期间费用持续管控，研发投入保持高位。公司24H1 期间费用0.65 亿元，同比+16%，期间费用率9.9%，同比+2.7pct。其中24H1 研发费用0.55 亿元，同比+37%，主要系公司在自动化领域加大应用行业及机器人等细分市场的研发投入，开发客户定制化、行业定制化以及驱控一体的伺服产品。Deeply involved in the field of heat pump controllers, the performance fell short of expectations. The company was founded in 2003 and focuses on drive & controller products in the field of power electronics technology, with three downstream applications: HVAC/R (HVAC/R), heat management for new energy vehicles (heat pump/PTC), and servo drive systems. The company's 2024H1 revenue was 0.658 billion yuan, -16% year on year, net profit to mother 0.094 billion yuan, -19% year on year, gross profit margin 22.63%, -2.25pct year on year, net profit margin 14.21%, and -0.56 pct year on year. Among them, 24Q2 revenue was 0.364 billion yuan, -14% year on year, net profit to mother 0.05 billion yuan, -30% year-on-year, gross profit margin 21.67%, -3.04pct year on year, net interest rate to mother 13.83%, and -3.61 pct year on year. The performance fell short of market expectations.
HVAC/R: The impact of short-term storage cycles does not change the trend of improving energy efficiency. 24H1's revenue in the field of HVAC and refrigeration equipment was 0.44 billion yuan, -32% year-on-year, with a gross profit margin of 21.7%, and -3.7 pct year-on-year. This is mainly due to a decline in short-term demand due to falling energy prices in the early period, and the industry continues to be in the storage cycle. However, in the context of the low-carbon transition, the long-term trend of energy saving and environmental protection in various countries is clear, and the policy side continues to be supported. For example, in November 23, the EU launched a power grid action plan to meet more renewable energy and electrification needs in the energy system, including heat pumps.
New energy vehicle thermal management: Performance continues to increase, and market share has further increased. 24H1's NEV thermal management revenue was 0.2 billion yuan, +69% year over year, gross profit margin of 25.1%, and +0.9 pct year over year. The company's products are mainly used in many mainstream models. The company will continue to increase research and development of intelligent controllers and all-in-one controllers in the field of NEV thermal management, and we expect the market share to increase further.
Expenses were continuously controlled during the period, and R&D investment remained high. The company spent 0.065 billion yuan during the 24H1 period, +16% year on year, 9.9%, and +2.7 pct year on year. Among them, the 24H1 R&D cost was 0.055 billion yuan, +37% over the same period. The main reason is that the company increased R&D investment in application industries and robotics segments in the field of automation to develop servo products integrating customer customization, industry customization, and drive control.
Profit forecast and investment rating: Considering that the heat pump is still in the storage cycle, we lowered the company's net profit to 0.219/0.288 billion yuan in 24-25 years (the original value was 0.376/0.528 billion yuan), which is estimated to be 0.361 billion yuan in 26 years, +1%/+32%/+25%, corresponding PE is 23x, 17x, 14x. Considering the long-term trend of energy efficiency improvement, the heat pump market maintains a “buy” rating.
Risk warning: macroeconomic downturn, sales of new energy vehicles falling short of expectations, heat pump storage falling short of expectations, etc.
