公司23 年期间费用率为24.91%，同比提升3.10pct；其中销售费用率1.14%，同比提升0.25pct；管理费用率8.81%，同比提升2.09pct；研发费用率19.34%，同比提升4.36pct，各项费用率提升主要原因为收入规模下降所致。公司23 年回款情况良好，销售商品、提供劳务收到现金12.78 亿元，同比增长133.01%；经营性净现金流3.11 亿元，同比增长208.50%；对应公司应收账款及票据23 年年末为3.02 亿元，同比减少65.39%，存货3.87 亿元，同比减少12.33%，资产结构显著优化。Net profit to the mother fell by 34.66% in '23, maintaining the “buy” rating, and released an annual report. In 2023, it achieved revenue of 726 million yuan (yoy -23.85%), net profit to the mother of 102 million yuan (yoy -34.66%), deducting non-net profit of 775.314 million yuan (yoy -49.72%). Among them, Q4 achieved revenue of 220 million yuan (yoy -69.36%, qoq +51.61%) and net profit of 61.5228 million yuan (yoy -68.62%, qoq +439.03%). We expect the company's 2024-2026 EPS to be 0.39, 0.54, and 0.72 yuan respectively (the previous value was 0.76 and 1.02 yuan in 2024-2025). The reason for the reduction was a decrease in demand due to changes in the procurement pace of the company's downstream customers. Comparatively, the company Wind agreed to expect an average PE value of 61 times in 24, giving the company 61 times PE in 24 years, with a target price of 23.79 yuan (previous value of 30.4 yuan), maintaining a “buy” rating.
Radar and supporting equipment revenue declined, and the radar parts business grew significantly in 2023. The company's radar and supporting equipment business achieved revenue of 586 million yuan, a year-on-year decline of 34.42%, mainly due to factors such as industry policies, market demand and product delivery. The gross margin was 33.79%, a year-on-year decrease of 8.78 pcts; the radar parts business achieved revenue of 106 million yuan, an increase of 90.43% over the previous year. The company's new products entered the maintenance and after-sales period. At the same time, the company's new products entered the delivery stage, with a gross margin of 28.35%. The year-on-year decrease was 0.14 pct. The company's overall gross margin in '23 was 33.38%, a year-on-year decline of 8.42pct.
Expense rates increased during the period, and operating cash flow improved significantly
The company's expense ratio for the 23-year period was 24.91%, up 3.10pct year on year; of these, the sales expense ratio was 1.14%, up 0.25pct year on year; the management expense ratio was 8.81%, up 2.09pct year on year; and the R&D expense ratio was 19.34%, up 4.36pct year on year. The main reason for the increase in various cost rates was due to a decrease in revenue scale. The company's repayment situation was good in '23. It received 1,278 million yuan in cash from selling goods and services, up 133.01% year on year; net operating cash flow was 311 million yuan, up 208.50% year on year; corresponding company accounts receivable and notes were 302 million yuan at the end of '23, a decrease of 65.39% year on year, inventory of 387 million yuan, a decrease of 12.33% year on year, and the asset structure was significantly optimized.
24Q1 revenue continues to be under pressure, and the long-term development of the radar business is improving
The company achieved operating income of 0.28 billion yuan in the first quarter of '24, a year-on-year decrease of 45.94%, and realized net profit to mother of -0.16 million yuan, an increase of 5.42% over the previous year. In '23, the company actively developed new models of products that won the bid, and achieved breakthroughs in the three new fields of foreign trade, air traffic control, and low-altitude economy. In the field of air traffic control, the company won a bid for a military air traffic control radar supporting equipment development project and took the first step in expanding the air traffic control radar support field; in the field of foreign trade, promoting export approval for type 1 radar products, and signing military trade contracts for type 1 radar products, adding a new army to the overseas product pool, the military trade business achieved 110 million yuan in revenue in 2023; in terms of low altitude economy, the company set up a new low-altitude division to broaden the new industrial track, and the pace of industrialization in the low-altitude field is fully accelerated.
New products and new markets have laid a solid foundation for continued development.
Risk warning: Risk of product price reduction, risk of military trade business falling short of expectations.
