24Q3 收购丹麦SGMLight，补强建筑艺术照明业务8 月31 日公司成功以300 万欧元收购丹麦SGMLightA/S 的经营性资产，包括品牌、专利等无形资产，但不承担其债务。SGM 拥有覆盖建筑艺术照明与舞台演艺照明的独特专利技术，产品被广泛应用于全球范围内众多知名的建筑艺术照明与舞台演艺项目中。此次收购拓宽了公司高端照明品牌和全球销售渠道，引进了SGM 公司的专利技术及一流的研发团队，补强了公司建筑照明业务，未来双方有望发挥协同效应。The company achieved revenue of 0.277 billion yuan in 24Q3, -8.04% year-on-year, -21.52% month-on-month; net profit to mother of 0.055 billion yuan, -36.50% year-on-year, and -45.87% month-on-month. Revenue for the first three quarters was 0.946 billion yuan, -6.39% YoY; net profit to mother was 0.258 billion yuan, -16.80% YoY. The company's 24Q3 revenue and profit declined year-on-year. We believe it was mainly due to slow improvement in capacity utilization during product technology upgrading and the company's increased promotion and development of new products. We are optimistic about the growth characteristics of the company's stage lighting business and maintain a “buy” rating.
Gross margin increased year-on-year in the first three quarters of 24, and R&D and financial expense ratios dragged down Q3 net profit margin by 51.74% of the company's gross profit margin in the first three quarters, +0.81 pp year on year, net profit margin 27.57%, and -3.39pp year on year.
24Q3's gross profit margin was 51.48%, year-on-month -0.12pp, month-on-month +0.35pp, net profit margin 20.29%, year-on-year -9.01pp, and -8.86pp month-on-month. The year-on-month decline in the company's Q3 net interest rate was mainly due to a sharp increase in the expense ratio during the period. The 24Q3 sales/management/ R&D/ finance rate was 9.17%/7.49%/8.98%/1.89%, +1.89%, +1.24pp/+0.79pp/+4.39pp/+5.26pp. The total rate for the period was 27.52%, +11.68pp. The introduction of new products helps maintain a high gross margin. As the company's revenue recognition of new products accelerates, we expect the company's subsequent expense ratio to improve.
24Q3 acquired SgmLight in Denmark to reinforce the architectural art lighting business. On August 31, the company successfully acquired the operating assets of SGMLighta/s in Denmark for 3 million euros, including intangible assets such as brands and patents, but did not bear its debts. SGM has unique patented technology covering architectural art lighting and stage entertainment lighting, and its products are widely used in many well-known architectural art lighting and stage entertainment projects around the world. The acquisition broadened the company's high-end lighting brand and global sales channels, introduced SGM's patented technology and first-class R&D team, and strengthened the company's architectural lighting business. The two sides are expected to have synergy effects in the future.
Optimistic about the future acceleration of the company's new laser light source products
Laser light sources have unique advantages in optical characteristics and physical properties. Currently, the stage lighting industry is undergoing a stage of transformation from LED light sources to laser light sources, and there is plenty of room for development of laser light sources. The company lays out laser stage lighting products ahead of schedule and promotes laser lights to pass certification by overseas regulatory organizations such as the FDA. However, the initial slow production efficiency of new products affected the company's revenue recognition progress. In the future, as the market recognition of laser light sources increases and the company's production efficiency increases, the company is expected to consolidate its market position in the high-end stage lighting field and achieve a steady increase in revenue and profit.
Profit forecasting and valuation
Considering that it will take time for the company's new product production efficiency and market recognition to improve, we lowered the company's 24-26 revenue growth rate and predicted that the company's net profit for 24-26 was 0.382/0.419/0.462 billion yuan (previous value: 0.436/0.516/0.593 billion yuan). Comparatively, the company's 25-year Wind unanimously anticipated 17 times, giving the company 17 times PE in 25 years, and the corresponding target price was 56.44 yuan (previous value: 58.65 yuan), maintaining a “purchase”.
Risk warning: Customer production expansion or overseas demand falls short of expectations, equipment acceptance slows down, and industry competition intensifies.
