Business diversification and revenue and profit growth
The company's 23Q3 realized revenue of 1.59 billion yuan (yoy+24.10%), net profit of 92.9704 million yuan (yoy+16.18%) and non-net profit of 69.7622 million yuan (yoy+15.52%). Considering the change of the internal structure of the company's products, we reduce the gross profit assumption and the forecast value of the company's net profit from 2023 to 2025 to 7.23,9.55 and 1.278 billion yuan (the previous value is 7.79,10.14,1.311 billion yuan). Comparable company's 23-year Wind unanimously expected the average PE to be 28.5 times. Considering the company's diversified business deployment, the company was given a 24-year 30-fold PE with a target price of 43.2 yuan (the previous value was 56.16 yuan) to maintain a "buy" rating.
Outstanding performance in the first three quarters
The company 23Q1-3 realized revenue of 4.876 billion yuan (yoy+22.34%), net profit of 483 million yuan (yoy+58.57%) and non-net profit of 307 million yuan (yoy+30.59%). In 2022, the company implemented the equity incentive plan and issued convertible bonds "Maimi Zhuan 2". After excluding equity incentive fees and convertible bond spreads, the return net profit / deducted non-net profit in the first three quarters was + 65.15% Universe 40.04% compared with the same period last year. The company Q3 realized revenue of 1.59 billion yuan (yoy+24.10%,qoq-7.90%), net profit of 93 million yuan (yoy+16.18%,qoq-59.35%) and non-net profit of 70 million yuan (yoy+15.52%,qoq-50.52%). Excluding stock options and interest charges, the net profit of Q3 is 104 million yuan (yoy+19.65%) and non-net profit 81 million yuan (yoy+20.07%).
Scale effect appears, gross net profit margin increases
The company's 23Q1-3 gross / net interest rate is 25.09% Universe 9.80%, year-on-year + 1.56/+2.09pct. As the company's revenue grows, the scale effect is highlighted, and the profitability has increased. On the expense side, the company's 23Q1-3 sales / management / R & D / financial expense rate is 4.58% 2.87% Universe 10.71% Universe 0.24%, year-on-year change + 0.74/0.48/-0.23/+0.01pct. The growth rate of sales / management expenses is higher than that of revenue growth mainly due to the expansion of the company and the increase in exhibition expenses and personnel costs at the same time. The total rate of 23Q1-3 is 18.40%, up 1.00pct from the same period last year.
A wide range of products, further internationalization
The company's products cover six modules: power supply, industrial automation, new energy & rail transit, intelligent equipment, electronic control of intelligent household appliances and precision connection. At the 23rd Industrial Expo, the company exhibited industrial automation solutions with digital power control technology platform, system control and communication technology platform, power conversion hardware technology platform as the core, new energy vehicle solutions, digital power solutions, online visual inspection solutions and other products, product layout has great potential for diversified growth. The construction of the company's production base in Thailand has begun, and the project will build 15 SMT and supporting PCBA assembly lines, which will achieve an annual output value of 2 billion yuan after full production, and the company's delivery and response capacity to global customers will be further improved.
Risk hints: the impact of macroeconomic fluctuations; the speed of new capacity production is not as fast as expected; gross profit margin is not as expected.