① Zhimingda said that the company's gross margin is facing an industrial decline. As the role of the company's supply chain optimization management is gradually released in the second half of the year, the company's gross margin is expected to stabilize throughout the year, but it is unlikely that gross margin will rise; ② Regarding the company's new layout areas this year, Jiang Hu, general manager of Zhimingda, said in response to questions from the “Science and Technology Innovation Board Daily” reporter that drone projects and space-borne projects are expected to be delivered in small batches this year.
“Science and Technology Innovation Board Daily”, November 2 (Reporter Huang Xiumei) At the results briefing for the third quarter of 2023 held today, Jiang Hu, general manager of Zhimingda, told the “Science and Technology Innovation Board Daily” reporter,“The increase in the company's revenue in the first three quarters of this year is due to increased demand from downstream customers. It is expected that orders from downstream customers will continue to increase by the end of this year.”
In the first three quarters of this year, Zhimingda achieved revenue of 399 million yuan, a year-on-year increase of 15.52%, and net profit of 61.6417 million yuan, an increase of 38.2% over the previous year. Among them, net profit for the third quarter of 2023 was 21.4314 million yuan, far exceeding -4.8873 million yuan in the third quarter of last year.
The “Science and Technology Innovation Board Daily” reporter noticed that while Zhimingda's revenue in the first three quarters increased and its net profit margin declined slightly. The first three quarters of 2023 were 45.17%, down from 51.95% in 2022. Regarding the decline in gross margin,Zhimingda said that the company's gross margin is facing an industry-specific decline. As the role of the company's supply chain optimization management is gradually released in the second half of the year, it is expected that the company's gross margin will stabilize throughout the year, but the possibility of a recovery in gross margin is unlikely.
When asked about product revenue trends in 2023, Zhimingda's director Qin Yin said,Of the company's revenue for the first three quarters, airborne projects accounted for 51% of revenue, missile projects accounted for nearly 30% of revenue, and other types of revenue accounted for 19%. Compared with the same period in previous years, the revenue growth rate of missile projects reached 70%.
As for the status of on-hand orders, as of the end of the three-quarter report period, the company had in-hand orders of 550 million yuan (including oral orders), of which nearly 50% of the orders in hand for missile projects were in hand, which is already higher than the number of on-hand orders for airborne projects. According to the current status of the company's current orders and new orders,It is expected that the revenue share of airborne products in 2023 will still be higher than that of the company's other categories of products, and the revenue growth rate of missile products will be higher than that of other categories of products.
Su Lizan, an analyst at Dongwu Securities, said on October 27 that Zhimingda is a leading private enterprise in the embedded computer field, benefiting from the integrated development of mechanization, informatization, and intelligence in the “14th Five-Year Plan” equipment. The informatization market space in the field of special electronics is large, and the company may be expected to benefit deeply. As the company's early technology accumulation was gradually transformed into products, the variety and quantity of products supported by the company's customer-specific projects continued to increase, becoming a continuous source of profit for the company.
The “Science and Technology Innovation Board Daily” reporter noticed that in the fourth quarter, investors were very concerned about the company's new layout in two major fields — drones and space-borne projects — when participating in research and asking questions on the Shanghai Stock Exchange e-Interactive.
Zhimingda said that the company's products in the drone field are mainly successfully installed and applied in systems such as flight control computers, mission computers, and visual navigation computers; the company's space-borne products mainly provide high-performance computing modules and management control modules for low-orbit satellites. Direct customers of the company's space-borne projects are research institutes, and end users include, but are not limited to, Starnet Group; in addition, the company has participated in many low-cost, high-volume missile projects.
Jiang Hu, general manager, said in response to a question from the “Science and Technology Innovation Board Daily” reporter, that the company's drone projects and space-borne projects are progressing normally according to the customer's progress requirements.“Drone projects and space-borne projects are expected to form small-batch deliveries this year.”Jiang Hu said that the drone-oriented products it is involved in are in a relatively new sector, so it takes a certain cycle from development to mass production. In the future, when drone-oriented products are released, they will bring a new increase in the company's revenue.
It is worth noting that Zhimingda pledged an investment of 10 million yuan at the end of September this year to participate in Chengdu Chunlei Xingming Technology Venture Capital Partnership (Limited Partnership), with a 5% shareholding ratio.
The controlling shareholder of the venture capital fund is the Chengdu High-tech Zone Innovation and Technology Investment Angel Equity Investment Fund Partnership (limited partnership) under Chengdu Hi-Tech Investment Group. The second largest shareholder is Chengdu Technology Service Group Co., Ltd., a subsidiary of Chengdu Industrial Investment Group. According to data from Tianyancha, the venture capital fund was established on September 26, 2023, and as of now, there are no foreign-invested enterprises.
In response to the company's shareholding behavior, director Qin Yin told reporters that the company's participation in the fund is mainly beneficial to the company's strategic development and industrial layout. The fund focuses on the field of electronic information and is conducive to providing important strategic references for the development of the company's emerging business; at the same time, it is expected to bring a return on financial investment to the company.
Previously, Zhimingda's premium investment in semiconductor company Minkos lost money, triggering market discussions. The company issued an announcement on July 7 this year, stating that it sold the registered capital of Mingus of 12.3493 million yuan for 82.8872 million yuan, which is expected to increase investment income by 20,4513 million yuan.Qin Yin said that as of the third quarter of this year, Minkos is doing well and its performance has improved.