Incident: According to preliminary estimates by the company's finance department, it is expected to achieve operating income of 1,232 billion yuan in 2023, and net profit attributable to owners of the parent company will increase by 69 million yuan compared with the same period last year, an increase of about 87% over the previous year. Net profit attributable to owners of the parent company after deducting non-recurring profit and loss will increase by $72 million compared to the same period last year, an increase of approximately 240% over the previous year. The company stated that the main reason for the change in performance compared to the same period was due to continued deepening in aerospace and other application fields, continuing to develop new equipment models, and continuously developing new markets and application fields.
The 23-year performance is expected to increase, and future growth can be expected. The company is still in the technology investment stage in 2023. We predict that due to the R&D of multiple models of equipment, the increase in bank loan fees used in the third phase of the project (metal additive manufacturing industry innovation capacity building project), and cost increases due to a combination of factors such as the establishment of new subsidiaries, the profit side growth is lower than what we previously reported, but the revenue side growth is basically in line with expectations, indicating that the company's actual order situation and revenue confirmation pace may be at a good level.
Additive manufacturing companies are in a period of accelerated market awareness, and ecological enterprises have long-term momentum for development. Additive technology is still at the forefront of the first growth curve in China. The manufacturing industry needs to recognize the technical advantages of additive manufacturing by printing individual structural parts, and in the later stages, downstream demand companies can complete their own production design requirements through equipment purchases. Therefore, as the first manufacturing enterprise to lay out a full ecological industry chain, Platinum first opened up market awareness through printing services, gradually got rid of agency business, and opened up a second growth curve for enterprises through excellent self-developed equipment. Currently, the additive manufacturing industry looks at equipment in the short term, powder in the medium term, and algorithms in the long term. Platinum is walking on multiple legs and has long-term development momentum.
Profit forecast: We expect the company's revenue for 2023-2025 to be 1,232/17.98/2,506 million yuan, respectively; net profit to mother of 1.48/3.91/523 million yuan, respectively. The company lays out the entire industry chain, has the ability to integrate “production, learning and research”, and has a long-term development logic, but in the short term, due to cost reasons, 23 years of profit fell short of expectations. Due to prudential principles, we adjusted the rating to “increase holdings”.
Risk warning: This performance forecast is that the company's financial department base has not been audited by a certified public accountant, and the company has not found any major uncertainties affecting the accuracy of the content of this performance forecast; the risk of future industry demand slowing down; and the risk of military product price reductions.