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紫光国微(002049):三季度收入利润短期承压 存货及合同负债增长

Ziguang Guowei (002049): Revenue and profit in the third quarter were under short-term pressure on inventory and contract liabilities

興業證券 ·  Nov 12, 2023 00:00

The company released the three-quarter report for 2023: revenue for the first three quarters of 2023 was 5.642 billion yuan, up 14.31% year on year; net profit from net profit of 2,031 billion yuan, down 0.48% year on year; net profit after deduction of 1,922 billion yuan, down 1.69% year on year; basic earnings per share of 2.40 yuan/share, down 0.16% year on year; and weighted average return on net assets of 19.40%, down 5.45pct year on year.

The revenue and profit of 2023Q3 company declined month-on-month. On a quarterly basis, 2023Q3 achieved revenue of 1,908 million yuan, down 6.08% year on year, down 13.03% month on month; net profit was 639 million yuan, down 24.21% year on year and 20.98% month on month.

Profit margins declined year over year, and expenses for the period increased. In the first three quarters of 2023, the company's overall gross margin was 63.82%, a year-on-year decrease of 1.91pct; net profit margin was 36.00%, a year-on-year decrease of 5.35pct; and the weighted average ROE was 19.40%, a year-on-year decrease of 5.45 pct. In the third quarter of 2023, the company's gross profit margin was 62.00%, down 3.68 pct year on year, down 1.42 pct from month on month; net profit margin was 33.48%, down 8.01 pct year on year, down 3.37 pct month on month; weighted average ROE was 5.89%, down 3.81 pct year on year, down 1.87 pct month on month. In the first three quarters of 2023, the company's total period expenses were 1,463 million yuan, up 31.69% year on year; period expenses accounted for 25.94% of operating income, up 3.42 pct year on year; of these, sales expenses were 231 million yuan, up 20.45% year on year, accounting for 4.09% of operating income, revenue share increased by 0.21pct year on year; management expenses were 209 million yuan, up 28.65% year on year, accounting for 3.70% of operating income, up 0.41pct year on year; Financial expenses -- 021 million yuan, same period last year RMB 01 million, a year-on-year decrease of RMB 121 million; R&D expenses were RMB 1,045 million, up 38.01% year on year, accounting for 18.51% of operating income, and a year-on-year increase of 3.18 pct in revenue.

2023Q3, the company's total period expenses were 512 million yuan, up 5.72% year on year; period expenses accounted for 26.82% of operating income, up 2.99 pct year on year; of these, sales expenses were 79.2635 million yuan, up 23.42% year on year, accounting for 4.15% of operating income, revenue share increased 0.05 pct year over year; management expenses of 686.988 million yuan, up 29.34% year on year, accounting for 3.60% of operating income, revenue share increased by 0.20 pct; financial expenses - 76792 million yuan, last year The same period was -69.353 billion yuan, a year-on-year decrease of 7.439 billion yuan; R&D expenses were 371 million yuan, a year-on-year decrease of 0.59%, accounting for 19.46% of operating income, and a decrease of 4.43 pct in revenue.

Net cash flow from operating activities increased year over year. 2023 In the first three quarters, net cash flow from the company's operating activities was $1,181 million, up 3.31% year on year; net cash flow from investment activities was $2,201 million, compared with -266 million yuan, a year-on-year decrease of $1,935 million; cash flow from fund-raising activities was -261 million yuan, compared with -014 million yuan for the same period last year, a year-on-year decrease of 247 million yuan.

Inventory and contractual liabilities increased. As of the end of the third quarter of 2023, the company's receivables totaled 6.212 billion yuan, up 14.99% from the beginning of the year, of which accounts receivable was 4.857 billion yuan, up 56.39% from the beginning of the year; the turnover rate of accounts receivable was 1.42 times, a decrease of 0.20 times over the previous year; and notes receivable amounted to 1,355 billion yuan, down 41.00% from the beginning of the year. As of the end of the third quarter of 2023, the company's inventory was 2,803 billion yuan, up 26.66% from the beginning of the year, up 34.71% year on year; inventory turnover was 0.81 times, down 0.21 times year on year. As of the end of the third quarter of 2023, the company's contract debt was 954 million yuan, up 18.84% from the beginning of the year and up 64.57% year on year.

We adjusted our profit forecast based on the latest financial report. We expect the company's net profit from 2023-2025 to be 26.38/31.44/3.884 billion yuan, and EPS to be 3.10/3.70/4.58 yuan/share, respectively. The PE corresponding to the closing price of November 7 is 25.1/21.0/17.0 times, maintaining the “increase in holdings” rating.

Risk warning: special product procurement demand falls short of expectations; product development falls short of expectations; risk of trade friction.

The translation is provided by third-party software.


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