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金杯电工(002533):管理优化助利润增长 两大产品并行发展

Jinbei Electric (002533): Management optimization helps increase profits, two major products develop in parallel

東北證券 ·  Aug 10, 2023 00:00

Events:

According to the company's semi-annual report for 2023, H1 achieved total revenue of 6.805 billion yuan / + 9.76%, net profit of 237 million yuan / + 36.09%, net profit of 230 million yuan / + 41.05%, current revenue of 3.846 billion yuan / 10.79%, net profit of 122 million yuan / + 22.51%, and non-return net profit of 125 million yuan / 30.60% in 2023.

Comments:

The efficiency of digital management has improved significantly, and the cost rate has been reduced to help enterprises increase their net interest rate. In 2023, the gross profit of H1 company is 11.52%, the net profit rate is 3.94%, the net profit rate is 3.94%, and the rate of sales / management / finance / R & D expenses is 1.87%, 1.29%, 0.21%, 3.27%, respectively, down 0.17%, 0.03%, 0.29%, 0.24% compared with the same period last year. The decrease in financial expenses is due to a decline in the interest on bank loans obtained by the company compared with the same period last year.

The two major products develop in parallel, and the sales of wires and cables are expanded to achieve revenue growth. The company ploughs electromagnetic wire and wire and cable products. In 2023, H1 wire and cable products achieve revenue of 4.506 billion yuan / + 6.25%; electromagnetic wire products achieve revenue of 2.218 billion yuan / + 21.41%, accounting for 66.22% and 32.59% of total revenue respectively. 2023H1, the company has delivered nearly 33000 tons of flat magnetic lines, an increase of 25% over the same period last year, among which orders for flat electromagnetic lines for UHV transformers are full. The company is actively expanding the overseas market of electromagnetic wire products. In the first half of the year, the export volume of flat magnetic wire exceeded 2800 tons, and export sales increased by more than 10% over the same period last year. The cumulative shipment volume of cable products was more than 1.3 million km, an increase of 14% over the same period last year. The company's downstream areas to achieve rapid expansion, is expected to improve product profitability with the rise of the superconducting field.

Work with Huawei to optimize the efficiency of enterprise management and speed up the digital transformation. The company starts the data-enabling consulting project to accelerate the pace of the company's digital transformation, comprehensively improve the efficiency of operation and management, optimize operating costs and other core competitiveness. We will actively expand the new energy market, and key projects will proceed smoothly. The company focuses on developing fast-growing new energy markets such as new energy vehicle drive motors and landscape storage. There are 8 new incremental production projects and 14 new designated projects in the field of new energy drive motors. China Energy Construction, Huaneng, Huadian, three Gorges Energy, China Resources New Energy and other enterprises were shortlisted for landscape storage projects. In 2023, the construction of the second phase of the construction of the flat electromagnetic line for the drive motor of the new energy vehicle of H1 Company was carried out as scheduled, and the number of projects under construction continued to increase, an increase of 23.67% over the same period at the beginning of the year. Among them, major projects such as the transformation of Jinbei electromagnetic wire equipment and Wuhan second-line equipment continued to advance.

Investment suggestion: we make a profit forecast based on the results of the mid-term report in 2023. It is estimated that the company's operating income from 2023 to 2025 will be 15430max 179.30max 21700000000000000000000000, and its parent net profit will be 479pm / 659max 801m, corresponding to PE 0.65pm / 1.09mm, corresponding to 12X/9X/7X, covering for the first time, considering the gradual increase in the share of the downstream new energy market of the company. The company's electromagnetic wire business is expected to usher in high growth opportunities, given a "buy" rating.

Risk tips: performance forecasts and valuations fall short of expectations; raw material costs fluctuate; capacity expectations are low

The translation is provided by third-party software.


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