Event: on October 25, the company released its quarterly report for 23 years, with revenue of 4.106 billion yuan in the first three quarters, 3.85% of the same period last year; net profit of 1.142 billion yuan, 8.1% of the same period last year; and deduction of 878 million yuan of non-net profit, 15.76% of the same period last year.
The performance is in line with expectations. From a quarterly point of view, 23Q3's revenue was 1.477 billion yuan, 39.30% year-on-year and 2.54% month-on-month, and its net profit was 411 million yuan, 35.44% year-on-year and-0.05% month-on-month. 23Q3 performance slightly improved, mainly due to: high capacity MLCC in short supply, performance growth; ceramic plug, PKG short-term pressure. As consumer electronics demand picks up and overlays the industry chain to replenish inventory, 23Q4 performance is expected to accelerate improvement.
The gross profit margin decreased compared with the same period last year, and the rate increased during the period. 1) Gross profit margin: 39.78% in the first three quarters, year-on-year-5.03pct. Among them, 23Q3 gross profit margin 39.88%, year-on-year + 1.06pct, month-on-0.12pct.
The year-on-year decline in gross profit margin in the first three quarters is mainly due to the decline in the proportion of high gross margin inserts and substrates, and the increase in the proportion of MLCC with relatively low gross margin. The change in product structure has led to a decline in gross profit margin. 2) period rates:
The rate for the first three quarters is 14.18%, year-on-year + 0.49pct. Among them, the sales, management, R & D and financial rates are 1.23%, 6.96%, 9.38%, 3.39% and 0.89 pct, respectively, compared with the same period last year.
Industry cycle recovery superimposed high capacity and vehicle gauge-level MLCC have been released one after another, contributing to performance growth. The company's MLCC products continue to develop in the direction of high capacity, miniaturization and high reliability, constantly achieve technological breakthroughs and quality improvement, market recognition has been gradually improved, and the coverage of downstream application fields has become increasingly extensive. 1) High capacity: the market space of high capacity is vast, at present, the market is basically monopolized by Japanese and Korean manufacturers, the company achieved high capacity MLCC 0-1 batch in 22 years, and in the future it will continue to seize the share of Korean and Japanese manufacturers by virtue of high performance-to-price ratio; 2) car regulations: with the continuous infiltration of automobile electrification and intelligence, the demand for vehicle gauge-level MLCC has increased significantly. The company's car specification-level MLCC has been sold in bulk. In addition, the company's ceramic substrate, slurry, PKG and other businesses also gradually recover with the downstream demand; SOFC diaphragm board demand continues to be strong.
Profit forecast: based on the weak consumer electronics demand in the third quarter, the 23-25 net profit was lowered to 15.2,22.2 and 3.01 billion yuan (the previous value was 16.6,24.0 and 3.21 billion yuan), maintaining the "buy" rating.