23H1 return net profit / deduction of non-return net profit compared with the same period last year + 3.28% Mather 15.69%, maintain "increase" rating the company released on July 31: 23H1 realized revenue / non-return net profit / deducted non-return net profit of RMB 1.71 million, compared with the same period last year, + 1.28% transfer 3.28% Mob 15.69%, the return net profit is basically in line with our expectations (177 million). Among them, 23Q2 realized single-quarter revenue / return net profit / deduction of non-return net profit of 1211.091 million, compared with the same period last year, + 1.70%, 0.72%, 19.4%. We maintain the estimated 2023-2025 return net profit of 70,000,81,000,000 yuan and CAGR of about 15.8%. Comparable company's 23-year Wind consensus expected mean 0.69xPEG, taking into account the completion of the company's fixed increase, is expected to obtain Guangdong-Hong Kong-Macau Greater Bay Area market resources, enhance financial strength, enter a faster growth phase, approved to give the company 23 years of 0.90xPEG, the target price of 7.91 yuan (the previous value of 7.14 yuan), to maintain the "overweight" rating.
The design consulting business grew steadily, and the loss of the project contracting business dragged down the gross profit margin. 23H1's engineering consulting / project contracting realized revenue of 1.898 million yuan respectively, which was 2.34% last year and 24.74% last year, and the project contracting business continued to contract. Gross profit margin 32.27% 0.07pct 3.57%, year-on-year 0.13/-7.88pct, dragged down by project contracting losses, 23H1 overall gross profit margin-0.07pct to 30.14% year-on-year. From a regional point of view, domestic / Spain achieved revenue of 16.75 million, compared with the same period last year, with gross profit of 32.2% and 0.30/+1.0pct of 19.9%, net profit of 169 million and 1.2%, respectively. Spain realized net profit of-1.61 million, reducing losses by 390000.
With the strengthening of R & D, the increase in investment income led to the improvement of the 23H1 net interest rate by 19.06%, compared with the same period of 1.53pct, in which the sales / management / R & D / financial expense rate was 2.37%, 11.38%, 5.20%, 0.11%, respectively, year-on-year + 0.11/-0.05/+1.26/+0.21pct, and the financial expenses were 2.12 million yuan, an increase of 4.16 million yuan over 22H1, mainly due to a decrease of 17.97 million yuan in exchange earnings compared with the same period last year. The net interest rate of 23H1 is 8.53%, which is 6.20% after deducting the net interest rate of non-home from + 0.17pct.com 23H1 compared with the same period last year, which is-1.25pct. The asset-liability ratio at the end of 23H1 is about 44.52%, which is lower than the 0.1pct at the end of 22 years compared with the same period last year and + 0.75pct. The operating net cash flow of 23H1 is-694 million yuan, which is 91 million yuan more than the same period last year, and the ratio of income to cash is 87.1%, 46.7%, respectively, compared with the same period last year-9.60/-13.2pct.
The strategic investment is advancing steadily, the testing territory continues to expand, and the digital transformation is speeded up. Following 22 years of wholly-owned subsidiary Sujiaoke testing with its own funds to acquire a 70% stake in Guangdong Huihe Engineering testing Co., Ltd., Sujiaoko Test increased its equity from Tongling Huaxin by delisting in the open market in the first half of 23 years, which is conducive to the expansion of Anhui market. The company and Zhongwang Software (688083 CH) jointly funded the establishment of Jiangsu Zhixiu Transportation Software Technology Co., Ltd., which is committed to promoting the development of three-dimensional positive design tools in the transportation industry, accelerating the localization of industrial software in the transportation field, and enhancing the core competitiveness.
Risk hint: the growth of newly signed orders is not as expected, and the integration of the actual controller is not as expected after the change.