2023Q3 revenue year-on-year-29%, home / deduction non-average year-on-year-66%, performance below market expectations.
23Q1-3 realized revenue of 1.916 billion yuan,-10% of the same period last year, and net profit of 84 million yuan, 47% of the same period last year. Among them, 23Q3 realized revenue of 610 million yuan,-29% year-on-year and-7% month-on-month, and realized a net profit of 31 million yuan,-66% year-on-year. Q3 was affected by the weak downstream recovery, and its revenue and profits fell short of market expectations.
Overall profitability is still under pressure, but gross margin has recovered slightly from Q2. 23Q3 gross profit margin is 36.7%, year-on-year-3.6pct/ month-on-month + 1.9pct, mainly due to factors such as lower-than-expected output and higher cost of Taicang base. The mother / deduction non-net interest rate is 5.0%, year-on-year-5.4pct/ month-on-month + 1.8pct. The overall expense rate increased during the period, with 23Q3 sales / management / R & D / financial expense rates of 8.7%, 11.1%, 8.8%, 0.4%, respectively, year-on-year + 0.1pct/+0.9pct/+1.7pct/+2.2pct. At the same time, the decline in the inventory price of Q3 major raw materials resulted in an asset impairment of 12 million yuan.
Stepping into the basic market Q3 continues to be under pressure, hollow cups, servos and other new categories are waiting to be released: at the industry level, 23Q3 OEM market sales are-9.3% better than the same period last year, while the demand for Q3 energy storage, shipping, food and beverage is good, while traditional industries are weak. Look at: 1) stepping motor: OA equipment, security, communications and other industries still have a weak demand for step by step, and the company's share is already high. As step revenue still accounts for the majority of motor business, we expect Q3 revenue to still decline compared with the same period last year. In the medium term, the company's Vietnam plant has been completed and mass trial production has begun, which is expected to increase the company's overseas market share and ensure supply stability.
2) Servo: 23Q3 domestic AC servo sales are-3.9% year on year, downstream only photovoltaic, semiconductor demand is good, the company is still small in the above industries, so servo sales as a whole is also under pressure. 3) Hollow cup motor: driven by mobile robots, medical and other fields, we expect to maintain high-speed growth at a low base. The performance of the hollow cup motor of the company is close to that of Maxon and Faulhaber, and the R & D and manufacturing capacity of the hollow cup motor module is strong by virtue of the controller produced by the Swiss subsidiary T Motion and the motion control technology and sales network of the American subsidiary AMP and Lin. Tesla, Inc. robot finger end hollow cup motor application is relatively certain, with the acceleration of Tesla, Inc. Optimus commercialization, Ming Zhi is expected to become a Tier1, long-term performance flexibility.
Taking into account the company's humanoid robot applications are expected to expand in the medium and long term, maintain the "buy" rating.
Risk tips: macroeconomic downturn, intensified competition and so on.