2023 全年业绩符合预期，新接订单快速增长，在手订单充裕2023 年公司实现营收12.23 亿元，同比增长17.5%；归母净利润2.87 亿元，同比增长21.5%，全年业绩符合预期。成套设备为公司核心产品，合计销售52 套，同比增长13.0%；实现收入9.50 亿元，收入占比为77.7%。境外收入高速增长，2023 年实现5.64 亿元，同比增长83.1%，主要系子公司意大利格瓦尼成套系统项目销售增加带来的收入增长。公司盈利能力良好，毛利率和净利率分别为32.1%/23.5%，同比+0.1pct/0.8pct；期间费用率为4.1%，同比持平，费控稳定。Order delivery fell short of expectations and dragged down 2024Q1 performance, and the company's operations were stable
2024Q1 achieved revenue of 142 million yuan, a year-on-year decrease of 67.1%; net profit to mother was 0.28 million yuan, a year-on-year decrease of 75.3%. The reason for the decline in performance was that the company's revenue mainly came from large projects, and large projects already delivered by the company during the period were not accepted, which was a high fluctuation during the quarter caused by the pace of order delivery falling short of expectations. The total current assets of 2024Q1 Company were 3.79 billion yuan, with a current ratio of about 1.57 billion yuan; net operating cash flow was 101 million yuan, three times the net profit attributable to mother. The company has plenty of cash and other liquid assets in hand, and its operating conditions are stable.
We maintain the company's profit forecast for 2024-2025 and add the 2026 forecast. The revenue for 2024-2026 is 15.74/20.51/2,679 million yuan; net profit to mother of 3.64/4.84/626 million yuan, EPS 5.46/7.26/9.39 yuan; the current stock price corresponds to 12.2/9.2/7.1 times PE. Maintain a “buy” rating.
The results for the full year of 2023 were in line with expectations, and new orders grew rapidly. In 2023, the company achieved revenue of 1,223 billion yuan, an increase of 17.5% year on year; net profit to mother was 287 million yuan, up 21.5% year on year, and the full year results were in line with expectations. Complete equipment is the company's core product, with a total sales of 52 sets, an increase of 13.0% over the previous year; it achieved revenue of 950 million yuan, accounting for 77.7% of revenue. Overseas revenue grew rapidly, reaching 564 million yuan in 2023, an increase of 83.1% year-on-year, mainly due to increased sales of the subsidiary Gwani complete system project in Italy. The company's profitability is good, with gross margin and net margin of 32.1%/23.5%, respectively, +0.1pct/0.8pct; the cost ratio for the period was 4.1%, flat year on year, and cost control was stable.
In 2023, the company added more than 2.6 billion yuan in new orders, an increase of more than 71.6% over the previous year, a record high. Of these, it has disclosed overseas orders of nearly 700 million yuan; contract liabilities were 1.90 billion yuan, an increase of 35.7% over the previous year. The company's new orders are growing rapidly, and there are plenty of orders on hand, which strongly supports the growth of performance.
Downstream capital expenditure is booming, expanding categories and opening up long-term growth space. The company is the leading domestic gas transmission system. The products are mainly in the field of synthetic resins, and the short- to medium term ethylene capital expenditure is high. The average domestic synthetic resin market demand is expected to be 4 billion yuan by 2027. More than 20 new construction and transformation projects such as petroleum, Sinopec, and CNOOC were approved in 2023. Looking at the industries that have signed new orders, the downstream customer industries of the company's newly signed orders are widely distributed. In addition to the petrochemical industry, the company continues to expand in the fields of new materials, food, and degradable plastics, and it is expected that going overseas and expanding categories will open up long-term space.
Risk warning: Downstream capital expenditure has declined, industry competition has increased risks, and progress in category expansion falls short of expectations.
