First three quarters of 2023:
1) Achieved revenue of 2,906 billion yuan, up 24.43% year on year; realized net profit of 680 million yuan, up 43.49% year on year; realized net profit after deduction of 648 million yuan, up 48.90% year on year.
2) Gross profit margin of 40.07%, up 4.21pct year on year; net profit margin of 23.39%, up 3.11pct year on year; net profit margin after deduction of 22.31%, up 3.67pct year on year.
3) The cost rate for the period was 12.66%, up 0.06pct year on year. Sales/management/R&D/finance expenses were 4.82%, 3.47%, 5.20%, and -0.83%, respectively, with year-on-year changes of -0.17, -0.72, 0.09, and 0.86pct, respectively.
2023 Q3 single quarter:
1) Achieved revenue of 1,137 billion yuan, up 17.68% year on year, up 5.38% month on month; realized net profit of 314 million yuan, up 37.97% year on year, up 26.21% month on month; realized net profit after deduction of 297 million yuan, up 37.2% year on year and 22.63% month on month.
2) The gross profit margin was 42.73%, up 4.52 pct year on year, up 3.39 pct month on month; net profit margin was 27.64%, up 4.07pct year on year, up 4.56 pct month on month; net profit margin after deducting non-return home was 26.09%, up 3.71 pct year on year, up 3.67 pct month on month.
3) The cost rate for the period was 9.31%, down 1.42 pct from year on year, down 3.38 pct from month on month. Sales/management/R&D/finance cost rates were 4.46%, 2.99%, 4.9%, and -3.03%, respectively, with year-on-year changes of -0.07, -0.52, -0.22, -0.61pct, and -0.14, -0.27, -0.05, and -3.2pct, respectively.
Revenue and profit increased significantly: the company achieved revenue of 2,906 billion yuan in the first three quarters of 2023, an increase of 24.43% over the previous year. Net profit attributable to the parent company was 680 million yuan, up 43.49% year over year. This shows that the company has achieved significant growth in both revenue and profit.
Control of the cost rate for the period: In the third quarter, the expense rate fell 3.38 percentage points month-on-month, showing the company's effective cost management measures. By reducing the Company's gross margin, we have been able to increase the profitability of our products.
Profit forecast: The company's gross profit level for the first three quarters of 2023 recovered to a certain extent from the previous year, so we raised our profit forecast. The estimated net profit for 2023-2025 is 8.00, 9.58, and 1,139 billion yuan (previous value: 7.44, 9.27, and 1,137 billion yuan), corresponding to PE 15.5, 12.9, and 10.9 times, respectively, maintaining the “buy” rating.
Risk warning: The expansion of the semiconductor market is progressing slowly, raw material price fluctuations, the impact of national policies on the vacuum product market, and rising labor costs and management related risks.