23 年前三季度综合毛利率达17.2%，同比+3.3 pcts，归母净利率6.2%，同比+2.6pcts。23Q3 公司销售费用率1.3%，管理费用率2.7%，研发费用率5.1%，单季度研发费用达到1.2 亿元，财务费用率1.0%。Key points of investment
The company released its 2023 three-quarter report. Revenue for the first three quarters of 2023 was 6.5 billion yuan, +51.8% year-on-year, and net profit of 40 billion yuan, +163.1% year-on-year.
23Q3 had revenue of 2.45 billion yuan, +30.3% year-on-year, +14.6% month-on-month, net profit of 200 million yuan, +88.9%, +105.4% month-on-month; gross profit margin of 20.0%, +3.1 pcts, 8.2% month-on-month, +3.6pcts, 23Q3 gross margin and net profit margin increased slightly month-on-month.
The comprehensive gross margin for the first three quarters of 23 years reached 17.2%, +3.3 pcts year-on-year, and the net profit margin was 6.2%, and the net profit margin was 6.2%, +2.6 pcts year-on-year. 23Q3 The company's sales expenses rate was 1.3%, management expenses were 2.7%, R&D expenses were 5.1%, R&D expenses reached 120 million yuan in a single quarter, and financial expenses were 1.0%.
As the company's basic market, modified plastics are the company's basic market. As the penetration rate of new energy vehicles increases, the share of domestic modified plastics is also increasing. It has become a material supplier for car companies such as BYD, Cyrus, and GAC Aian. It is expected that the company's market share will increase further. The capacity growth rate of the energy storage business is accelerating. Haishida currently has 3 GWh of ternary cylindrical battery production capacity, 1 GWh of square iron lithium production capacity, and 1.3 GWh of sodium/lithium battery co-linear production capacity; the Qidong energy storage base and the Zhuhai base have a total of 10 GWh square battery production capacity, which is expected to be put into operation in early 2024, and the rapid increase in production capacity helps the company develop more energy storage markets. The LCP business company has 16 years of R&D experience. The company has LCP resin synthesis, modification, film, fiber technology and mass production capabilities. In 2023, the company reached strategic cooperation with Guangpu Co., Ltd., Youwei Agglomeration, and Suzhou Weixin. The LCP business will become a new performance growth sector for the company after the energy storage business, driving the company's overall revenue scale to further increase.
Profit forecast and investment advice: The company's 23Q3 performance exceeded expectations, and the energy storage and LCP business will jointly drive the company's revenue scale to further increase. Considering the increasing competitive pressure on the energy storage market, the company's profit expectations for 23 and 24 were lowered. The company's net profit for 2023-2025 is expected to be 6.71, 8.96, and 1,289 billion yuan respectively, corresponding to the company's closing price of 13.55 yuan on November 2, and PE 22.5, 16.8, and 11.7 times, respectively, maintaining the “increased holding” rating.
Risk warning: Downstream demand falls short of expectations, capacity expansion and launch speed falls short of expectations, raw material price fluctuations and supply risks, and LCP business development falls short of expectations.
