According to the company's 23Q3 report, the company's 23Q1-Q3 realized operating income of 875 million yuan, + 13.26% year-on-year, and net profit of 174 million yuan, + 25.52% compared with the same period last year. 23Q3 realized operating income of 337 million yuan, compared with the same period last year, + 21.01%, + 9.67%, + 9.67%, + 70.41%, + 25.22%, respectively. The company's performance exceeded expectations.
Profitability has been strengthened, and the number of EMS2.0 filings has increased. The company's gross profit margin on 23Q3 sales was 46.98%, up 1.41pct from a year earlier and down 1.9pct from a month earlier, with a big recovery compared with last year. The growth of the company's gross profit margin is mainly due to the transformation of the company's products, from EMS1.0 to EMS2.0, from single module software to integrated platform software, and the gross margin has increased. Product model to create a platform overlay industry applications, sales model using the design institute overlay industry to promote. With the spread of the business model, the company's revenue growth is expected to increase in the second half of the year, and there is still room for improvement in the level of gross profit margin. We estimate that the company is expected to land more than 200 million yuan of EMS2.0 products in 2023, driving up the gross profit margin.
The growth effect of management efficiency appears, and the release is sure to show the confidence of the company. The company's 23Q1-Q3 sales / management / R & D rates are 12.68%, 5.66% and 11.24% respectively, and the management and R & D rates are 0.49% and 0.22% respectively compared with the same period last year. 23Q3 sales / management / R & D rates are 12.32%, 4.97% and 9.71% respectively, and 2.63%, 0.74% and 3.64pct respectively compared with the same period last year. Other factors affecting performance, the company's 23Q3 investment income changes greatly, Q3 achieved 9.5744 million yuan, + 170.26% compared with the same period last year, mainly due to the company received Qianhang partnership dividend increase, of which Qianhang Company changed its name to the former Hailui Company. On July 20, the company issued a fixed increase announcement that it intends to issue no more than 64.4148 million company shares to no more than 35 specific targets and raise no more than 800 million yuan. It is used for R & D headquarters and enterprise microgrid system upgrading projects, enterprise microgrid product technical transformation projects, and supplementary current funds, demonstrating the company's confidence in business development.
Investment suggestion: we estimate that the company's 23-25 net return to the parent is RMB 2.35, 319,000,000 yuan, compared with the same period last year, which is + 37.6%, 36.1%, 38.7%, and the corresponding EPS is 1.09, 1.49, and 2.06 yuan, respectively, maintaining the "overweight" rating.
Risk hint: the product promotion speed is not as fast as expected risk, the competitor increases the risk