The company released its 2023 annual report and achieved steady growth in performance
In 2023, the company achieved total revenue of 2,678 million yuan, +19.77% year on year; achieved net profit of 449 million yuan, +24.32% year over year, maintaining steady growth; quarterly, 2023Q4 achieved revenue of 853 million yuan, +8.40% year over year; and realized net profit of 166 million yuan, +18.36% year over year. The increase in uncertainty in the global macro environment in 2024 may have a certain impact on the company's international business development. Based on this, we slightly lowered the company's 2024-2025 performance forecast and added a 2026 performance forecast. The net profit for 2024-2026 is 5.63/7.03/850 million yuan (the original value for 2024-2025 is 615/804 million yuan), and the corresponding EPS is 1.03/1.29/1.56 yuan/share, respectively. Corresponding to the current stock price PE is 27.1/ 21.7/17.9 times. Given the company's leading core technology, the downstream market continues to develop, and still maintains a “buy” rating.
The resources and utilities sector achieved strong growth, and cost control capabilities continued to improve by business segment. In 2023, the company continued to cultivate deep cultivation in farm automation, geological hazard monitoring, autonomous driving and other industries to shape product and brand advantages. The resources and publics/robotics and autonomous driving sectors achieved revenue of 11.27/ 160 million yuan respectively, +41.29%/+61.64% over the same period last year. In terms of profitability, the company's gross margin/net margin was 57.77%/16.57% respectively, compared with +1.13/+0.45pct, and profitability was further enhanced. In terms of expenses, the company's sales/management/R&D/finance expenses rates were 19.74%/7.36%/17.25%/-0.04%, respectively, and the overall cost ratio was 44.31%, -1.28pct year on year, demonstrating the company's scale effect and lean management capabilities.
The core technical advantages continue to be strengthened, and the company is optimistic about overseas market development space. The company's 2024 business goal is to achieve a net profit of 550 million yuan to the mother, and technology+ overseas help achieve the goal. In terms of technology, the company spent 462 million yuan on R&D in 2023, +14.66% over the same period last year. The core technical strength was further improved, and it has leading strength in the fields of high-precision GNSS algorithms, 3D point clouds and aerial surveying. In terms of products, the company's agricultural machinery autonomous driving products quickly occupied the market. Geological hazard monitoring equipment has covered more than 10,000 geological hazard hazard hazard sites. In addition, the company is also actively deploying vehicle-grade chips and other automotive fields, and autonomous driving position units are already equipped with related models to achieve mass production. In terms of overseas sales, the company has established a strong overseas dealer network. In 2023, the foreign market achieved revenue of 719 million yuan, +47.51% over the same period. At the same time, the gross margin of the foreign market was 72.67%. The development of overseas markets will also further enhance the company's profitability and is optimistic about the company's overseas market development space.
Risk warning: Product development falls short of expectations, industry competition is fierce, and downstream demand falls short of expectations.