23 年加大销售、管理端投入，整体人员费用、差旅费用及股份支付费用有所增长。23 年四大费用率之和为32.75%，同比下降0.34pct，其中费用率变化较大的主要是研发/财务费用率分别变动-1.78/+1.38pct。23Q4 四大费用率之和52.19%，同比提升8.20pct，销售/管理/研发/财务费用率分别变动+6.3/+0.52/+3.09/-1.71pct。23Q4 单季度净利率有所下降。In 2023, revenue of 490 million yuan (+27.49%) was achieved, net profit due to mother was 93.95 million yuan (+33.55%), and realized profit after deduction of 86.84 million yuan (+39.69%). Q4 achieved revenue of 140 million yuan (+39.19%) and realized net profit of 25 million yuan (+26.28%) to mother. 24Q1 achieved revenue of 106 million yuan (+12.58%) and realized net profit of 16 million yuan (+74.65%) to mother.
The revenue side grew steadily in 23 years, mainly benefiting from increased sales of industrial IoT communication products and intelligent distribution grid condition monitoring system products. The year-on-year growth rates of the Industrial Internet of Things/Smart Distribution Grid/Smart Sales/Technical Services and others were 25.1%/58.2%/-10.3%/56.6%, respectively. Industrial IoT communication products released a variety of new products, covering a wider range of application markets and increasing overseas market development efforts. The smart distribution grid business benefited from the delay in previous orders and the improvement in domestic demand. Demand for smart sales businesses is shrinking.
Net profit margin for '23 was 19.1%, up 0.9 pct year over year, mainly benefiting from improved gross margin. The gross profit margin in '23 was 51.5%, up 3.39pct year-on-year. By business, the gross margins of the Industrial Internet of Things/Smart Distribution Grid/Smart Sales/Technical Services and others were +3.1/+6.6/-3.7/-4.0 pct, respectively. 23Q4 gross profit margin was 53.43%, up 3.92 pct year on year and down 1.13 pct month on month.
Investment in sales and management has increased in 23 years, and overall personnel expenses, travel expenses, and share payment expenses have increased. The sum of the four major cost rates in '23 was 32.75%, a year-on-year decrease of 0.34pct. Among them, the biggest change in the cost ratio was mainly a change in the R&D/finance cost ratio of -1.78/+1.38pct, respectively. The sum of the four major cost ratios in 23Q4 was 52.19%, up 8.20pct year-on-year, and the sales/management/R&D/finance cost ratios changed +6.3/+0.52/+3.09/-1.71 pct, respectively. Net interest rates declined in the 23Q4 single quarter.
24Q1 Business improved, and profitability improved significantly. Under the high base of 23Q1, 24Q1 revenue continued to grow steadily, and downstream demand recovered. The net profit margin was 15.38% (up 5.86 pct year on year), mainly benefiting from the 4.97 pct increase in gross margin (to 52.8%) year over year. The sum of the four major cost rates increased steadily over the same period last year.
Investment advice: Net profit due to mother for 24-26 is estimated to be 1.2/1.5/190 million yuan, corresponding to year-on-year growth rates of 28%/25%/28%, respectively, and corresponding PE is 20/16/12 times, respectively, maintaining a “buy” rating.
Risk warning: Overseas economic recovery is slower than expected; new products fall short of expectations; risk of exchange rate fluctuations.
