Event: on October 30, the company released its quarterly report for 23 years, with revenue of 611 million yuan in the first three quarters, 0.47% of the same period last year, and net profit of 174 million yuan, 12.64% of the same period last year.
The upward inflection point of operation appears, which is in line with expectations. From a quarterly point of view, 23Q3 achieved revenue of 220 million yuan, and revenue in a single quarter was close to an all-time high, 12.23% year-on-year and 8.55% month-on-month. The acceleration of 23Q3 revenue and month-on-month growth is mainly due to the bar code business 23Q3 becoming regular year-on-year and slightly improved (before and after last year's base); microscope continued domestic substitution, steady growth in performance; and 23-year synchronous expansion of lidar and medical optics business. The net profit of 23Q3 was 58 million yuan,-6.97% year-on-year and-15.52% compared with the same period last year. The main reason for the decline in net profit year-on-year was the decrease in exchange earnings and an increase of 24.07 million yuan in total expenses during the period.
The gross profit margin decreased year-on-year, and the rate increased significantly during the period compared with the same period last year. 1) Gross profit margin: the gross profit margin in the first three quarters of 23 was 39.56%, compared with the same period last year-2.17pct. Among them, 23Q3 gross profit margin is 38.26%, year-on-year-4.76pct, month-on-3.52pct. The decline in gross profit margin is mainly due to the continuous decline in the proportion of bar code business with high gross margin and the rapid increase in the proportion of vehicle business with relatively low gross margin. 2) period fee: the rate for the first three quarters of 23 is 18.72%, year-on-year + 8.46pct, mainly because the exchange income is less than that of the same period last year and the R & D, sales and management fees are higher than the same period last year. Among them, the R & D, management, sales and financial rates in the first three quarters were 10.98%, 5.63%, 5.85% and-3.74%, respectively, compared with the same period last year. + 1.18,0.43, + 1.78 and + 5.08 pct.
Based on the core business of optical microscope and bar code machine vision, expand two new businesses of medical optics and lidar. 1) Optical microscope: confocal and super-resolution microscopes have been released one after another in 21 and 23 years, and continue to benefit from the general trend of domestic substitution; 2) Barcode machine vision: the first half of the year is under pressure, the second half of the year is expected to resume growth, customers cover zbra, Kangnai and other global head enterprises. In addition, the company has gradually cut into the market of complex bar code modules, opening up room for growth; 3) medical optics: core products such as endoscopic lenses, pathological section scanners, surgical microscopes, etc., which are expected to be sold in bulk one after another; 4) lidar:
Binding Wesai, Tutong, innoviz, Beixing Photon and other leading manufacturers, the whole year is expected to more than double the growth.
Profit forecast: the net profit for 23-25 is expected to be RMB 351 billion, maintaining a "buy" rating.
Risk hint: the progress of barcode business recovery is not as expected; the volume of new business is not as expected.