23Q3 营收同环比增长，毛利率相比去年同期有所下滑，费用率小幅上升。公司23Q3 实现营业收入9.27 亿元，同比+8.68%，环比+11.90%，实现同环比增长。公司Q3 毛利率为12.92%，同比-1.65pct，环比+0.46pct，同比下滑主要因上游原材料铜价格相比去年同期有所上升。公司Q3 期间费用率为6.23%，同比+0.49pct，环比+1.02pct，其中销售、管理、研发、财务费用率分别为0.62%/2.03%/2.45%/1.13%，同比分别-0.06/+0.46/-0.30/+0.39pct，环比分别-0.13/+0.29/+0.07/+0.79pct。受费用率小幅上升影响，公司Q3 净利率为4.87%，同比-1.10pct，环比-0.55pct。Event description
On October 26, 2023, the company released the third quarter report of 2023: in the first three quarters of 2023, the operating income was 2.494 billion yuan, + 21.04% compared with the same period last year; the net profit was 127 million yuan, + 25.17%; and the non-return net profit was 122 million yuan, + 17.80%. Among them, Q3 realized operating income of 927 million yuan, year-on-year + 8.68%, month-on-month + 11.90%; realized return-to-mother net profit of 45 million yuan, year-on-year-11.29%, month-on-month + 0.62%; realized non-return net profit of 46 million yuan, year-on-year-14.62%, month-on-month-2.94%.
Event comment
23Q3 revenue increased month-on-month, gross profit margin declined compared with the same period last year, and expense rate increased slightly. The company's 23Q3 realized operating income of 927 million yuan, + 8.68% year-on-year and + 11.90% month-on-month, achieving the same month-on-month growth. The company's Q3 gross profit margin was 12.92%, year-on-year-1.65pct, month-on-month + 0.46pct, mainly due to an increase in the price of upstream raw material copper compared with the same period last year. The expense rate during the Q3 period of the company is 6.23%, year-on-year + 0.49pct, month-on-month + 1.02pct, of which the sales, management, R & D and financial expense rates are 0.62%, 2.03%, 2.45% and 1.13%, respectively,-0.06/+0.46/-0.30/+0.39pct and-0.13/+0.29/+0.07/+0.79pct, respectively. Affected by the slight increase in the expense rate, the company's Q3 net interest rate is 4.87%, year-on-year-1.10pct, month-on-month-0.55pct.
It is proposed to issue convertible bonds to expand production, and capacity expansion after the project reaches production is expected to further increase the company's market share.
On October 24, 2023, the company announced that it intends to issue convertible bonds to raise 529 million yuan for the new Hubei production base, Ninghai production base expansion project and automobile cable insulation material reconstruction and expansion project.
After the project reaches production, the company's car cable capacity will be increased by 4.6481 million km, an increase of 56.86% over 2022, and the total production capacity is expected to reach 12.8223 million km. The company is the leader in the automobile cable industry, and the capacity utilization rate has been rising continuously in recent years. This production expansion will effectively solve the company's capacity bottleneck, realize the sustained growth of business income, and at the same time make up for the capacity vacancy of the company in central China. Combined with the existing Chengdu base, basically realize the strategic layout planning of the major economic belts and automobile industry clusters in southwest, central China, northeast and southeast, and the company's market share is expected to further increase.
Investment suggestion
We slightly downgrade our profit forecast, and expect the company's net profit for 2023-2025 to be 1877,318 million yuan respectively, corresponding to EPS 2.12Universe 2.79X 3.59 yuan, corresponding to the closing price of 48.54 yuan on October 30, and PE of 22.9 pound 17.4x13.5 respectively, maintaining the "buy-A" investment rating.
Risk hint
The impact of large fluctuations in raw material prices, lower-than-expected sales in the downstream automobile market, and so on.
