23Q1-Q3 公司销售/ 管理/ 研发/ 财务费用率分别为1.37%/3.96%/3.82%/-0.95%（YoY-0.21/-0.28/+0.45/ +0.55pct），研发费用达到1.10 亿元（YoY+15.70%）。Events: The company released its 2023 three-quarter report. 23Q1-Q3 achieved revenue of 2,871 billion yuan, a year-on-year increase of 1.95%; realized net profit of 715 million yuan, a year-on-year increase of 3.34%; realized net profit of 728 million yuan, a year-on-year increase of 4.27%; 23Q3 achieved revenue of 900 million yuan, a year-on-year decrease of 14.59%; realized net profit of 223 million yuan, a year-on-year decrease of 13.85%; achieved net profit of 219 million yuan, a year-on-year decrease of 18.13%.
Q3 The revenue side was under pressure, and profit margins remained stable:
23Q3 achieved revenue of 900 million yuan (YoY -14.59%, QoQ -13.69%), net profit of 223 million yuan (YoY -13.85%, QoQ -14.02%), net profit of 219 million yuan (YoY -18.13%, QoQ -21.32%). The revenue and profit side was affected by product structure changes and price reduction factors; gross profit margin was 38.51% (YOY+0.68pct, QoQ-1.26pct), net profit margin 24.93% (YOY-0.06pct, QoQ-0.20pct), factors such as falling raw material costs and increased production line efficiency kept profit margins within a relatively stable range.
The sales/management/R&D/finance expense ratio of 23Q1-Q3 company was 1.37%/3.96%/3.82%/-0.95% (YoY-0.21/-0.28/+0.45/ +0.55pct), respectively, and R&D expenses reached 110 million yuan (YoY +15.70%).
Demand for new energy is still the core driving force, and comprehensive competitive strength continues to improve:
The company has entered the top 100 electronic components in China for the 35th time, leading the world in the scale of thin-film capacitors, and is actively expanding high-end customers in the fields of new energy vehicles, photovoltaics, wind power, industrial control, rail transit, and home appliances. On September 28, the company disclosed on the Shanghai Stock Exchange e-Interactive that 23H1's product revenue in the photovoltaic and new energy vehicle sectors both grew at a year-on-year rate of more than 30%. Currently, there are still many orders for new energy vehicles, but the utilization rate of photovoltaic production capacity is insufficient. Looking ahead, the new energy market will continue to be the core driving force for the growth of demand for thin film capacitors. According to Shanghai Stock Exchange e-Interactive data, 23H1's new energy business ratio has reached about 71% (33% photovoltaic storage, 38% new energy vehicles), and the share continues to rise. Through technology research and development, improving the level of equipment automation, optimizing supply chain management, and improving the construction of information systems, the company's comprehensive competitiveness has been further enhanced.
Investment suggestions: We expect the company's revenue for 2023-2025 to be 4,063 billion yuan, 4.968 billion yuan and 5.999 billion yuan respectively, and net profit of 1.056 billion yuan, 1,252 billion yuan and 1,557 billion yuan respectively. As a leading domestic thin-film capacitor, the company still has a lot of room for growth in the fields of new energy vehicles, photovoltaics, energy storage, wind power, etc., and is continuously improving its comprehensive strength in technology and manufacturing, giving the company 25 times PE in 2023, corresponding to the target price of 117.38 yuan, maintaining a “buy-A” investment rating.
Risk warning: NEV sales volume falls short of expectations; PV installations fall short of expectations; market competition intensifies; raw material price fluctuations; exchange rate fluctuation risk.
