23 年车载核心器件业务发展迅速，24Q1 进入收入贡献期。公司23 年实现营收22.1 亿元，同比-12.9%，拆分各项业务来看：1）影院/专业显示等B 端业务：影院业务方面，报告期内，公司影院放映业务同比增长37%，ALPD激光光源国内安装量突破2.95 万套。专业显示业务方面，公司重点布局激光高亮产品，提升产品竞争力，实现营业收入4.3 亿元。2）车载核心器件业务发展迅速：公司当前已获得6 个高质量定点，首个定点车型问界M9 正式落地，公司提供车规级投影巨幕满足车内娱乐、办公等多样需求，定义车内智能座舱空间。24Q1 车载业务已经实现营收贡献4802.7 万元，我们预计后续季度问界M9 将进入密集交付期，为公司规模贡献增长增量。Matters:
The company released its annual report and 24Q1 quarterly report. In '23, the company achieved revenue of 2.21 billion yuan, -12.9% YoY; net profit to mother was 103 million yuan, -13.6% YoY. In the first quarter of '24, the company achieved revenue of 450 million yuan, -3% year-on-year; realized net profit of 45 million yuan, +226.2% year-on-year.
Commentary:
The automotive core device business developed rapidly in '23, and entered a revenue contribution period in 24Q1. The company achieved revenue of 2.21 billion yuan in 23 years, -12.9%. Looking at various businesses: 1) B-side businesses such as cinema/professional display: In terms of cinema business, during the reporting period, the company's cinema projection business increased 37% year over year, and the domestic installation volume of ALPD laser light sources exceeded 29,500 units. In terms of professional display business, the company focuses on laying out laser highlight products to enhance product competitiveness and achieve revenue of 430 million yuan. 2) The automotive core device business is developing rapidly: The company has now obtained 6 high-quality fixed points, and the first fixed-point model, the M9, was officially launched. The company provides a giant vehicle-grade projection screen to meet various needs such as in-car entertainment and office, and define the smart cockpit space in the car. The 24Q1 automotive business has already contributed 48.27 million yuan in revenue. We expect M9 to enter an intensive delivery period in the next quarter, contributing to the growth of the company's size.
The subsidiary Fengmi's losses narrowed year-on-year, and the efficiency of cost utilization increased year-on-year during the period. The 24Q1 company achieved net profit of 45 million yuan, +226.2% over the same period last year. The profit increased significantly year-on-year. It was mainly due to investment income and profit and loss from changes in fair value generated by some transactional financial assets, which had a positive impact on the company's net profit to mother.
The 24Q1 company's sales, management, R&D, and financial expenses rates were -3.2, -0.4, -1.7, and -1.4 pct, respectively. The overall cost rate for the period decreased by 6.7 pct year on year. The main effect of optimizing and controlling expenses and reducing costs and increasing efficiency was remarkable. Under the combined influence, the company achieved a net interest rate of 10% to mother in 24Q1, +7pct year-on-year, and the overall quality of operations improved.
The automotive optics business has entered a revenue contribution period, and the second growth curve can be expected to be realized. During the reporting period, the company's first vehicle-mounted fixed-point project, Questionnaire M9, began to contribute revenue volume, and will continue to contribute to the company's revenue growth in subsequent quarters. At the Beijing Auto Show in April, the company unveiled the world's first all-in-one all-in-one laser headlight, integrating various functions such as high beam ADB, variable color temperature, high beam lighting assistance, ground information display, and car cinema; the latest smart concept car was equipped with the company's laser projector, BAIC New Energy, and Hongqi Auto to debut at the Beijing Auto Show.
Investment suggestions: The steady recovery of B-side infrastructure such as the company's cinemas and professional displays will drive the restoration and improvement of profitability. The automotive innovation business is developing rapidly, contributing to long-term growth, and sufficient long-term growth momentum. The company's C-side scale was temporarily under pressure. We adjusted the company's net profit to the mother for 24/25 to be 14/220 million yuan (previous value: 27/460 million yuan), the net profit forecast for the additional 26 years to 290 million yuan, and the corresponding PE for 24-26 was 59/38/28 times. The company's cash flow is stable, the DCF method is used for valuation, the adjusted target price is 25 yuan, and the “recommended” rating is maintained.
Risk warning: Raw materials fluctuated more than expected, and the promotion of new products fell short of expectations.
