市场拓展效果显现，公司营收与利润双增长。公司积极开拓新客户与新市场，重点布局细分领域和新兴市场，聚焦汽车电子和新能源两大领域，持续调整订单结构，优化产品布局。2024 年上半年公司实现营业收入2.77 亿元，同比增长5.14%；归母净利润0.16 亿元，同比增长21.75%；扣非归母净利润0.09 亿元，同比增长90.96%。其中二季度实现营业收入1.55 亿元，同比增长14.12%，环比增长26.56%；归母净利润0.08 亿元，同比增长53.36%，环比增长17.15%。Incidents:
On September 20, 2024, Honchuan Intelligence announced that it intends to obtain 80% of the shares of the special material process PCB product company Anhui Guangdong Optoelectronics. Subsequent target companies will be included in the scope of the company's consolidated statements.
Comment:
The results of market expansion were evident, and the company's revenue and profit both increased. The company actively develops new customers and new markets, focuses on segmented areas and emerging markets, focuses on the two major fields of automotive electronics and new energy, continuously adjusts the order structure, and optimizes product layout. In the first half of 2024, the company achieved operating income of 0.277 billion yuan, a year-on-year increase of 5.14%; net profit to mother was 0.016 billion yuan, up 21.75% year on year; net profit after deducting non-return to mother was 0.009 billion yuan, an increase of 90.96% year on year. Among them, the second quarter achieved operating income of 0.155 billion yuan, up 14.12% year on year and 26.56% month on month; net profit to mother was 0.008 billion yuan, up 53.36% year on year, up 17.15% month on month.
Focus on technology research and development in segmented fields to create core technical advantages. The PCB industry has many market competitors and low industry concentration. The number of companies focusing on small-batch boards is relatively small. The small-batch board production process is complicated, the production management requirements for small-batch board manufacturers are high, and the barriers to entering the small-batch board industry are high. Small-batch boards have a wide range of applications, market demand is growing steadily, and they have good development prospects. The unit value is relatively high, and they have strong bargaining power. The gross margin level of small-batch boards is usually higher than that of high-batch boards. The company follows a “modular” development strategy and follows the “small but beautiful, specialized” development path. Each factory is relatively balanced in size, focusing on segmented fields and emerging markets to achieve a high-quality development pattern. The company has a number of self-developed core technologies, which are mainly used to produce multi-layer boards, high-frequency high-speed boards, flexible boards, rigid-flex boards, HDI boards, and many special process PCB products.
The production capacity layout was gradually improved to form a global sales system. The company has multiple production bases in Nanjing, Shenzhen and Zhuhai. It is headquartered in the Lishui Economic Development Zone in Nanjing, and has overseas subsidiaries such as Hongkong, Honchuan, USA, and Benchuan, Thailand, etc., forming a global sales system.
The company announced that it plans to acquire 80% of the shares of the special material process PCB product company Anhui Guangdong Optoelectronics, and it is expected that it will continue to improve the industrial layout in the future.
Covered for the first time, a “gain” rating was given. We expect the company to achieve net profit due to mother in 2024/2025/2026 of 0.03/0.04/0.046 billion, respectively, with corresponding PE of 84/62/54 times, and corresponding PB of 2.5/2.4/2.3, respectively. This is the first coverage, giving it an “increase in wealth” rating.
Risk warning: Industry demand is lower than expected, market competition intensifies, and material prices are at risk