Profit is basically in line with expectations, focus on force / tactile sensor layout
The operating income of 2023Q1-3 company is 806 million yuan / yoy+0.45%; net profit is 214 million yuan / yoy+8.72%;23Q3 company is 298 million yuan / yoy+0.84%; net profit 0.74 billion yuan / yoy+6.25%, is basically in line with expectations. We slightly reduce the 23-25 return net profit of the company to $4.6 million (the previous value is $388 million), corresponding to the PE of 27-22-18. Comparable company's 24-year average PE is 24 times, taking into account the company's active layout of the force / tactile sensor field, we give the company 27 times PE in 24 years, corresponding to the target price of 35.1 yuan (the previous value is 37.24 yuan), maintaining a "buy" rating.
The growth rate of 23Q3 revenue and home net profit has become positive, and the change of fair value and credit impairment have dragged down 23Q3's operating income of 298 million yuan / yoy+0.84%; return net profit of 0.74 million yuan / yoy+6.25%,. The growth rate of operating income and return net profit is higher than that of 23Q2. The fair value of Q3 dragged down the net profit of 7.87 million yuan in a single quarter, mainly due to the change in the fair value of the stock invested by the company; the credit impairment dragged down the net profit of 1.55 million yuan; the asset disposal income contributed 940000 yuan, mainly due to the company's initiative to dispose of part of the canister assets; non-operating income dragged down 450000 yuan, mainly due to the company's expenditure on traffic accident compensation.
The gross profit margin of 23Q1-3 reached a record high. Under cost control, the overall gross profit margin of R & D investment company 2023Q1-3 was 43.67%/yoy+3.04pp, the overall net profit margin was 28.55%/yoy+2.62pp, the gross profit margin was the highest since listing, and the net profit margin remained high. 23Q3 single-quarter overall gross profit margin is 45.42%/yoy+1.84pp, overall net profit margin is 27.15%/yoy+1.75pp, gross profit margin is also a record high, net profit margin remains high, the company's expense management strategy is very effective. Under the background of cost control, the company still insists on R & D investment under the background of 23Q1-3 company sales expense rate 5.47% yoymae 0.35ppp; management expense 7.15%/yoy-0.14pp; R & D expense rate 8.07%/yoy+1.32pp; financial expense rate 0.9%/yoy-0.07pp.
The company has also built three major manufacturing bases in Ningbo, Zhengzhou and Anhui, accelerating strategic investment and the construction of industrial parks in Shenzhen, and promoting platform services, application services and system sharing. from intra-group circulation to industrial brain (intelligent sensor industry network platform with online mall, home of material selection and other functions as the core). Independent research and development + foreign cooperation + investment layout, robot + multi-physical quantity sensors jointly drive the long-term development of the company.
Risk tips: industry competition intensifies; downstream demand slows down; outbound investment falls short of expectations.