Main points of investment:
Announcement: The company's revenue in the first three quarters of 2023 was 1.41 billion yuan,+207.6% year-on-year; the net profit attributable to the parent company was 103 million yuan,+6.84% year-on-year, and the net profit deducted was 80 million yuan,+6.99% year-on-year. The revenue of 3Q23 Company was RMB 464 million yuan,+173.2% year-on-year; the net profit attributable to the parent company was RMB 42 million yuan,-23.3% year-on-year; the net profit deducted from non-profit was RMB 29 million yuan,-24.6% year-on-year.
The performance is in line with expectations.
At the end of September 2022, the Company completed the material asset restructuring of Platinum Electronics. The revenue of the Company in the first three quarters of 2023 was RMB 1.41 billion yuan, with a year-on-year increase of 207.6%; the net profit attributable to the parent company was RMB 103 million yuan, with a year-on-year increase of 6.84%, and the net profit deducted from non-profit was RMB 80 million yuan, with a year-on-year increase of 6.99%. At the end of September 2022, the Company completed the major asset restructuring of Platinum Electronics, forming the current dual business development pattern of "sawing + power supply" of the Company. As of 1H23, the revenue of the company's power supply and sawing business was 623 million yuan and 322 million yuan respectively, accounting for 66% and 34% respectively.
3Q23 company net interest rate month-on-month repair. 3Q23 gross profit margin 17.30%, month-on-month increase 0.45pct; net interest rate reached 8.06%, month-on-month increase 3.75pct, profitability improved. The gross profit margin of the company in the first three quarters reached 17.98%, and the net profit margin was 6.84%. We judge that profitability is expected to continue to improve with the recovery of the consumer electronics power business and the continued volume of the new energy power business.
608 million fund-raising projects expand the production capacity of sawing business and accelerate the business of energized power supply. The company plans to expand the scale of sawing capacity, give full play to the advantages of platinum Thai electronic technology and brand, and optimize the structure of power products. According to the company announcement, from 2021 to 2022, the capacity utilization rate of the company's sawing business is more than 90%, and the production capacity is tight. In 2023, the investment project plans to add 10 million meters of high-speed steel bimetal band saw blade production capacity, an increase of 36.5% over the current production capacity; cemented carbide band saw blade production capacity of 1 million meters, double the new production capacity; 7.2 million new photovoltaic optimizers, 1.26 million photovoltaic inverters, and 1.2 million energy storage converters.
Investment analysis opinion: maintain earnings forecast, maintain "buy" rating. Maintain the company's net profit forecast of 162 million yuan, 275 million yuan and 337 million yuan from 2023 to 2025 respectively, corresponding to PE of 23x in 2024, and maintain the buy rating.
Risk warning: driver chip demand is less than expected, wireless charging products rely on large customers, automobile chip expansion is less than expected, etc.