持续加大研发投入，积极拓展新业务领域。公司2023 年研发费用达1.04 亿元，同比+54.05%，在消费电子下行周期内，公司积极布局第二、第三增长曲线，动力电池气凝胶及消费电子自动化组装及检测设备将成为后续公司业绩成长的主要动力。展望未来，看好公司消费电子、新能源、医疗大健康领域新产品顺利放量而带动业绩持续成长。Brief performance review
On April 21, 2024, the company disclosed the 2023 annual report and the 2024 quarterly report. In 2023, the company achieved revenue of 1,687 million yuan, +44.20% year on year; realized net profit of 256 million yuan, -16.33% year over year; achieved revenue of 241 million yuan, -8.18% year over year; and realized net profit of 60 million yuan, or -18.43% year on year. Revenue grew rapidly in '23. Affected by the decline in industry sentiment, profit performance was under pressure.
Management analysis
Continue to increase investment in R&D and actively expand new business areas. The company's R&D expenses in 2023 reached 104 million yuan, +54.05% year-on-year. In the consumer electronics downturn cycle, the company actively laid out the second and third growth curves. Power battery aerogels and automated consumer electronics assembly and testing equipment will be the main driving force for subsequent company performance growth. Looking forward to the future, I am optimistic that the company will successfully launch new products in the fields of consumer electronics, new energy, medical care and health, and drive continued growth in performance.
The company's functional device customer structure continues to be optimized, and active horizontal product expansion opens up room for the company to grow. Functional devices for electronic products have the characteristics of strong customization properties, fast product updates, significant scale advantages, and strong customer stickiness. Currently, the company's major customer is Futaihua Industrial (Shenzhen) Co., Ltd., which accounted for 57.01% of total revenue in '23. Compared with 66.37% in the same period in '22, the revenue structure continues to be optimized. Furthermore, the company lays out functional devices for electronic products in the medical and health fields, which is expected to bring new development opportunities to the company. Currently, the application fields of the company's functional devices include mobile phones, PCs, smart wearables, smart homes, smart security, and healthcare.
The company's automation equipment is expected to benefit from production line transfers and terminal product upgrades. In 2023, the company achieved revenue of 677 million yuan in the field of intelligent automation equipment, +86.12% over the same period last year, contributing a significant increase in revenue. Affected by rising production costs in the mainland and the global supply chain strategies of major customers, major customers plan to move some production lines to India, Southeast Asia and other places to drive demand for new equipment. In addition, every year, new products from end customers have strong customization properties for automated assembly and testing equipment. Automated assembly and testing equipment will be updated or replaced according to new products, which is optimistic about the continuous development of the company's consumer electronics assembly and testing equipment business.
Profit Forecasts, Valuations, and Ratings
The company's net profit for 2024-2026 is estimated to be $3.19, 4.09, and 453 million yuan, respectively, or +24.69%, 28.18%, and 10.76% year-on-year. The PE valuation corresponding to the company's current price is 13.79, 10.76, and 9.71 times, maintaining the purchase rating.
Risk warning
There is a risk that customer concentration is too high, consumer electronics shipments fall short of expectations, automotive electronics shipments fall short of expectations, and demand for automation equipment and jigs fall short of expectations.
