On October 26, 2023, the company disclosed that its revenue in the first three quarters was 1.129 billion yuan, down 19.51% from the same period last year, and its net profit was 122 million yuan, down 34.63% from the same period last year. Of this total, Q3 realized revenue of 389 million yuan, down 25.14 percent from the same period last year, up 1.83 percent from the previous year; and the net profit of returning to its mother was 47 million yuan, down 30.77 percent from the same period last year and up 35.84 percent from the previous year.
Earnings improved in the third quarter, waiting for downstream demand to improve. The company's gross profit margin in the third quarter was 32.1%, up 3.85% from the previous quarter, asset impairment loss and credit impairment loss decreased by 2.34 million and 2.04 million respectively, inventory turnover days decreased by 4.34 days, and ROE7.28%, increased by 2.80%, mainly driven by the increase in net interest rate and asset turnover. With the continued de-stocking of the semiconductor industry in the second half of the year, consumer electronics warming, high growth of AI servers and other factors, the company's demand is expected to pick up, supporting IPO project capacity climbing, germane, hexafluorobutadiene and other high-end products.
The planned project will gradually fall to the ground and look forward to long-term growth. On October 26, the company announced that it plans to invest 800 million yuan to build the "Watt Semiconductor material Research and Development headquarters Project" in Zhongshan City, build a semiconductor gas R & D and production center, and plan to realize the production of ultra-clean and high-purity special gas. relieve part of the production capacity pressure of the company's Foshan headquarters, and consolidate the company's foundation in Guangdong, so far, the company has laid out five key projects in Guangdong, Jiangxi, Jiangsu and Sichuan provinces. The expansion of production capacity at the same time to the high-end layout, is expected to be put into production in batches in 23 years and later to help the company grow for a long time.
As a domestic electronic special gas leading enterprise, the company adjusts its product structure with the downstream, achieves a month-on-month improvement in profit in the third quarter, is optimistic about the company's short-term performance to follow the downstream recovery, and looks forward to the long-term growth brought by the successive commissioning of key projects. It is predicted that the homing net profit of the company from 2023 to 2025 will be 2.00,2.84,386 million yuan, and the EPS forecast will be 1.66,2.36,3.21.The current price of the company's stock corresponds to the PE valuation of 37.95,26.74,19.64 times.
Risk hint
The progress of recovery in the semiconductor industry is not as expected, the progress of new product development and verification is not as expected, raw material price shocks, RMB exchange rate volatility risk.