盈利能力稳步提升，产品型号完善。单季度来看，公司三季度实现营业收入3.68 亿元，同比增长24.4%，环比下降5.6%，实现归母净利润-0.02 亿元，亏损同比收窄。盈利能力来看，公司前三季度毛利率为28.54%，同比增长1.22 个百分点，净利率为1.52%，较去年同期盈利能力实现大幅改善。公司产品门类齐全，产品型号多达 300 项以上，应用场景涵盖陆海空天全空间领域的雷达、导弹导引头、电子对抗以及航天通信等，随着列装型号逐步放量，公司业绩有望持续稳健增长。Events:
The company released its report for the third quarter of 2023 on October 27, 2023: operating income in the first three quarters was 1.076 billion yuan, an increase of 16.74% over the same period last year; net profit was 5 million yuan, turning losses into profits over the same period last year; and net profit after deducting non-return was-68 million yuan.
Comments:
The profitability increases steadily and the product model is perfect. In a single quarter, the company achieved an operating income of 368 million yuan in the third quarter, an increase of 24.4% over the same period last year, a decrease of 5.6% compared with the same period last year, a net profit of-2 million yuan and a narrowed loss compared with the same period last year. In terms of profitability, the company's gross profit margin in the first three quarters was 28.54%, an increase of 1.22% over the same period last year, and the net profit margin was 1.52%, which was significantly improved compared with the same period last year. The company has a full range of products, with more than 300 product models, and the application scenarios cover radar, missile seeker, electronic countermeasures and aerospace communications in the whole space field of land, sea, air and space. The company's performance is expected to continue to grow steadily.
Vigorously promote market development, full of orders on hand. According to the company's semi-annual report, as of the first half of the year, the order on hand for the company's military electronics business was 511 million yuan. With the formal commissioning of the production line of Chengdu High-tech West Zone and the increase in production capacity, the military electronics business is expected to maintain high saturation production. At the same time, the company focuses on independent innovation and core key technology research and development. All key projects undertaken in the first half of the year have passed appraisal and acceptance, and the localization of MMIC chips has been promoted smoothly. Several key technical projects have achieved remarkable results. In the first half of the year, the boat business has successively realized the sales of 166FT catamaran yachts, 72FT yachts and other projects, with an order of 456 million yuan on hand. With the tourism industry driven by various favorable factors such as national consumption policy, the company's yacht orders are expected to continue to increase.
The fixed increase plan will be carried out in an orderly manner, and the core competitiveness is expected to be further enhanced. The company issued a preliminary plan in October 2022 to issue shares to Hunan Sunbird Holdings Co., Ltd., a controlling shareholder, raising no more than 680 million yuan, which has been accepted by the listing examination Center of Shenzhen Stock Exchange. and issued a reply to the relevant matters review inquiry letter on August 11, 2023. If this issue is successfully completed, the company's capital strength and operational anti-risk ability is expected to be further improved.
Investment suggestion: we expect the company's revenue from 2023 to 2025 to be 2.642 billion yuan, the net profit from its mother to be 0.39 million, 0.77 million and 0.17 yuan respectively, corresponding to 0.04, 0.08 and 0.17 yuan for PE246.76/110.53/55.6X, respectively, with a "buy" rating for the first time.
Risk hint: new product progress is not as expected, profit forecast and valuation are lower than expected
