Hengshuai shares released a report for the third quarter of 2023, 2023Q1-Q3 achieved revenue of 662 million yuan, year-on-year + 26.34%, return to the mother net profit of 150 million yuan, year-on-year + 39.33%, deducting non-net profit of 141 million yuan, + 48.48%. The gross profit margin of sales further increased to 36.08%.
The operating performance in the third quarter was outstanding, with a high proportion of revenue and profit growth. 2023Q3 achieved revenue of 264 million yuan, year-on-year + 30.72%, month-on-month + 22.79%, homed net profit of 59 million yuan, year-on-year + 43.07%, month-on-month + 15.69%, deducted non-net profit of 57 million yuan, year-on-year + 48.09%, month-on-month + 21.28%.
The increase in the added value of the products leads to a steady increase in gross profit margin.
2023Q3's gross profit margin is 37.28%, year-on-year + 3.87%, month-on-month + 1.04%. In terms of 2023Q3 expense performance, the sales cost is 5.09 million yuan, year-on-year + 22.06%, month-on-month rate + 53.78%, sales expense rate 1.93%, its rapid growth is mainly due to the expansion of new products and new customers; management expenses 16.86 million yuan, year-on-year + 53.41%, month-on-month + 16.44%, management expense rate is 6.38%, and its growth is mainly due to the increase in staff salaries and benefits. R & D cost 7.26 million yuan, year-on-year + 4.76%, month-on-month + 11.86%, R & D expenditure rate 2.75%; financial expenses-1.19 million yuan, mainly due to the impact of interest income and exchange gains and losses.
ADAS active perception cleaning system is expected to enter the fixed-point cycle this year. ADAS active perception cleaning system belongs to the forward-looking layout of the company's products in the field of cleaning system, the intelligent degree and complexity of this product have been greatly improved, and it is expected that there will be a good market prospect in the field of high-level self-driving in the future. The company's related products have been submitted to customers for product road test, and it is expected that some projects will finish the road test and enter the designated link this year.
The demand for intelligent driving vehicle micro-motor is increasing, and the industrialization of new products is just around the corner. we believe that improving product performance-price ratio and providing the intelligent configuration that users want is a win-win solution for automobile companies and consumers in the current competitive environment. The company's motor business unit mainly includes trunk and side door motor, fan motor and other products; electric module business unit mainly includes invisible door handle drive mechanism, charging small door actuator and other products, which are important executive end parts of automobile intelligence. Magnetic material is one of the core materials that determine the performance of the motor. the company has invested various technical forces to customize and develop matching magnetic materials, and the industrialization of new magnetic materials is expected to be launched in 2023 according to the planned R & D projects. gradually build a small batch of pilot test line.
Profit forecast and valuation
We estimate that the company's revenue from 2023 to 2025 will be 9.42,11.84 and 1.485 billion yuan respectively, and the net profit will be 2.01,2.54 and 314 million yuan respectively, corresponding to PE31/25/20X. Considering the continuous upgrading of the company's micromotor, the ADAS active sensing cleaning system is expected to be in fixed-point mass production and maintain a "buy" rating.
Risk enhancement
The development of automobile intelligence is not as expected, and the landing cycle of the company's new technology project is not as expected.