① AGCO Cyber expects to achieve net profit of 133 million yuan to 153 million yuan in 2023, an increase of 93.63% to 122.74%; deducted non-net profit of 120 million yuan to 140 million yuan, an increase of 84.58% to 115.34% over the previous year; ② The “Science and Technology Innovation Board Daily” reporter's inquiry found that in the first three quarters of 2023, the company received a total of 4.979 million yuan in government subsidies included in current profit and loss.
“Science and Technology Innovation Board Daily”, January 22 (Reporter Huang Xiumei) Today (January 22), AGCO Cyber released a performance forecast. It is expected to achieve net profit of 133 million yuan to 153 million yuan in 2023. Compared with the same period of the previous year, it will increase 643.13 million yuan to 84.13,000 yuan, an increase of 93.63% to 122.74 percent over the previous year; it is estimated to deduct non-net profit of 120 million yuan to 140 million yuan. Compared with the same period last year, it will increase 54.986 million yuan to 74.986 million yuan, an increase of 84.58% over the previous year 115.34%
Based on this calculation, AGCO Cyber's net profit for the fourth quarter of 2023 was 42.42 million yuan to 62.42 million yuan, and net profit after deducting non-net profit was 32.53 million yuan to 52.53 million yuan.
Regarding performance growth, AGCO Cyber said that the first is the impact on its main business. Mainly due to strong market demand from downstream customers and the company's continuous launch of new products and market development, the company's sales revenue for precision testing power supplies, special power supplies, and power quality products all increased by varying degrees.
Second, the impact of non-operating profit and loss. Government subsidies increased compared to 2022 as it received incentives related to listing in 2023.
AGCO Cyber's main business is R&D, production and sales of power electronics conversion and control equipment. The core products are mainly three categories: precision test power supplies, precision special power supplies, and power quality control equipment.
In terms of customer development, AGCO Cyber has cooperated with Huawei since 2020; in the field of new energy vehicles, vehicle manufacturer BYD, head parts manufacturers Huichuan Technology, and Inbol are the company's customers.
The “Science and Technology Innovation Board Daily” reporter noticed that in recent years, benefiting from the rapid development of industries such as photovoltaic energy storage and new energy vehicles, the share of revenue and gross margin of AGCO Cyber test power supplies has risen rapidly.
From 2019 to the first half of 2023, test power supply revenue was 40 million yuan, 50 million yuan, 150 million yuan, 310 million yuan, and 200 million yuan respectively, accounting for 16.47%, 14.6%, 30.48%, 55.14%, and 63.54% of the main revenue respectively. The related share continues to rise, making it the company's largest main business.
In the same period, the gross margins of the company's test power supplies were 39.61%, 45.91%, 45.13%, 51.07%, and 56.09%, respectively, showing a rapid upward trend.
It should be noted that some market analysts told the “Science and Technology Innovation Board Daily” reporter, “Photovoltaic energy storage is a highly cyclical industry. Currently, the industry as a whole is in the phase of overcapacity and technological iteration. However, AGCO Cyber's precision testing power supply revenue is heavily reliant on photovoltaic energy storage, and there may be certain risks.”
The “Science and Technology Innovation Board Daily” reporter noticed that at the end of October 2023, some institutional investors also raised the question of “if photovoltaic energy storage accounts for too much of its revenue, will the company's performance be pressured”.
AGCO Cyber said in this regard that on the one hand, on the basis of photovoltaic energy storage applications, the company has increased investment in two similar fields with a high concentration of energy storage, new energy vehicles and energy storage power batteries.
On the other hand, measures have been adopted for other fields with a wide range of applications, including: developing general-purpose products and continuously expanding product line specifications; and continuously increasing the construction of channel agency systems.
It is worth noting that AGCO Cyber's power electronics conversion and control equipment products have a wide range of application scenarios. Its third main product, special power supplies, is also widely used in major national scientific research infrastructure projects.
AGCO Cyber said on the investor interactive platform on January 17 this year that it is currently cooperating with China's fragmented neutron source and fully superconducting tokamak nuclear fusion test device.
Earlier, during investor research, the company said that in the field of special power supplies, future incremental opportunities mainly lie in the medical application of ion accelerators.
It should be noted that while AGCO Cyber's performance is improving, its accounts receivable are also growing at the same time. From 2020 to the first three quarters of 2023, the company's accounts receivable balances were $215 million, $315 million, $395 million, and $370 million respectively, accounting for 57.96%, 60.6%, 68.22%, and 71.6% of each period's revenue, respectively, or there is an upward trend year by year.