Both revenue and profit have increased, and profitability has improved significantly.
Kuaike Electronics released three quarterly reports in 2023, the company's 2023Q1-3 realized operating income of 990 million yuan, yoy+20.4%, realized net profit of 147 million yuan, yoy+68.0%, deducted non-return net profit of 135 million yuan, yoy+59.1%.
Among them, 2023Q3 realized operating income of 341 million yuan, yoy+21.2%,QOQ-1.3%, realized return net profit of 59 million yuan, yoy+46.6%,QOQ+20.1%, realized deduction of non-return net profit of 53 million yuan, yoy+33.8%,QOQ+15.2%. 2023Q3 gross profit margin / net profit margin is 24.7% pesque 17.3%, respectively compared to + 3.1/+3.1pct.
The 2023Q3 sales / management / R & D / financial expense rate is 0.5%, 1.3%, 4.0%, 0.3%, respectively, compared to-0.4/-0.6/+0.6/+3.5pct. The company's homing net profit and gross profit margin increased for three consecutive quarters in 2023. Considering the company's active expansion in overseas markets and capacity expansion, its revenue scale is expected to continue to expand, so we raise the company's profit forecast. It is estimated that the company's 2023-2025 homing net profit will be 230pm, 3161b, 421 million yuan (formerly 229max, 313bp, 420 million yuan). The EPS is 2.76,3.80,5.06 yuan, and the share price PE before the corresponding is 18.4,13.4,10.1 times. Considering that the company continues to increase its production capacity and actively expand overseas customers, the market share of photovoltaic junction box products is expected to increase steadily and maintain the "buy" rating.
Production capacity expansion of photovoltaic junction box accelerates the increase of market share
By the end of 2022, the company has a capacity of 70 million sets of photovoltaic junction boxes, and it is expected that the company will strive to achieve 100 million sets of photovoltaic junction boxes by the end of 2023. The company's production capacity is distributed in Suzhou, Huai'an, Nantong and Vietnam.
The company's Nantong production base started construction on October 24, 2023, and is expected to increase its production capacity by 40 million sets after completion, with a total planned production capacity of 140 million sets.
Open up a new growth curve, specialize in energy storage connectors and intelligent junction box technology companies actively make use of their advantages in photovoltaic connectors to actively develop the second growth curve into the field of energy storage business, and successfully achieve the mass production of fast-installed economical energy storage connectors. At the same time, the company continues to increase the code of intelligent junction box research and development, realized the mass production of ultra-efficient distributed photovoltaic system external towed intelligent junction box and wireless monitoring intelligent photovoltaic module junction box, wired power line carrier intelligent monitoring type photovoltaic module junction box, the company's intelligent turn-off junction box and intelligent optimization junction box products are expected to accelerate the promotion.
Risk tips: capacity investment is not as expected, industry competition aggravates the risk.