包装设备头部企业，全球布局客户资源优质。上半年公司包装板块毛利率同比上升3.46%，主要得益于公司在高附加值产品方面的市场认可度提高，以及成本管理和生产效率的优化。公司今年包装业务明显回升。一是海外市场占比提升，公司在海外高端市场取得了突破；二是下游智能化需求显著提升，智慧工厂业务进入成长期，上半年超额完成全年任务指标；三是数码印刷行业进入导入期，随着产品技术突破和下游客户进入盈利区间，行业需求明显提升。Event: the company announced its three-quarter report in 2023 that in the first three quarters, the company achieved operating income of 4.954 billion yuan, an increase of 59.4% over the same period last year, and a net profit of 298 million yuan, an increase of 48.4% over the same period last year.
Cash flow is good and there are plenty of orders on hand. Q3 achieved an operating income of 1.546 billion yuan in a single quarter, + 89.44% year-on-year, and a net profit of 54.14 million yuan, + 1.80% over the same period last year. The company's cash flow situation improved significantly, with the net operating cash flow reaching 387 million yuan in the first three quarters, an increase of 523.35% over the same period last year. By the end of the first half of the year, the company's photovoltaic sector had orders of 9.202 billion yuan, an increase of 121.4% over the same period last year; as of the end of Q3, the company's contract liabilities were 3.479 billion yuan, compared with 1.842 billion yuan in the same period last year.
Multi-line layout of the high-prosperity track, HJT, TOPCon, perovskite waiting to bloom. In the perovskite field, the company is an early completion of perovskite equipment development and actual product sales enterprises, the company's products have been more mature, with MW-level shipping and GW-level shipping capacity, can provide the overall solution In the HJT field, the company has become the only supplier of Jinshi cleaning velvet and the preferred supplier of automation equipment, and guaranteed that the future cleaning equipment order will not be less than 10GW, the company won the 4GW order at the end of 2022; in the TOPCon field, the company's first TOPCon technology two-in-one coating equipment has been successfully delivered in 2022.
Packaging equipment head enterprise, global layout customer resources are of high quality. The gross profit margin of the company's packaging sector rose 3.46% in the first half compared with the same period last year, mainly due to the improvement of the company's market recognition of high value-added products, as well as the optimization of cost management and production efficiency. The company's packaging business has rebounded significantly this year. First, the proportion of the overseas market has increased, and the company has made a breakthrough in the overseas high-end market; second, the demand for intelligence downstream has increased significantly, and the smart factory business has entered the growth period, exceeding the annual task target in the first half of the year; third, the digital printing industry has entered the introduction period, with product technology breakthroughs and downstream customers entering the profit range, industry demand has increased significantly.
Profit forecast: we expect the net profit of Jingshan Light Machinery from 2023 to 2025 to be 441 million yuan, 584 million yuan and 724 million yuan respectively, maintaining the "buy" rating.
Risk hints: the risk that downstream demand is lower than expected, new product development and promotion is not as expected, industry competition intensifies risk, and so on.