国内外消费需求不振，致热电系统及整机营收同比下滑。分产品看，23H1 公司半导体热电器件及系统中，消费电子相关营收占比分别为83%/94%，消费电子相关营收分别同比+16%/-18%。半导体热电整机营收同比-41%。23Q2 公司实现营收1.15 亿元，同降29.79%，环增22.15%；归母净亏损0.18 亿元，同环比均转亏。主要系国内外消费需求不足、计提Sleepme 减值损失影响。Events:
The company released a semi-annual report, 23H1 achieved revenue of 209 million yuan, down 29.35%; return to the mother net profit of-16 million yuan, a year-on-year loss.
Comments:
Weak consumer demand at home and abroad has led to a year-on-year decline in revenue from thermoelectric systems and machines. In terms of products, in 23H1 semiconductor thermoelectric devices and systems, consumer electronics-related revenue accounts for 83% and 94%, respectively, and consumer electronics-related revenue is 18% compared with the same period last year. Semiconductor thermoelectric machine revenue-41% compared with the same period last year. 23Q2 realized revenue of 115 million yuan, down 29.79%, and increased by 22.15%. The net loss of its parent was 18 million yuan, which turned into a loss compared with the same month. Mainly due to the lack of consumer demand at home and abroad, the impact of Sleepme impairment loss.
Dragged down by the bankruptcy of major customers, there was a large impairment in the first half of the year, affecting the profits of the current period. Sleepme, which mainly buys constant temperature mattresses from the company, is the company's top five customers in recent years, accounting for more than 20% of the company's overall revenue in 2022. In May 2023, Sleepme launched the ABCs program, and the company made a supplementary provision for 32.79 million yuan of bad debts. After deducting this effect, the 23H1 net profit of the company was 17.03 million yuan, down 50.0% from the same period last year.
Temperature control is the rigid demand of high-speed optical module, so we are optimistic about the Micro TEC business of the company's optical module. The higher the speed of the optical module, the higher the power consumption. In order to maintain the stability of the device and meet the needs of the optical module for wavelength, optical power control and frequency modulation, the high-speed optical module needs to use Micro TEC for active heat dissipation. Restricted by material preparation and processing technology, the market share of Micro TEC is mainly controlled by American Marlow, Phononic; Japan Daiwa, Komatsu and Russia. Driven by the demand for computing power, the upgrading of optical modules to a higher speed is expected to accelerate the localization process of Micro TEC. At present, the relevant domestic suppliers are only a few enterprises, such as Fuxin Technology, see Torch Technology (established in 2020) and Cold Core Semiconductor (established in 2021). The Micro TEC of Fuxin Technology used in 400G and 800G high-speed optical modules is in the stage of research and development, and is expected to take the lead in realizing the Micro TEC 0-1 breakthrough for domestic high-speed optical modules.
Profit forecast and investment rating: we estimate that the company's revenue in 2023-2025 will be RMB 460,000 RMB, and the net profit of the company will be RMB 0.1930max RMB 0.67 million. The company's performance is under pressure in the short term, but we are optimistic about the growth potential of its Micro TEC business in the long run. Coverage for the first time, giving a "overweight" rating.
Risk hint: demand is lower than expected; single risk for customers of major products
