分业务来看，公司电力工程建设及智能用电服务、电力设备供应分别实现收入15.0、10.5 亿，同比-2.83%、+58.6%，毛利率为17.3%、18.75%，同比变动-9.99pct、-0.09pct，综合毛利率为19.4%，同比-7.3pct，23Q4 和24Q1单季度毛利率为14.5%、17.4%，同比-10.6pct、-11.6pct，我们判断或与光伏及储能业务竞争加剧有关。公司持续加大研发投入，加大客户覆盖及深化客户合作，与国内优质客户开展紧密战略合作，推进EPCOS+光伏+储能的布局，16 万㎡的智能设备生产基地24 年将投入生产，设备业务收入有望提升。分区域来看，省内、省外营收分别为18.6、8.4 亿，同比+8.6%、+29.4%，省外业务加速拓展，公司目前在海外已形成设备销售和供配电、EPC 收入，主要集中在东南亚及北美地区，海外业务可期。Performance was under pressure for a short time, maintaining a “buy” rating
In '23, the company achieved revenue of 2,694 billion yuan, +14.3% year-on-year, with non-net profit attributable to mother and net profit of 0.78 million and -76.3%, respectively; in the 23Q4 single quarter, revenue of 8.2 billion yuan, -3.8% year-on-year, and -120 million yuan in net profit to mother and -120 million yuan, respectively, compared with -345.7% and -437.1%, respectively. Non-recurring profit and loss for the year was $0.24 million, a year-on-year decrease of 3.2 million. Profitability pressure for the whole year was mainly due to a decline in the company's gross margin and an increase in impairment accruals. We lowered the company's net profit to mother of 1.7, 2.1, and 270 million in 24-26 (previous values were 3.43 and 429 million), corresponding to PE of 20.8, 16.8, and 13.4 times, maintaining a “buy” rating.
Equipment sales have achieved relatively rapid growth, and overseas prospects are promising
By business, the company's power engineering construction, intelligent electricity services, and power equipment supply achieved revenue of 15.0 billion, 1.05 billion, and -2.83%, +58.6% year-on-year, gross margin of 17.3%, 18.75%, year-on-year changes of -9.99pct, -0.09pct, comprehensive gross margin of 19.4%, year-on-year, -7.3 pct, 23Q4 and 24Q1 gross margins were 14.5% and 17.4%, year-on-year. We judge that competition with the photovoltaic and energy storage business may intensify Related. The company continues to increase investment in R&D, increase customer coverage and deepen customer cooperation, develop close strategic cooperation with high-quality domestic customers, and promote the EPCOS+ photovoltaic+energy storage layout. The 160,000-square-meter smart equipment production base will be put into production in 24 years, and the equipment business revenue is expected to increase. Looking at the subregions, revenue within the province and outside the province was 1.86 billion and 8.4 billion, respectively, +8.6% and +29.4%. The expansion of business outside the province has accelerated. The company has now generated overseas equipment sales, power supply and distribution, and EPC revenue, mainly in Southeast Asia and North America, and overseas business can be expected.
Expense ratios were effectively diluted during the period, and cash flow improved year-on-year
The company's expense ratio for the 23 year period was 10.2%, down 0.62 pct year on year. Sales, management, R&D, and finance expense ratios changed by -0.28, -0.39, +0.05, 0.0pct year on year, respectively. Asset and credit impairment losses were 183 million yuan, an increase of 89 million yuan over the previous year. Under the combined influence, the net interest rate for 23 fell 7.87 pct to 2.95%.
The net amount of CFO in '23 was -98 million, with a year-on-year decrease of 121 million outflows. The payout ratios were 86% and 98%, respectively, with year-on-year changes of +16.6pct and +18.1 pct. Accounts receivable and contract assets increased by $210 million and $39 million, respectively. Accounts receivable within one year accounted for 62.3%. Other non-current assets decreased by 88 million yuan year over year, mainly due to a decrease in prepaid home purchases.
Q1 revenue and net profit will continue to be under pressure. It is expected that the full year's cash flow will improve in 24Q1 to achieve revenue of 497 million, -14.4%, and net profit attributable to mother and net profit of 0.51 million, 46.5%, and -48.8% year-on-year. The pressure on Q1 net profit was partly due to a decline in gross margin, and the cost ratio of Q1 in a single quarter increased by 0.64 pct to 10.56% year on year. Asset and credit impairment losses increased by 28 million yuan year on year. The net CFO of the 24Q1 company was -0.77 million, a year-on-year decrease of 183 million outflows. Considering that the company strengthened its repayment cash flow, it is expected to recover within the year.
Risk warning: Investment in power infrastructure has declined, competition has intensified, and repayments fall short of expectations.