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祥鑫科技(002965):2023年业绩快速增长 定点项目逐步量产

Xiangxin Technology (002965): Rapid performance growth in 2023, gradual mass production of targeted projects

中泰證券 ·  Jan 16

Incident: On January 16, the company released its 2023 performance forecast. In 2023, the company expects to achieve net profit of 398-420 million yuan, an increase of 55.12-63.69% over the previous year; it is expected to achieve net profit without return to mother of 3.78 to 400 million yuan, an increase of 58.15-67.36% year on year.

Achieved high growth in 2023 and continued improvement in profitability

In 2023, the company expects to achieve net profit of 398-420 million yuan, a year-on-year increase of 55.12-63.69%; it is expected to achieve net profit of 3.7-400 million yuan, an increase of 58.15-67.36% over the previous year, and the profit acceleration is significant. The main reason is that the company benefits from the development of the new energy industry, strong customer demand, and the early acquisition of targeted projects enters the mass production stage, and the capacity utilization rate increases. At the same time, the company's various products and businesses have been steadily improving, revenue has increased year-on-year, and economies of scale have increased.

Multiple businesses continue to make breakthroughs in layout, and fixed-point amounts grow rapidly

The company actively lays out precision stamping dies and telecommunications businesses for new energy vehicles, power batteries, energy storage and photovoltaic inverters.

At present, the company has established good cooperative relationships with well-known domestic and foreign companies such as GAC Aian, BYD, Ningde Times, Everweft Lithium, Huawei, and Enphase Energy, and has maintained long-term cooperative relationships with world-renowned auto parts companies such as Benteler, Faurecia, and Yanfeng. The company announced in December 2023 that it has received targeted notifications from customers of the two joint venture car brands. The total sales volume is estimated to be about 700-800 million yuan, and the life cycle is 3-4 years.

Actively lay out optical storage inverters to create new performance growth points

In line with industry trends, the company actively lays out optical storage inverters, and has supplied photovoltaic inverters, energy storage and other related products to well-known domestic and foreign companies such as Huawei, Xinnengan, Enphase Energy, and Larsen, with sufficient orders; the company announced in August and December 2023, respectively, that it received a bid notice from a leading digital energy customer to win the bid, and became a supplier for its energy storage structural components, industrial and commercial inverter assembly and structural parts projects. The total amount of the project is expected to be 9-10 billion yuan and 3-4 billion yuan respectively, which is conducive to improving the company's future business performance.

Maintaining the “gain” rating: We maintain the company's profit forecast for 2023-2025. We expect the company's net profit to be 4.32, 7.15, and 1,118 billion yuan in 2023-2025, corresponding PE of 16, 9, and 6 times, respectively, to maintain the “gain” rating.

Risk warning: There is a risk that industry sentiment is weakening, and the development of the new energy or optical storage business falls short of expectations.

The translation is provided by third-party software.


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