Brief comment on performance
On October 30, the company released its quarterly report for 23 years. In 2301-03, the company achieved an income of 904 million yuan (+ 12.10% compared with the same period last year) and a net profit of 84 million yuan (+ 64.12% compared with the same period last year), of which the revenue in the single quarter of 03 was 338 million yuan (+ 35.26% compared with the same period last year). The net profit reached 35 million yuan (+ 149.28%), which is in line with market expectations.
Business analysis
Orders in the field of lithium electricity continued to land, with a substantial increase in revenue and net profit in the single quarter of 2303. According to the announcement, the 2303 company realized revenue and home net profit growth of 35.26% and 149.28% respectively compared with the same period last year, mainly due to: 1) the increase in revenue from domestic alternative products in the leading city of new energy lithium electricity; 2) the increase in the proportion of the company's intelligent equipment revenue. This kind of business is more profitable, leading to the release of performance.
The product structure has been continuously optimized and the gross profit margin has reached an all-time high. As the company's CW fiber laser strategy shrinks, the proportion of the company's laser / optical intelligent equipment business with high gross profit margin continues to increase (22 years of laser / optical intelligent equipment gross profit margin is more than 40%). The company's related equipment in the field of lithium electricity and photovoltaic has been gradually delivered, and the overall profitability has continued to improve. According to the announcement, 23033 company gross profit margin reached 41.94%, year-on-year + 8.69pcts, month-on-month + 2.35pcts, the company's single-quarter gross profit margin reached an all-time high.
The MR field binds the head customer and is optimistic that the long-term volume of MR equipment will bring performance flexibility to the company. The company has been deeply bound with its head customers in the field of consumer electronics for a long time, and has delivered optical school quasi-testing equipment to it in 22 years. At present, the customer's second-generation MR products plan to join more optical testing projects, which is expected to bring greater demand flexibility for the company's testing equipment.
100MW perovskite photovoltaic battery production line laser marking equipment was delivered smoothly and gradually entered the release period. According to the announcement, the company provides a series of laser intelligent equipment for high-precision marking of thin film batteries, which can cover the laser die-cutting and laser edge cleaning process from P1 to P4 in perovskite battery production, the equipment can greatly improve the processing efficiency, the company has currently laid out GW-level mass production lines, and with the gradual maturity of the industry cycle, the company's perovskite technical light processing equipment is expected to enter the production period. Earnings Forecast, valuation and rating We expect the company's operating income from 2023 to 2025 to be 14.84 Universe 21.42 / 2.705 billion yuan, and its net profit to be 1.61 Universe 2.64 / 347 million yuan, corresponding to a PE of 45,28pm 21X, maintaining a "buy" rating.
Risk hint
New energy business expansion is less than expected risk, downstream demand is lower than expected risk, raw material price rise risk, restricted stock lifting risk, RMB exchange rate fluctuation risk.