Event: the company released the third quarterly report of 2023, 23Q1-Q3 achieved revenue of 11.744 billion yuan, year-on-year + 6.82%, realized home net profit of 478 million yuan, + 42.39% year-on-year. Among them, 23Q3 achieved revenue of 4.505 billion yuan, year-on-year + 17.25%, month-on-month + 8.20%; net profit 197 million yuan, + 33.27%, month-on-month + 3.65%, the performance was in line with expectations.
Earnings rose steadily in the first three quarters of 23, while Q3 declined slightly from the previous quarter. 23Q1-Q3 's comprehensive gross profit margin and net profit margin are 13.64% and 4.11% respectively, compared with the same period of last year + 0.39pctUniverse 1.05pctash 23Q3. The company's comprehensive gross profit margin and net profit margin are 13.24%, 4.40%,-0.71pct/+0.53pct and-0.72pct/-0.21pct, respectively.
The company's insulating material production capacity expansion is smooth, insulating material has profit flexibility. The company's high-voltage capacity expansion is smooth, the company's first phase capacity of 20,000 tons has started, the second phase of 20,000 tons capacity has been put into production, the production capacity is expected to reach production by the end of the year, the third phase of 20,000 tons capacity has been planned and is expected to be put into production in 24 years, the formation of a total of 60,000 tons of high-voltage insulation capacity to promote China's high-voltage insulation material import substitution. In terms of submarine cable insulating materials, China's submarine cable insulating materials are mainly imported from Nordic Chemical Industry and Dow Chemicals. under the improvement of technology, the company's products are expected to replace the imported submarine cable insulating materials through downstream certification. In terms of low-voltage insulating materials, the company's 300000-ton production capacity of Wanma Wanhua Phase I is progressing smoothly, which reduces raw material transportation, packaging, inventory, sales management and other links, reduces production costs and improves production efficiency. The company's insulating materials have profit flexibility.
The company has ploughed the charging pile for many years, and its operating condition has improved continuously for 23 years. Since the layout of charging piles in 2010, the company has achieved full coverage of the product line of 7kW-480kW power. As of 23H1, charging piles have operated 2500 charging stations in 30 provinces and 166cities. In the past 23 years, the sales order of the company's charging pile has continued to increase, and the charging capacity of the station operation has also increased compared with the same period last year, which is expected to gradually reduce losses.
Investment suggestion: in 23-25, the company is expected to achieve a net profit of 650, 851, 000, 200, 000, 200, 000, 200, 000, 000, 200, 000, 200, 000, 200, 000,
Risk hint: the progress of production capacity construction is not as expected; the demand of wire and cable industry is not as expected.