根据公司2023 年10 月27 日发布的“2023 年10 月26 日投资者关系活动记录表”，披露公司2023 年第三季度单季度实现营业收入9,352.28万，同比增长25%，实现归母净利润2,143.14 万。截止2023 年9 月30日公司在手订单5.5 亿元（含口头订单）。此外，单三季度毛利率有所改善，环比有所上涨主要是由于公司通过加强供应链管理，产品成本有所下降，在第三季度得到了部分体现。从1-9 月来看，公司毛利率还是下降的，主要是受产品结构影响，并叠加部分产品降价的影响。Event description
On October 25, 2023, the company released the third quarter report of 2023, which revealed that the company achieved revenue of 399 million yuan in the first three quarters of 2023, an increase of 15.52 percent over the same period last year, and a net profit of 62 million yuan, an increase of 38.20 percent over the same period last year.
Business continues to improve in a single quarter.
According to the Investor Relations activity record Table of October 26, 2023, released by the company on October 27, 2023, the company disclosed that the company realized operating income of 93.5228 million in the third quarter of 2023, an increase of 25% over the same period last year, and a net profit of 21.4314 million. As of September 30, 2023, the company has an order of 550 million yuan (including oral orders). In addition, the gross profit margin improved in the third quarter, and the month-on-month increase was mainly due to the reduction in product costs by strengthening supply chain management, which was partly reflected in the third quarter. From January to September, the company's gross profit margin or decline, mainly affected by the product structure, and superimposed the impact of price reductions of some products.
According to the Investor Relations activity record of October 26, 2023, released by the company on October 27, 2023, the company disclosed that in the face of the current industry situation, the company will not significantly expand the size of its personnel for the time being, and the project standards for R & D projects will also change from the pursuit of quantity to the pursuit of quality, and strive to streamline R & D projects. In terms of production capacity, due to the strong demand for production orders, the company will still expand according to demand and increase production personnel accordingly. Based on the above plan, the expense rate will continue to decline during the company period.
Investment suggestion
It is estimated that the company's net profit from 2023 to 2025 will be 1.29,1.71 and 213 million yuan respectively, with year-on-year growth rates of 71.2%, 32.4% and 24.8%, respectively. The corresponding PE were 34.61,26.06,20.93 times respectively. Maintain a "buy" rating.
Risk hint
The downstream demand is lower than expected and the market competition intensifies.
