光电系统和FC产品业务迎来业绩增长期。报告期内公司军品稳步发展，整体营收保持稳定。高性能传输线缆和组件营业收入(3.92亿元，-12.76%)，毛利率(39.88%，同比-9.18pcts)，基础业务板块线缆组件收入下滑，同时交付产品结构有所变化，导致毛利率有所下降;光电系统和FC产品实现营业收入(1.81亿元，同比+62.21%)，毛利率(60.38%，同比+27.41pcts)，集成业务板块中FC产品业务占比提升明显，提高了板块毛利率。公司围绕光电传输链路、新一代高速光纤网络、仿真与测试技术、光电系统集成、轨道交通及民用航空等产业方向全面发展，也推动了FC产品业绩的快速增长。公司Q2由于产品结构变化，导致整体营收和毛利率增长不大。Summary of the report
Event: the company announced on August 22nd that 2023H1 realized revenue (576 million yuan, + 1.87%), net profit (97 million yuan,-7.90%), gross profit margin (46.29% score 0.50pcts), and net profit margin (16.89% Morelle 1.79pcts). 23Q2 realized revenue (254 million yuan, year-on-year-2.62%, month-on-month-21.12%), net profit (34 million yuan, year-on-year-33.46%, month-on-month-46.03%), gross profit margin (44.97%, year-on-year-1.87pcts, month-on-2.36pcts), net profit rate (13.30%, year-on-year-6.25pcts, month-on-6.42pcts).
Focus on military electronics to promote the coordinated development of optoelectronic industry. The company focuses on military business, focusing on the field of military electronic information, mainly engaged in military optoelectronic cables and components, optoelectronic components, FC optical fiber high-speed network products, mainly used in aviation, aerospace, warships, electronics and weapons five major military fields. The company has also developed commercial civilian products markets such as rail transit, railway construction, commercial aircraft and 5G communications, and has made great progress in the localization of domestic products in the field of rail transit and civil aviation. Communication cables for rail transit equipment have obtained CRCC product certification, have the qualification of rail transit EMU supply, and have formed batch supply in urban rail transit. Large cross-section winding products have entered the commercial aircraft catalogue, and the first batch of commercial aircraft catalogue winding products have been matched for domestic large aircraft C919 and regional airliner ARJ21.
Optoelectronic systems and FC products business ushered in a period of performance growth. During the reporting period, the company's military products developed steadily and the overall revenue remained stable. Revenue from high-performance transmission cables and components (392 million yuan,-12.76%), gross profit margin (39.88%, year-on-year-9.18pcts), decline in revenue from cable components in the basic business plate, and changes in the structure of delivered products, resulting in a decline in gross profit margin Optoelectronic systems and FC products realized operating income (181 million yuan, year-on-year + 62.21%) and gross profit margin (60.38%, year-on-year + 27.41pcts). The proportion of FC products in the integrated business plate increased significantly, resulting in an increase in gross profit margin. The company's comprehensive development around optoelectronic transmission links, new generation high-speed optical fiber networks, simulation and testing technology, optoelectronic system integration, rail transit and civil aviation has also promoted the rapid growth of FC product performance. Company Q2 due to changes in product structure, resulting in a small increase in overall revenue and gross profit margin.
Profitability is slightly higher than last year. The company's first-half gross profit margin (46.29% focus 0.50pcts); sales expenses (19.956 million yuan, + 2.99%), management expenses (65.5822 million yuan,-0.11%), financial expenses (587600 yuan,-87.23%). The sharp reduction in financial expenses is mainly due to the small scale of the current loan.
Investment in R & D continues to grow to improve the core competitiveness of products. The company's R & D expenditure in the first half of the year (47 million yuan, + 19.19%); the company's R & D expenditure continued to grow from 2020 to 2022 (62 million yuan, 72 million yuan, 90 million yuan respectively), focusing on military equipment and civilian products, improving the core competitiveness of products and the company's independent and controllable ability. During the reporting period, the company continued to invest in optoelectronic cables for aerospace, new optical transmission connectors and components, new generation FC optical fiber bus and optoelectronic integrated products, communication cables for rail transit vehicles, commercial aircraft wrapped wires and other new research products won customer recognition in the market promotion and market competition, successfully applied to new equipment and formed orders to enhance production capacity and supply capacity, and strengthen the supply chain support capacity. The company raised 314 million yuan in 2021 and used a total of 160 million yuan by the end of the reporting period, with a cumulative progress of 50.91%. The company enhances the comprehensive delivery capacity by means of production line capacity expansion, equipment automation transformation, MES production information promotion and so on, ensuring the delivery supporting tasks of many key models of the country. Among them, the production capacity in the field of aerospace cables and system components has been greatly increased, the new production line base has been put into use one after another, and the follow-up production capacity has been gradually released according to demand, effectively ensuring the matching equipment of the 14th five-year Plan. In the field of civil products, by storing capacity in advance, optimizing management and business processes, and adapting to the rapid response mechanism of civil products, it has been widely recognized by customers such as CRRC, Railway Construction heavy Industry, China Railway equipment, Comac and so on.
Investment advice:
1. The company gathers military optoelectronic cables and components, optoelectronic components, FC optical fiber high-speed network products, benefiting from the demand for military aircraft and the company's entry into the commercial aircraft catalogue, the company's performance will directly benefit.
two。 The performance of optoelectronic systems and FC products has increased by more than 60%, ushering in a stage of rapid development, which is expected to become an important support for the company's business and good for the company's future growth.
3. The company's R & D investment has continued to grow in recent years, focusing on the field of military equipment and civilian products, product core competitiveness and market share, as well as the company's independent and controllable ability are among the industry leaders.
4. The company raised funds to expand production capacity, the new production line base has been put into production one after another, and the delivery and supporting tasks of many key models in the country have been guaranteed.
We estimate that the company's operating income from 2023 to 2025 will be 1.157 billion yuan, 1.444 billion yuan and 1.76 billion yuan respectively, and its net profit will be 213 million yuan, 268 million yuan and 348 million yuan respectively, the EPS will be 0.68,0.87 yuan and 1.13 yuan respectively, and the PE will be 24 times, 19 times and 14 times respectively, maintaining the "buy" rating.
Risk Tips:
The risk of intensified market competition, the risk of insufficient demand in the downstream market, and the periodic risk of ordering military products.
