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杰普特(688025):盈利能力持续提升 XR带来增长动力

JP (688025): Profitability continues to improve, XR brings growth momentum

浙商證券 ·  May 9

Key points of investment

Strategic adjustments worked, and FY23 net profit increased significantly

In 2023, the company achieved revenue of 1,226 billion yuan, an increase of 4.46% over the previous year, and achieved net profit of 107 million yuan, an increase of 39.87% over the previous year. The 24Q1 company achieved revenue of 256 million yuan, a year-on-year decrease of 13.76%; realized net profit to mother of 0.26 million yuan, a year-on-year decrease of 13.19%. The company's net profit in '23 increased significantly compared to revenue. Thanks to the company's contraction of the continuous light laser business and the reduction of this business expenses; at the same time, the company continued to launch laser products with higher power and higher profit levels, which led to an increase in profitability.

The field of optical inspection has broad prospects, waiting to be released

In '23, the company received orders for more categories of XR-related equipment other than imaging distortion detectors, including lens coating defect detection equipment for customer XR equipment and laser marking equipment related to customer XR products. At the same time, the company also continues to cooperate with customers to develop testing and processing equipment related to their future XR products. Currently, many projects are exclusively supplied, and the competitive pattern is good.

At the same time, the company has also begun receiving orders for mobile camera-related testing equipment from customers. As XR technology continues to be optimized and popularized, it is expected to bring demand for camera-related inspection equipment. The company has a strong competitive advantage in the field of optical inspection and is expected to continue to grow in the future.

Orders continue to be received in various fields, providing sufficient impetus for future performance growth in the new energy sector. The new energy card motor laser welding system developed by the company has received orders from well-known customers in the industry. At the same time, the company received an order from an industry customer for the company's laser die-cutting equipment in the field of photovoltaic perovskite. The company's equipment was used in the customer's 100 megawatt mass production line for perovskite. With the development of the perovskite field, the industry space is expected to continue to expand, and the company's performance is expected to gain momentum for continuous growth.

In terms of the passive components business, in a situation where the industry is relatively sluggish, the integrated inductor-related automation equipment developed by the company still receives orders from leading customers in the domestic industry. At the same time, the company successfully launched a prototype capacitor test sorter for capacitor production in the first half of 2023, and will gradually send the capacitor test sorter to the customer site for trial in the future. With the subsequent recovery in demand for passive components, the company's related business is expected to continue to grow.

Profit forecasting and valuation

We expect the company's revenue for 2024-2026 to be 15.5 billion yuan, 20.7 billion yuan, and 2.54 billion yuan, respectively; net profit to mother will be 1.6, 2.8, and 320 million yuan, respectively, with year-on-year growth rates of 47.0%, 77.0%, and 14.4%, corresponding to PE of 28, 16, and 14 times, respectively, maintaining the “buy” rating.

Risk warning

Demand in the consumer electronics industry is falling short of expectations, and the industrialization of new products falls short of expectations, etc.

The translation is provided by third-party software.


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