2024 年Q1 营收&利润同比高增，盈利能力持续改善。2024 年Q1 公司实现营收4.9 亿元，同比+26%；归母净利润0.16 亿元，同比+183.1%，归母净利润大幅增长，主要系营收端保持较高增速的前提下，盈利能力持续改善。2024 年Q1 毛利率19.04%，同比+1.75pct，期间费用率14.8%，同比-1.45pct，具体看公司销售/管理（不含研发）/财务/研发费用率分别为2.94%/5.86%/1.36%/4.65%，同比分别+0.38pct/-0.74pct/-0.7pct/-0.39pct。Incidents:
On April 25, 2024, Beite Technology released its 2024 Q1 quarterly report: in Q1 2024, the company achieved revenue of 490 million yuan, +26% year over year; net profit to mother was 16 million yuan, +183.1% year over year; net profit after deduction was 15 million yuan, +282.2% year over year.
Investment highlights:
Revenue & profit increased year-on-year in Q1 2024, and profitability continued to improve. In 2024, Q1 achieved revenue of 490 million yuan, +26% year over year; net profit to mother was 0.16 million yuan, +183.1% year over year. Net profit to mother increased significantly. Mainly on the premise that the revenue side maintained a high growth rate, profitability continued to improve. The gross profit margin for Q1 in 2024 was 19.04%, +1.75pct year on year, and -1.45pct year on year. Specifically, the company's sales/management (excluding R&D) /finance/R&D expenses were 2.94%/5.86%/1.36%/4.65%, respectively, +0.38pct/-0.74pct/-0.7pct/-0.39pct, respectively.
The humanoid robot screw has obvious advantages in pioneering technology, and the new robot business has created a third growth curve. In 2023, the company entered the field of humanoid robots and actively cooperated to promote sample development of screw products for humanoid robots according to customer needs. Furthermore, on April 16, 2024, the company announced that it intends to establish a wholly-owned subsidiary, Beite Robotics Components. The company has been rooted in the automobile chassis parts industry for more than 20 years. The accumulated production process is highly homologous to the production process of screw products. The company's R&D team has formed a set of highly specialized and systematic processes and production plans in the corresponding precision machining, grinding, raw material conditioning, surface heat treatment, flaw detection, straightening, etc., so the company has natural technical advantages in the field of robot screw layout. We believe that the progress of the company's robot screw business may continue to accelerate in the future, thereby contributing to significant increases.
Profit forecast and investment rating Considering that in the future, the company's compressor business is expected to continue to gradually recover along with the recovery of the commercial vehicle market, and the aluminum forging lightweight business is expected to benefit from new production capacity investment to achieve a sharp rise in volume profit, and the new humanoid robot business may contribute significantly. We expect the company to achieve total operating revenue of 22.02, 26.19, and 3.177 billion yuan in 2024-2026, with year-on-year growth rates of 17%, 19%, and 21%; achieved net profit of 0.80, 1.47, and 235 million yuan; EPS 0.22, 0.41, and 0.65 yuan. PE valuations corresponding to the current stock price are 70, 38, and 24 times, respectively, maintaining a “buy” rating.
Risks suggest that raw material prices continue to rise; NEV sales fall short of expectations; new plant production capacity falls short of expectations; customer concentration is too high; new product development progress falls short of expectations; mass production of humanoid robots falls short of expectations; and the risk of large fluctuations in secondary market liquidity and stock prices for small market capitalization companies.