前三季度研发费用同比较高增长。2023 年前三季度，公司期间费用合计2.42 亿元，同比增长4.37%，占总营收的75.25%，营收占比同比增加16.74pct。其中，研发费用1.30 亿元，同比增长7.42%，占总营收的40.63%，营收占比同比增加9.93pct；销售费用0.42 亿元，同比增长3.56%，占总营收的13.00%，营收占比同比增加2.81pct；管理费用0.76 亿元，同比增长4.42%，占总营收的23.67%，营收占比同比增加5.27pct；财务费用-0.07 亿元，同比减少0.04 亿元，占总营收的-2.04%，营收占比同比减少1.28pct，主要是公司协定存款等利息收入增加所致。Key points of investment
The company released its three-quarter report for 2023: achieving operating income of 321 million yuan, a year-on-year decrease of 18.85%; net profit of net income of 15 million yuan, a year-on-year decrease of 192.25%; net profit after deducting non-return net profit of 28 million yuan, a year-on-year decrease of 354.75%; and basic earnings per share - 0.09 yuan/share, a year-on-year decrease of 150.00%.
The company's gross margin declined slightly year-on-year in the first three quarters. In the first three quarters of 2023, the company's gross profit margin was 59.06%, a year-on-year decrease of 0.28pct; net profit margin was -4.55%, a year-on-year decrease of 8.55pct; and the weighted average return on net assets was -0.62%, a year-on-year decrease of 1.76pct. 2023Q3, the company's gross profit margin was 59.09%, down 5.27 pct year on year, down 1.20 pct month on month; net profit margin was 12.31%, down 9.60 pct year on year, down 1.32 pct month on month.
Research and development expenses increased relatively high in the first three quarters. In the first three quarters of 2023, the company's period expenses totaled 242 million yuan, an increase of 4.37% over the previous year, accounting for 75.25% of total revenue, and a year-on-year increase of 16.74 pct in revenue. Among them, R&D expenses were 130 million yuan, up 7.42% year on year, accounting for 40.63% of total revenue, revenue increased 9.93 pct year over year; sales expenses were 42 million yuan, up 3.56% year on year, accounting for 13.00% of total revenue, revenue increased 2.81 pct year over year; management expenses were 76 million yuan, up 4.42% year on year, accounting for 23.67% of total revenue, accounting for 527 pct year on year; financial expenses - 0.07 billion yuan, down 0.04 billion yuan, accounting for -2.04% of total revenue, The share of revenue decreased by 1.28 pct year-on-year, mainly due to an increase in interest income such as company agreement deposits.
In the first three quarters of 2023, net cash flow from the company's operating activities was 374 million yuan, a year-on-year decrease of 34 million yuan; net cash flow from investment activities - 650 million yuan, a year-on-year decrease of -86 million yuan; net cash flow from fund-raising activities - 013 million yuan, a year-on-year decrease of 1,298 million yuan, mainly due to the company's payment of office rent.
As of the end of the third quarter of 2023, the company's accounts receivable, notes receivable and receivable financing totaled 844 million yuan, up 16.90% from the beginning of the year; of these, accounts receivable was 837 million yuan, up 16.68% from the beginning of the year. Mainly, most of the company's project repayments were concentrated in the fourth quarter, which led to an increase in accounts receivable during the reporting period; notes receivable were 0.07 billion yuan, up 49.66% from the beginning of the year; the turnover rate of accounts receivable was 0.41 times, down 0.19 times from the beginning of the year. The inventory was 316 million yuan, up 53.13% from the beginning of the year, and the inventory turnover rate was 0.50 times, down 0.19 times from the previous year.
As of the end of the third quarter, the company's advance payments were 62 million yuan, up 232.19% from the beginning of the year and 32.47% from the end of the half year, mainly due to the increase in the amount of money the company had to pay due to the progress of the project. The company's contract debt was 44 million yuan, up 43.32% from the beginning of the year and 19.58% from the end of the half year, mainly due to an increase in the company's advance payment.
In the first three quarters of 2023, the company's credit impairment losses were -1,7032 million yuan (losses are marked with a “-”), an increase of 234.47% over the same period last year, mainly due to the company's bad debt preparation for accounts receivable.
We adjusted our profit forecast. It is estimated that the company's net profit from 2023-2025 will be 1.07/1.21/137 million yuan, EPS will be 0.68/0.76/0.86 yuan/share, respectively, and the PE corresponding to the closing price of November 8 will be 44.3/39.3/34.8 times, maintaining the “increase in holdings” rating.
Risk warning: Demand in the military simulation industry falls short of expectations; market competition is intensifying.
