The company disclosed its three-quarter report on October 27, 2023, with revenue of 1.39 billion yuan in the first three quarters of 2023, + 37.28% year-on-year, and net profit of 132 million yuan, 13.96% of the same period last year. 3Q23 realized revenue of 561 million yuan, year-on-year + 35.37%, net profit of 36 million yuan, year-on-year-42.13%, and net profit of 12 million yuan,-76.29%, after deduction.
The investment in R & D has been further increased, and the business situation has improved quarter by quarter. The company persisted in carrying out technological innovation and further increased R & D investment. 3Q23's R & D expenditure rate reached 10.73%, an increase of 2.84pcts over the whole of 2022. 3Q23's annual comprehensive gross profit margin was 27.09%, which decreased 5.59pcts compared with the whole of the previous year, mainly due to the increase in the proportion of module products with low gross margin, which pulled down the company's comprehensive gross profit margin. In addition, the company's new production capacity was not at full capacity, and depreciation put some pressure on profits in the short term. Expenses during the company period increased in the first three quarters of 2023, and the expense rate increased by 6.37pcts over the same period of the previous year.
3Q23's inventory turnover increased to 1.40 from 0.88 of 1H23, accounts receivable turnover increased to 2.23 from 1.47 in the first half of the year, and the company's operating capacity improved quarter by quarter.
Domestic semiconductor equipment precision components leading enterprises, mature products rich in process to help the industry chain self-help controllable. The company's core competitiveness is mainly reflected in: 1) platform layout, process parts, structural parts, module products and gas pipelines can be used in pan-semiconductor equipment and other fields. 2) through undertaking the national "02 major project" and many years of experience, the company has mastered the core processes such as precision machinery manufacturing and surface treatment special technology, and has been able to mass produce and supply 7nm advanced process semiconductor equipment; the income of module products has increased significantly, and the proportion of modules and gas pipeline products is expected to further increase in the future. In terms of the layout of new capacity, the Nantong plant has been put into production one after another and is expected to be full in 2025; the Beijing plant will build an R & D center, which is expected to start production in 24 years and reach production in 2027; overseas business is affected by trade frictions. the company will set up subsidiaries and production bases in Singapore and the United States to enhance the radiation scope of the company's business and form a synergy with existing capacity.
As the company's new production capacity is still in the climbing stage, and depreciation has a great pressure on the performance, we have revised the company's 23-year profit forecast. It is estimated that the company's net profit for 23-25 years will be 2.06xpx. 510 million yuan, respectively, compared with the same period last year. The corresponding EPS is 0.99,1.73,2.44 yuan, and the current PE is 79,45,32 times respectively. Maintain a "buy" rating.
International trade frictions; exchange rate fluctuations; customer verification of new products is not as expected; restricted shares are lifted.