完善全球销售网络，具有海外竞争优势。公司自从2005 年开始发展海外市场业务，已经在140 多个国家和地区形成了约6000 家的渠道合作网络，同时行业首创ACE 工程师培训项目，累计培养了约3000 位ACE 认证服务工程师，建立了7*24 小时全天候、专业的服务能力，形成艾比森独特的海外市场竞争能力。23 年10 月，艾比森东江智造中心全面交付启用，实现了生产制造全流程数字化、智能化管理，为艾比森全球化征程再次打下坚实的基础。Incident: On April 25, 2024, the company released its 2024 quarterly report. 24Q1 achieved revenue of 864 million yuan, +21.87% year-on-year; net profit to mother was 171 million yuan, -10.28% year-on-year. Net profit after deducting non-return to mother was 50 million yuan, -29.06% YoY.
The performance was in line with expectations. 1) Revenue side: Order signing and revenue continued to grow. In 24Q1, the company signed 1.23 billion yuan, +26.90% year-on-year. 2) Profit side: The sharp decline in the 24Q1 company's net profit deducted from the mother was mainly due to the impact of the 24Q1 non-recurring profit and loss amount of 20.96 million yuan on net profit (23Q1 was 8.61 million yuan). This was mainly due to the fact that the company underwent separate impairment tests of accounts receivable to be transferred back, investment income from idle capital, and various subsidies.
The gross margin declined year on year, and the cost ratio for the period increased year on year. 1) Gross profit margin: In 24Q1, the company's gross margin was 30.40%, -3.91 pct year over year, and +4.96 pct month-on-month. 2) Period expense ratio: The 24Q1 period cost rate was 24.98%, +0.73 pct year on year, and +6.28 pct month on month. Among them, the sales, management, R&D, and financial expense ratios were 15.72%, 5.94%, 4.36%, and -1.03%, respectively, +1.68, +0.60, -0.13, and -1.43pct. The year-on-year increase in the company's sales expenses ratio is mainly due to the fact that the company adopted an active sales strategy to increase its market share. During the reporting period, the company focused on participating in a number of international exhibitions, held a spring press conference, a thousand-person ecological partnership conference, etc., and carried out comprehensive marketing layout and development work.
Improve the global sales network and have an overseas competitive advantage. The company began developing overseas market business in 2005, and has formed a channel cooperation network of about 6,000 companies in more than 140 countries and regions. At the same time, the industry pioneered ACE engineer training program, trained about 3,000 ACE certified service engineers, and established 7*24 hour all-weather, professional service capabilities, forming Abbison's unique competitiveness in overseas markets. In October '23, the Abison Dongjiang Intelligent Manufacturing Center was fully delivered, enabling digital and intelligent management of the entire manufacturing process, once again laying a solid foundation for Abbison's global journey.
Profit forecast: We expect the company's net profit to be 403, 5.29, and 696 million yuan respectively in 2024-26, maintaining a “buy” rating.
Risk warning: LED market demand falls short of expectations, energy storage business expansion falls short of expectations, etc.