2023 年营业收入实现稳健增长，高毛利产品销售占比提升2023 年，公司通过不断调整产品结构，扩大中高端产品产能规模，提高公司高毛利产品销售占比，全年实现营业收入6.44 亿元，同比增长8.17%；实现扣非归母净利润0.50 亿元，同比增长58.55%；经营活动产生的现金流量净额为1.16 亿元，同比增长35.78%。分产品来看，条码碳带实现收入5.78 亿元，同比增长6.50%，毛利率为31.22%，同比提升8.3 个百分点；打码碳带实现收入0.05 亿元，同比增长67.39%；传真碳带实现收入0.04 亿元，同比减少5.53%；水转印碳带实现收入0.04 亿元，同比增长109.94%；其他产品实现收入0.54 亿元，同比增长22.02%。2024 年第一季度，公司实现营业收入1.67 亿元，同比增长18.11%；实现扣非归母净利润0.21 亿元，同比增长115.82%。Incidents:
The company released the “2023 Annual Report” and “2024 First Quarter Report” on April 23, 2024.
Comment:
Revenue achieved steady growth in 2023, and the share of sales of high-margin products increased in 2023. The company achieved annual revenue of 644 million yuan, an increase of 8.17% year on year by continuously adjusting the product structure, expanding the production capacity of high-end products and increasing the sales share of the company's high-margin products; achieved net profit without return to mother of 50 million yuan, an increase of 58.55% year on year; net cash flow from operating activities was 116 million yuan, an increase of 35.78% year on year. By product, barcode carbon belts achieved revenue of 578 million yuan, up 6.50% year on year, gross margin was 31.22%, up 8.3 percentage points year on year; coding carbon belt achieved revenue of 0.05 billion yuan, up 67.39% year on year; fax carbon belt achieved revenue of 0.04 billion yuan, a decrease of 5.53% year on year; water transfer carbon belt achieved revenue of 0.04 billion yuan, an increase of 109.94% year on year; other products achieved revenue of 54 million yuan, up 22.02% year on year. In the first quarter of 2024, the company achieved operating income of 167 million yuan, an increase of 18.11% over the previous year; net profit withheld from mother was 121 million yuan, an increase of 115.82% over the previous year.
Improve the production capacity of high-end products and continue to advance the global localization strategy. In 2023, the production line of Tianhao Technology Company, a wholly-owned subsidiary of the company, will be integrated and upgraded with the production line of Anhui Weisen Company to expand the production capacity of middle and high-end products and increase product quality performance and market share through measures such as production line integration, process improvement, process optimization, and intelligent transformation and upgrading. Improve product quality and reduce product costs by improving and improving process technology levels and formulations, while further enriching the product line to meet the diversified needs of the market. The company continues to promote the global localization strategy, further deepen the construction of global marketing channels, add Vietnamese subsidiaries, provide rapid delivery and customized services according to the needs of the local market, and strive to flatten local sales and reduce distribution costs in the global localization process.
Continue to increase investment in R&D and change fund-raising projects to expand the market share of high-end products. Since its establishment, the company has always attached importance to R&D. It has a large number of technical formulations and process results. The R&D focus is aimed at making heat-transfer carbon belts greener, more widely applicable, and more professional. In 2023, the company invested 22.3197 million yuan in R&D, an increase of 20.74% over the previous year. The company always adheres to customer application orientation, continuously increases resource investment in technical research and new product development, and enhances product competitiveness. The company held the 3rd Extraordinary General Meeting of Shareholders in 2023 on December 21, 2023, and agreed to use the unused portion of the capital raised from issuing convertible bonds, as well as all of its interest income and financial management proceeds for the “Intelligent Identification Material Production Line (Phase II) Project with an annual output of 230 million **** meters”. The project is mainly used to produce TTO high-speed side-pressed carbon belts, which will help the company further expand the market share of high-end products.
Profit forecasting and investment advice
The company is a leading enterprise in the field of heat transfer carbon belts. It has high popularity and competitive advantage around the world, and there is plenty of room for continuous growth in the future. The company's revenue for 2024-2026 is estimated to be 776, 9.08, and 1,047 million yuan, net profit due to mother of 0.82, 1.07, and 129 million yuan, EPS of 0.54, 0.70, 0.84 yuan/share, and the corresponding PE is 23.34, 17.93, and 14.87 times. Maintaining a “buy” rating considering the industry's room for growth and the continued growth of the company's business.
Risk warning
Risk of price fluctuations of major raw materials, risk of market price fluctuations; risk of core technology leakage and loss of core technical personnel; risk of international trade; risk of exchange rate fluctuation; risk of impairment of goodwill.
