Event: the company released its third quarterly report for 2023, with 2023Q3 revenue of 130 million yuan (+ 105.9%), net profit of 30 million yuan (+ 266%), cumulative income of 330 million yuan (+ 67.1%) and net profit of 70 million yuan (+ 272.1%) in the first three quarters.
With the rapid growth of performance, new equipment has landed one after another. From a quarterly point of view, the quarterly income of 2023Q1/Q2/Q3 is 0.7 shock 1.3 billion yuan (+ 39.8% plus 53.8% and 105.9%), and the net profit per quarter is 0.1 billion (+ 457.7% and 224%), respectively. The results of the first three quarters of 2023 have maintained rapid growth. It is mainly due to the orderly production of orders, the improvement of capacity utilization, continuous technological innovation and process improvement, as well as the reasons for the continuous improvement of market exploitation. among them, the new equipment includes glass pre-filling syringe cleaning silicified packaging machine, glass pre-sealing syringe needle insertion machine, nutrition pipeline automatic assembly machine and disposable injection pen pre-assembly stack machine, etc., bringing new growth points for the company's performance.
The ability to control profits and expenses has improved significantly, and sufficient contract liabilities have laid a long-term revenue foundation. In terms of profitability, 2023Q3 gross profit margin is 59.3% (+ 14.5pp), thanks to the effective control of order costs.
In terms of expense rate, the 23Q3 management expense rate is 17.8% (- 10.8pp), and the R & D expense rate is 9.4% (- 3.6pp). This is mainly due to the formation and sale of some R & D projects, which have been transferred out of R & D expenses. As of 23Q3 contract liabilities of 85.58 million yuan, we believe that there is still enough room for the company to release orders, laying the foundation for high growth in 2023.
Contact lenses are in the stage of product registration and are expected to bring new increments to the company. The company plans to build six contact lens production lines before the end of the year, with an annual output expected to reach 1800 million. At present, the contact lens business is in the stage of product registration, and the first main line already has the production capacity in the process of debugging and optimization, with the goal of achieving a yield of more than 80% by the end of the year.
Profit forecast and investment advice: revenue in 2023-2025 is expected to be 100 million yuan in 6-9-12, with an increase of 58%, 47%, 36%, and net profit of 1.2 billion, 170, 000, 000,
Risk hint: the market competition aggravates the risk, the order is less than the confirmation risk, the contact lens business is approved and the production main line is not as good as expected.