First three quarters of 2023:
1) realized revenue of 593 million yuan, year-on-year-10.56%, net profit of 156 million yuan, year-on-year-29.38%, and non-return net profit of 130 million yuan,-33.25%.
2) Gross profit margin 50.75%, year-on-year-2.05pct; return net profit 26.31%, year-on-year-7.01pct; deducting non-return net profit 21.92%, year-on-year-7.45pct.
3) the expense rate during the period is 26.12%, year-on-year + 7.77pct, and the sales / management / R & D / financial expense rate is 8.93%, 4.76%, 14.51% and-2.08% respectively, with year-on-year changes of 1.23%,-0.14%, 2.07% and 4.62pct, respectively.
2023Q3 single quarter:
1) realize revenue of 190 million yuan, year-on-year-19.15%, month-on-month + 2%; realize return-to-mother net profit of 48 million yuan, year-on-year-41.23%, month-on-month-11.25%; realize non-return net profit of 37 million yuan, year-on-year-50.36%, month-on-month-19.27%.
2) Gross profit margin 50.06%, year-on-year-3.95pct, month-on-month ratio-0.84pct; return-home net profit margin 24.97%, year-on-year-9.38pct, month-on-month-3.72pct; deduction of non-homing net profit margin 19.62%, year-on-year-12.33pct, month-on-month-5.17pct.
3) the expense rate during the period is 28.55%, year-on-year + 12.45pct, and the sales / management / R & D / financial expense rate is 9.88%, 5.05%, 15.35% and-1.73% respectively, with year-on-year changes of 2.13%,-0.35%, 2.6% and 8.07pct, respectively.
Comments:
Due to macroeconomic fluctuations and the cyclical impact of consumer electronics, the company's revenue and profits have declined, but there are plenty of NPI pre-research projects in hand. Quick Intelligent's main products are precision welding and machine vision suppliers, and have cooperated with Apple Inc, Huawei and other head consumer electronics companies. The consumer electronics market will recover. IDC predicts that the smartphone market will achieve positive growth of 6% in 2024. In addition, Apple Inc highlights that the Vision Pro is a bright spot of consumer electronics and is expected to become an epoch-making product that drives consumer electronics demand. Industry demand is expected to gradually bottom out, and the company's performance is elastic upward.
New energy vehicles drive the growth of power semiconductors against the trend, and the company is keen on product development to actively expand customers. Semiconductor packaging equipment is making rapid progress, which is the main direction of the company's R & D investment. Among them, the SiC packaging core equipment Nano Silver Sintering equipment has completed the mass production process verification of major customers, at the same time has completed the process verification of a number of packaging enterprises, and the order is being gradually implemented. In the field of power semiconductor packaging and testing, the solid-crystal AOI equipment developed by the company has been used in customer mass production line.
The high demeanor of the new energy field continues, and the company continues to benefit. Benefiting from automobile electrification and intelligence, automatic assembly lines such as on-line chassis, 4D millimeter wave radar, electric drive and electronic control have been ordered. The company's experience in welding and AOI accumulated in 3C has been extended to the field of new energy, providing a comprehensive solution for the high reliability welding of IGBT power modules in new energy photovoltaic inverters and energy storage converters.
Profit forecast: due to the lower-than-expected recovery of the consumer electronics cycle, we lowered the company's profit forecast and expected net profit of 2.16,2.87 and 403 million yuan (previous value 2.51,3.33,4.67) from 2023 to 2025, which is-21%, + 33% and + 41% compared with the same period last year, corresponding to a PE of 28.1,21.2 and 15.0 times. Maintain a "buy" rating.
Risk tips: consumer electronics recovery is not as expected, order delivery is not as expected, equipment verification is not as expected, and demand is not as expected.