The company released the third quarterly report of 2023: the revenue in the first three quarters of 2023 was 806 million yuan, + 0.45% compared with the same period last year, and the net profit was 214 million yuan, + 8.72% compared with the same period last year. In a single quarter, 23Q3 realized revenue of 298 million yuan, + 0.84% year-on-year, and net profit of 74 million yuan, + 6.25% year-on-year.
Revenue side: the company achieved revenue of 806 million yuan in the first three quarters of 23 years, + 0.45% year-on-year; of which, 23Q3 achieved revenue of 298 million yuan, + 0.84% year-on-year. Profit side: in the first three quarters of 23 years, the company achieved a net profit of 214 million yuan, + 8.72% compared with the same period last year, with a gross profit margin of 43.67%, an increase of 3.04 pct over the same period last year. 2023Q3 achieved a net profit of 74 million yuan, + 6.25% from the same period last year, and the gross profit margin was 45.42%, which increased 1.84pct over the same period last year, and the profitability of the single quarter rose to a record high. Cost side: the company's sales / management / R & D / financial rates for the first three quarters of 23 years are 5.47% / 7.15% / 8.07% / 0.9%, respectively, compared with the same period last year:-0.35 /-0.14 / + 1.32 /-0.07pct.
The company's weighing instrument business is highly related to the macro-economy, and it is not easy to achieve high single-digit growth at the profit end of the economic downward cycle. multi-physical quantity sensors and robot sensors are expected to open the company's new growth pole!
Multi-physical quantity sensors: 23H1 has successively invested in Ke Li Sandian Technology (electricity sensor), Yi Puxing Technology (Industrial Safety grating, Light screen), Chengdu Haike (manufacturer of Chinese food automation production line), Daojin Intelligence (manufacturer of new energy anode material production line), and jointly established Shenzhen Keli Intelligent Sensor Industry Development Co., Ltd with Shenzhen **** Science City Industrial Development Group. At the same time, the company focuses on following up and storing a number of photoelectric sensors, temperature and humidity sensors and high-end mechanical sensors, which is speeding up the transformation and development from a single physical quantity sensor enterprise to a multi-physical quantity sensor fusion platform enterprise.
Robot sensor: the company has officially released the innovative sensor product strategy, tracking monthly changes in the robot industry market and sensor demand and competition analysis, in order to locate the direction of Keli product research and development and system construction. In terms of independent research and development, on the basis of the company's existing micro, torque, multi-dimensional force and other high-end mechanical sensors, a number of torque sensors, multi-dimensional force sensors and other products are sent and trial-produced. At the same time, the company builds a new R & D center in Shenzhen, making full use of Shenzhen's technology, market and human resources to build a Shenzhen micro sensor production line in **** Keli sensing valley. In terms of foreign cooperation, the company actively seeks overseas investment opportunities around the tactile and visual sensors involved in "humanoid robots", and has reserved a number of robot sensor seed projects with high technical barriers and broad market prospects. to make all-round preparations for grabbing the development opportunities in the field of humanoid robot sensors in the next stage.
Investment suggestion: as the leading enterprise of strain sensor in China, the company accelerates the transformation to a platform enterprise of multi-physical quantity sensor fusion, and grabs the development opportunity of robot sensor. Considering that the growth rate of the company's main business revenue still needs to be repaired but the profitability has improved more than expected, we slightly adjust the revenue forecast for 23-25 to 11.40 20/16xPE 13.63 / 1.621 billion yuan (the previous value is 12.66 pound 1.491 billion yuan), and the net profit returned to the mother is 322pm 410pm 498 million yuan (the previous value is 3391101505 million yuan), which corresponds to 2425 CPM. Considering that the company is a scarce target for mechanical sensors, robot sensors and multi-physical sensors are expected to open up the company's growth space and maintain a "buy" rating.
Risk hints: market competition risk, macroeconomic cycle fluctuation risk, major raw material price fluctuation risk, labor cost rising risk, inventory price decline risk.