On October 26, 2023, the company disclosed that its revenue in the first three quarters was 1.426 billion yuan, an increase of 11.02% over the same period last year, and its net profit was 143 million yuan,-51.44% compared with the same period last year.
Of this total, Q3 achieved a revenue of 525 million yuan in a single quarter, an increase of 17.98% over the same period last year, and a net profit of 46 million yuan, a year-on-year increase of-42.81%.
3Q23 revenue maintained year-on-year growth, MOSFET industry competition intensified performance short-term pressure. 2023Q3 achieved a single-quarter revenue of 525 million yuan, + 17.98% year-on-year, + 5.42% month-on-month; the net profit after deduction was 37.03 million yuan,-44.58% compared with the same period last year. In 2023, the consumer market demand was weak, the company's thyristor and other stock business was under pressure, and the capacity utilization rate of the thyristor production line was not full, resulting in a rise in unit cost and a decline in gross profit margin. Affected by the demand side, the price of power devices fluctuates greatly, and the competition among overseas power semiconductor leading enterprises returning to the mainland market intensifies. In order to ensure the steady growth of revenue scale and seize market share, the prices of some of the company's products have been adjusted, and the comprehensive gross profit margin of 3Q23 has dropped 5.85 pcts to 34.56% compared with that of 22 years.
Various operating indicators have been improved, affected by the depressed downstream demand, the company's multi-layout continues to optimize the product structure. From the perspective of operating indicators, according to Wind data, the inventory turnover of 3Q23 increased from 1.09 to 1.81 of 1H23 3Q23 accounts receivable turnover increased from 2.30 of 1H23 to 3.63, and various operating indicators continued to improve.
Downstream of the company from the traditional white appliances, small household appliances, power electronic modules, security, communications to automotive electronics, photovoltaic and other areas of comprehensive expansion. While stabilizing the existing stock business such as thyristors and protective devices, the company continues to invest in R & D to expand production against the trend, and the income and share of MOSFET business increases steadily. Affected by macroeconomic factors at home and abroad, power semiconductors are currently at the bottom of the industry cycle. The company continues to cultivate the power semiconductor industry and firmly develop the IDM model to build a long-term competitive advantage.
Taking into account the declining prosperity of the industry and the forecast of the grooming rate based on the half-yearly report, the net profit of the company in 2023-2025 is forecast to reach RMB 1.9786 million, which is-45%, respectively, compared with the same period last year. The corresponding EPS is RMB 0.270.53, and the current price of the company's stock corresponds to the valuation of PE in 62-32-26, maintaining the "Buy" rating.
Risk hint
Technology iteration and product upgrade fall short of expectations; market competition intensifies; convertible debt to equity.