全年毛利率显著改善，Q1 控费盈利明显提升。公司2023 年毛利率同比+3.6pct 至36.2%，预计主要系高毛利率的B 端业务实现良好复苏。由于车载业务投入较大，公司2023 年研发费用率有所提升，同比+2.4pct 至12.7%；销售/管理/财务费用率分别+0.4/-0.5/-0.5pct 至13.6%/7.1%/-0.9%。公司2023 年计提存货跌价损失和GDC 的投资减值损失，对利润有所拖累，归母净利率同比持平至4.7%。2024Q1 公司毛利率同比-2.9pct 至32.4%；费用率明显优化，销售/研发/管理/财务费用率同比分别-3.2/-1.7/-0.4/-1.4pct，预计峰米研发及销售投入下降，车载费用持续投入。Q1 归母净利率同比提升7.0pct 至10.0%，盈利能力实现明显改善。Revenue was under pressure in the short term, and Q1 earnings recovered drastically. In 2023, the company achieved revenue of 2.21 billion/-12.9%, net profit attributable to mother of 100 million/ -13.6%, and net profit of non-return to mother of 40 million/ -37.2%. 2024Q1 achieved revenue of 450 million/ -3.0%, net profit attributable to mother of 45 million/ +226.2%, net profit after deducting non-attributable net profit of 101 million/ year-on-year loss. The company plans to pay a cash dividend of 0.7 yuan for every 10 shares, with a cash dividend rate of 31%.
Cinema business operations rebounded strongly, and engineering, education and core components performed steadily. 1) The company's cinema screening service business revenue in 2023 was 370 million yuan, up 37.2% year on year; the subsidiary China Film Guangfeng achieved net profit of 100 million yuan, an increase of 810% year on year, and net interest rate increased 16.8 pct to 20.2% year on year. 2024Q1 cinema business revenue was 150 million, up 21% year over year, continuing the rapid growth trend. By the end of 2023, the number of cinema projection solutions installed by the company had exceeded 29,500 units, an increase of 6.5% over the previous year. 2) The company's engineering business and core component revenue are expected to remain stable. In 2023, the company's sales share in the educational laser projection market/engineering laser projection market was 29.4%/14.0% respectively, maintaining the leading position in the industry.
C-side loss reduction is imminent, and management quality and efficiency will be improved. In 2023, Fengmi's revenue fell 34.0% year on year to 770 million, which is expected to be mainly due to weak demand in the consumer electronics market. Affected by industry competition and inventory price decline losses, Fengmi lost 190 million yuan in 2023, an increase of 50 million dollars over the same period last year. However, through management and business optimization, the company improves internal operating efficiency, and is expected to turn losses into profits in the future. The loss of 2024Q1 peak rice decreased by 15 million year on year, and the loss margin decreased by 40.1% compared with the same period, and positive results have been achieved.
Gross margin improved significantly throughout the year, and Q1 fee control profit increased markedly. The company's gross margin in 2023 was +3.6pct year-on-year, and the B-side business, which is mainly a high-margin business, is expected to recover well. Due to the large investment in the automotive business, the company's R&D expenditure rate increased in 2023, +2.4pct to 12.7%; the sales/management/finance expenses ratio was +0.4/-0.5/-0.5pct to 13.6%/7.1%/-0.9%, respectively. The company calculated inventory price decline losses and GDC investment impairment losses in 2023, which dragged down profits, and the net profit margin remained flat at 4.7% year on year. 2024Q1's gross margin was -2.9 pct to 32.4% year on year; the cost ratio was clearly optimized, and the sales/R&D/management/finance expenses ratio was -3.2/-1.7/-0.4/-1.4 pct year on year, respectively. It is expected that Fengmi's R&D and sales investment will decline, and vehicle expenses will continue to be invested. The Q1 net profit margin increased by 7.0 pct to 10.0% year on year, and profitability improved markedly.
The first fixed-point mass production and delivery, laser headlights were released, and the automotive business entered a period of accelerated implementation. The company's first fixed-point model, the M9, entered an intensive delivery period in March 2024, with Q1 contributing 50 million in revenue, and is expected to continue contributing to performance; in April, the company unveiled the world's first all-in-one all-in-one laser headlight at the Beijing Auto Show. The latest smart concept car was unveiled at the auto show, and the company's automotive projection screen 2.0 and 3.0 continues to be developed. It has the advantages of doubling brightness and resolution, and can achieve AI interaction. The mass production delivery of the first product and the launch of products such as laser projectors are expected to help the company obtain more targets. The company's remaining 5 fixed points are expected to be mass-produced and delivered one after another, driving a second increase in the company's performance.
Risk warning: industry competition intensifies; downstream customer expansion falls short of expectations; industry demand recovery falls short of expectations.
Investment advice: Maintain profit forecasts and maintain a “buy” rating.
The company's laser display technology is leading the world, and the B-side recovery contributes to performance, and boosting in-vehicle projection displays is expected to create a second growth curve. Maintaining the profit forecast, the company's net profit for 2024-2026 is estimated to be 1.7/30/380 million, +64%/+76%/+27% year-on-year, corresponding to PE = 53/30/24x, maintaining a “buy” rating.
