized net profit of 41 million yuan and 54.92% in net profit of-63.08% and 54.92% respectively; and realized net profit of 38 million yuan and 51.80% in non-homing net profit. Q3 achieved a gross / net profit rate of 25.32% / 7.60% in 23 years, compared with the full-year change of 22-8.34/-4.62pct. The decline in profitability is mainly due to the high initial cost of developing the battery shell business, and with the landing of various projects under construction, the new production line is expected to improve after it is put into normal commercial production. The 23-year Q3 sales / management / R & D / financial expense rate is 1.54%, 9.12%, 4.04%, 3.14%, respectively, compared with the annual change of 22-0.18/+0.84/+0.52/+2.44pct.
DWI technology innovation transfer, battery shell business is accelerating
The company transforms from the can equipment faucet to the downstream battery structure, and applies the can-making DWI process to the battery shell manufacturing of the new energy vehicle, which will help to improve product consistency, production efficiency, reduce production costs, and is expected to open up room for growth. In the first half of 23, the company's battery shell business achieved an operating income of 285 million yuan, an increase of 415.07% compared with the same period last year. The square shell production line of the dwi process is under installation and commissioning, and the two-way transformation line of the acquired equipment of Changzhou and Sheng is already in trial production. The company is speeding up the construction process of each base under construction to ensure the smooth landing of the investment project and realize the further development of the battery shell business.
The main business continues to maintain its dominant position, and the overseas layout is actively being planned.
In terms of business planning, on the basis of maintaining the leading industry position of traditional business technology, the company promotes the cross-dimensional development of high-speed easy-to-pull lid and can production lines in the field of new energy battery shell, increase investment in technology grafting, R & D, upgrading and marketing of new energy battery shell business products, expand the scale of new energy battery shell industry, and build a new engine for the company's long-term growth. The battery shell business in Europe and the United States is under active planning, including site selection, including contact with customers, and the company will keep pace with the pace of customer development. at the same time, combined with the requirements of local new energy vehicles, new energy energy storage related policies to determine the pace of development.
Risk tips: upstream sales of new energy vehicles are not as expected, project progress is not as expected, and competition in the industry is intensified.
