公司盈利能力显著提升，充电电源业务量利齐升：公司2023 年毛利率为33.15%，较上年增长2.33pcts，净利率为10.17%，较上年增长3.30pcts，盈利水平同比提升；其中，充换电站充电电源系统收入为6.51 亿元，同比增长109.60%，毛利率为27.73%，较上年增长12.06pcts，全球新能源汽车销量持续快速增长，充电桩需求旺盛，公司产品销量高增，规模效应及降本增效提升盈利水平；电力操作电源收入为1.77 亿元，同比增长20.36%，毛利率为38.69%，较上年下降14.17pcts；航空航天等行业收入1.24 亿元，同比-15.41%，毛利率52.29%，同比-0.57pcts。Incident: Tonghe Technology released its 2023 annual report. The company's 2023 revenue was 1,009 billion yuan, up 57.80% year on year; achieved net profit of 103 million yuan, up 131.35% year on year; realized net profit deducted from mother 84 million yuan, an increase of 170.61% year on year.
2024Q1 revenue was 178 million yuan, up 50.17% year on year and 56.19% month on month; realized net profit of 08 billion yuan, down 51.21% year on year, down 78.71% month on month; realized net profit deducted from mother was 0.07 billion yuan, up 60.72% year on year, down 78.96% month on month, mainly due to increased remuneration, depreciation, R&D investment, and reduction in government subsidies.
Comment:
The company's profitability has increased significantly, and the charging power supply business has risen sharply: the company's gross margin in 2023 was 33.15%, up 2.33 pcts from the previous year, and the net interest rate was 10.17%, up 3.30 pcts from the previous year, and the profit level increased year-on-year; among them, charging power system revenue for charging and switching stations was 651 million yuan, up 109.60% year on year, gross margin was 27.73%, up 12.06 pcts from the previous year. Global NEV sales continued to grow rapidly. Demand for charging piles was strong, and the company's product sales volume increased rapidly, the scale effect and decline This efficiency increase increased the profit level; revenue from electric power operation was 177 million yuan, up 20.36% year on year, gross margin was 38.69%, down 14.17 pcts from the previous year; revenue from aerospace and other industries was 124 million yuan, -15.41% year on year, gross profit margin 52.29%, or -0.57 pcts year on year.
Cost reduction and efficiency increased, and the scale effect was evident: the company's 23-year sales expense ratio was 6.08%, -1.95pcts year on year; management expense ratio was 6.49%, -1.41pcts year on year; R&D expense ratio was 8.75%, -0.42pcts year on year.
High-power charging modules are leading in competitiveness and adapt to the trend of high-voltage fast charging: The company's existing products are mainly 20kW high-voltage power modules and 30kW and 40kW high-voltage power modules that meet the “six unification” standards of the State Grid; charging module products can reach up to 1000V, which can meet the requirements of the 800V voltage platform; charging piles are redundant in parallel through the charging module, and the charging power can range from 20kW to 960kW to meet fast charging and overcharging requirements.
Vigorously explore overseas markets: The company's overseas revenue in '23 was 54 million yuan, an increase of 122.92% over the previous year. Facing the rapid growth of overseas markets, the company stepped up its development efforts in Europe, America, Southeast Asia and other regions. The products have obtained CE certification and UL certification, and various products have entered the European and North American markets.
Profit forecast, valuation and rating: Maintain the company's 2024-2025 net profit forecast of 165/259 million yuan, and add the 26-year net profit forecast of 353 million yuan, corresponding to 24-26 PE 19/12/9 times, respectively. The company's three major businesses have developed collaboratively, benefiting from strong demand for charging piles at home and abroad. With the upgrading of high-power charging module products and the acceleration of overseas travel, it maintains a “buy” rating.
Risk warning: Demand for charging piles falls short of expectations, and market competition increases risk.
