24Q1 实现营收2.48 亿元，同比+12.89%；归母净利润为0.43 亿元，同比-23.13% ； 销售毛利率为43.36% ， 同比+2.58PCT ， 环比+2.18PCT；销售净利率为20.3%，同比-6.2PCT，环比-19.2PCT。Brief performance review
On April 29, the company announced its 23 annual report and 24 quarterly report:
In 2023, we achieved revenue of 1,072 billion yuan, +1.1% year on year; net profit to mother was 312 million yuan, +20.05% year on year; gross sales margin was 43.05%, +2.81 PCT year on year; and net sales margin was 31.27%, +5.29 PCT year on year. 23Q4 achieved revenue of 266 million yuan, +3.13% year over year; net profit to mother was 99 million yuan, +54.95% year over year; and gross sales margin was 41.17%.
24Q1 achieved revenue of 248 million yuan, +12.89% year over year; net profit to mother was 43 million yuan, -23.13% year on year; gross sales margin was 43.36%, +2.58PCT year on year, +2.18 PCT month on month; net sales margin was 20.3%, -6.2 PCT year on year, and -19.2 PCT month on month.
Management analysis
Revenue was under pressure in 1 and 23, and profits were in line with expectations. The increase in profit was mainly due to increased gross margin and investment income. 24Q1 profit was slightly lower than expected due to changes in the fair value of financial assets.
2. The annual report is split as follows:
1) Revenue: The overall main business in '23 was basically the same as last year, and force sensing & instruments/industrial Internet of Things/platform products were +1.2%/-0.89%/-1.1%, respectively.
2) Gross profit margin: The gross margin in '23 was +2.81 PCT year on year, mainly benefiting from the drastic reduction in manufacturing costs. The manufacturing expenses of various businesses decreased by 6%-38% year on year.
3) Others: In '23, the company achieved net investment income of 72 million yuan, an increase of 27 million yuan; profit and loss from changes in fair value increased by 45 million yuan year on year.
3. The quarterly report is split as follows:
1) Revenue +12.89% YoY: Mainly benefiting from Huahong's consolidation. 2) Gross margin +2.58PCT year-on-year: Mainly benefiting from improved gross margin due to high-end instruments, and further reduction in manufacturing costs. 3) Other: Changes in the fair value of financial assets caused a loss of 12.26 million yuan in profits. The company has completed the development of analog six-dimensional force sensors and continues to develop digital ones.
Profit Forecasts, Valuations, and Ratings
The revenue of the main business in '23 fell short of expectations, and net profit for 24Q1 was lower than expected, so the 24-25 profit forecast was lowered by 10%/12%, profit was reduced by 12%/11%, and the 26-year performance forecast was added. The estimated 24-26 revenue was 14.4/18.11.2 billion yuan, respectively, +34.7%/+25.2%/+17.4%; net profit was 3.59/4.29/ 476 million yuan, respectively, +15.0%/+19.5%/+11.0% year-on-year, maintaining the “increase” rating.
Risk warning
Raw material price fluctuations, investment mergers and acquisitions risks, goodwill impairment risks, and technology path risks.