毛利率维持高水平，期间费用管控良好。2023 年公司毛利率为51.60%，同比-1.72pct， 2024Q1 公司毛利率达到53.90%，环比+4.85pct，同比-3.07pct。公司毛利率维持较高水平，产品高技术价值凸显。公司期间费用管控良好，2023 年销售/管理/研发费用率同比+0.31/-1.37/+1.13pct，2024Q1 销售/管理/研发费用率同比-1.73/-1.76/-0.25pct。2023 年公司期间费用率同比维持稳定，2024Q1 同比则下降明显。随着公司营收规模的逐步扩大，期间费用率的下降趋势有望维持，对公司净利率产生积极影响。Incidents:
The company released its 2023 annual report and 2024 quarterly report. In 2023, the company achieved revenue of 606 million yuan, an increase of 32.74% over the previous year, and achieved net profit of 131 million yuan, an increase of 32.26%; in the first quarter of 2024, the company achieved revenue of 124 million yuan, an increase of 23.49% over the previous year, and achieved net profit of 26.2791 million yuan, an increase of 28.44% over the previous year. Comments on this are as follows:
Revenue continues to grow, and demand is strong in the aerospace sector. Against the backdrop of a complex and changing macro environment, the company's revenue continued to grow steadily, showing strong operational resilience, and verifying the high growth attributes of the company's 3D printing industry. In 2023, the company's revenue in the aerospace sector reached 372 million yuan, a sharp increase of 120.58% over the previous year, accounting for 61.40% of revenue, reflecting the strong demand for 3D printing in the aerospace industry.
Gross margin was maintained at a high level, and expenses were well controlled during the period. In 2023, the company's gross margin was 51.60%, -1.72pct year on year, and the gross margin of 2024Q1 reached 53.90%, +4.85pct month-on-month, and -3.07pct year on year. The company's gross margin is maintained at a high level, and the high technical value of the products is prominent. The company's expenses were well controlled during the period. In 2023, the sales/management/R&D expense ratio was +0.31/-1.37/+1.13pct, and the 2024Q1 sales/management/R&D expense ratio was -1.73/-1.76/-0.25pct year-on-year. The company's expense ratio remained stable year on year in 2023, while 2024Q1 declined significantly year over year. With the gradual expansion of the company's revenue scale, the downward trend in the expense ratio is expected to be maintained during the period, which will have a positive impact on the company's net interest rate.
3D printing is a universal manufacturing technology, and application scenarios will continue to open up. 3D printing has outstanding advantages in complex structure manufacturing, integration, and weight reduction. In the past, due to high costs, it was mainly used for small-batch customized processing and manufacturing in the consumer goods field. In recent years, with the multi-dimensional cost reduction of equipment, materials, and processes, the cost of 3D printing has continued to decline, and mass production of 3D printing for civilian products is gradually getting closer. 3D printing has application scenarios in the fields of automobiles, consumer electronics, commercial aerospace, molds, and medicine. We believe that 3D printing will gradually be applied to more mass production scenarios in a short period of time, which will accelerate the development of the industry. The company has established an “equipment-software-material-process-application” full-chain integrated independent technology system covering selective laser melting (SLM) and selective laser sintering (SLS) technology routes. It has outstanding core competitiveness and is expected to benefit significantly from major trends in industry development.
Profit forecast: The company's net profit for 2024-2026 is expected to be 1.98, 2.73, and 368 million yuan, respectively, with corresponding PE values of 51, 37, and 27 times, respectively, maintaining an “increase in holdings” rating.
Risk warning: 3D printing mass production implementation progress falls short of expectations; profit forecasting and valuation models fail
