2023 年公司预计归母净利润3.10-3.49 亿元，其中Q4 单季度实现归母净利润0.58~0.97 亿元，同比增长+28.82%~+114.38%。预计扣非归母净利润2.88~3.39 亿元，其中Q4 单季度实现扣非归母净利润0.22~0.73 亿元，对应同比变化-64.70%~+16.86%。其中业绩提升主要系：公司克服国内传统家用电器电机市场的竞争压力，保持市场份额；持续加大新能源汽车激光雷达电机、电动空调压缩机及控制器、电子泵、储能泵、精密铝压铸轻量化产品的量产能力；继续加大医疗用音圈电机、工控电机、空心杯电机、行星滚珠及滚柱丝杠等产品的研发投入，提升高附加值产品的销售份额，改善产品销售结构，产品盈利能力持续改善。occurrences
The company released its 2023 performance forecast: The company expects to achieve net profit of 310-349 million yuan for the full year of 2023, an increase of 20%-35% over the previous year; to achieve net profit without deduction of 288-339 million yuan, a year-on-year decrease of -15% -0%. The impact of the company's non-recurring profit and loss on net profit for the full year of 2023 is estimated to be 0.25-35 million yuan, mainly due to floating profits and losses generated by the company's foreign exchange hedging business during the reporting period and government subsidies included in current profit and loss.
Product sales structure optimization, positive net profit trend in Q4
In 2023, the company expects net profit of 310-349 million yuan, of which Q4 achieved net profit of 0.58 to 97 million yuan in a single quarter, an increase of +28.82% to +114.38% year-on-year. Net profit without return to mother is estimated to be between 288 million yuan and 339 million yuan, of which net profit after deduction of non-return to mother was 0.22 to 73 million yuan in a single quarter, corresponding to a year-on-year change of -64.70% to +16.86%. Among them, the increase in performance is mainly due to overcoming competitive pressure in the domestic traditional household appliance motor market and maintaining market share; continuously increasing the mass production capacity of new energy vehicle lidar motors, electric air conditioning compressors and controllers, electronic pumps, energy storage pumps, precision aluminum die-cast lightweight products; continuing to increase R&D investment in medical voice coil motors, industrial control motors, hollow cup motors, planetary ball and roller screws, etc., increasing the sales share of high-value-added products, improving product sales structure, and continuous improvement in product profitability.
Achieve mass production of new industrial control products, strengthen technical reserves and focus on expanding high-end industrial control
In terms of new product development, the company's ball screw products have been mass-produced; hollow cup motors are in the small-batch supply stage, and the smallest motors have been sampled; some linear transmission products of the subsidiary Dingzhi Technology have been delivered in the field of humanoid robots and have been gradually recognized by customers. The company's R&D is progressing smoothly, and it is expected that it will continue to expand in the future. In terms of high-end industrial control, the company has stocked various products such as micro motors, intelligent components, and linear drives. Many of these products have achieved breakthroughs in domestic technology, and will gradually expand into high-end industrial control fields such as laser cutting in the future.
Investment advice and profit forecasting
The company is a leading global enterprise in the field of micromotors. Its business covers the home appliance, automotive, medical and other industries. The company has outstanding performance, strong R&D capabilities, and sufficient technical reserves. We are optimistic about the company's long-term development. The company is expected to achieve revenue of 34.61 billion 41.27/4.937 billion yuan in 2023-2025, net profit to mother of 341/4.22/495 million yuan, EPS of 1.08/1.33/1.56 yuan/share, corresponding PE of 18.00/14.57/12.40 times, maintaining a “buy” rating.
Risk warning
Technological innovation risk, exchange rate risk, labor cost increase risk, raw material price fluctuation risk