毛利率环比持续改善，费用率有所增加。23Q2公司毛利率26.3%，同比+4.3pp，环比+2.2pp，推测主要受益于公司销量回暖、产能体用率提升。费用率方面，23Q2 公司销售费用率/管理费用率/研发费用率/财务费用率分别为2.7%/4.2%/6.1%/0.2%， 分别同比变化-0.5/-1.9/+0.3/+0.7pp， 环比变化+1.8/+0.2/+0.1/-0.2pp。综合来看，Q2 公司净利率10.2%，同比+4.4pp，环比-0.5pp，环比下滑主要是受销售费用率增加影响。Event: the company released the 2023 China report that 23H1 realized 2.04 billion yuan in income, + 29.7% year-on-year, 210 million yuan net profit, + 61.9% year-on-year net profit, and 210 million yuan net profit after deduction, + 44.5% year-on-year.
Among them, Q2 realized income of 1.05 billion yuan, year-on-year + 64.2%, month-on-month + 6.9%; realized return to mother 110 million yuan, year-on-year + 188.2%, month-on-month + 2.1%, realized non-net profit of 110 million yuan, + 123% year-on-year, + 9.2%.
High increase of crankshaft / connecting rod / air suspension is achieved. From a business point of view, the crankshaft / connecting rod / air suspension / crankshaft blank income of 23H1 Company is 1.280.48 billion yuan respectively, of which the crankshaft / connecting rod / air suspension increased by 37.2%, 39.1% and 29.2% respectively over the same period last year.
The gross profit margin continues to improve compared with the previous month, and the expense rate has increased. 23Q2's gross profit margin is 26.3%, year-on-year + 4.3pp, month-on-month + 2.2pp, which is presumed to be mainly due to the company's pick-up in sales and increased production capacity. In terms of expense rate, 23Q2's sales expense rate / management expense rate / R & D expense rate / financial expense rate is 2.7%, 4.2%, 6.1%, 0.2%, respectively, year-on-year change-0.5/-1.9/+0.3/+0.7pp, month-on-month change + 1.8/+0.2/+0.1/-0.2pp. Overall, Q2 company net interest rate 10.2%, year-on-year + 4.4pp, month-on-month-0.5pp, month-on-month decline is mainly affected by the increase in sales expense rate.
The air suspension business is promoted in an orderly manner, and electric steering is put on the agenda. The company's air suspension business has been promoted in an orderly manner. In the first half of 2023, Tianrun Intelligence Control completed 20 projects and 18 new product designs, including 6 chassis suspension, 2 semi-trailer suspension, 3 rubber suspension of construction machinery and 7 core parts. 43 new products were trial-produced and delivered, including 4 suspensions, 4 core parts, 10 castings and forgings and 25 after-sale products.
With the continuous improvement of commercial vehicle suspension penetration, the company's air suspension business is expected to grow rapidly. In addition, the company is also actively exploring new areas-electric steering system, which is progressing smoothly. On July 19, the company announced that it plans to jointly invest with Hannah Wandu (Shandong) Automotive Technology Co., Ltd. it will focus on the field of commercial vehicle steering system, based on the production, design, development and assembly of electric steering system, and gradually expand the business of other auto parts. At present, the steering system of commercial vehicles is mainly mechanical hydraulic power steering system and electronic hydraulic power steering system. Considering the global trend of environmental protection, the trend of intelligent networking of vehicles and the increasingly stringent domestic requirements for safe driving of commercial vehicles, we believe that the electric steering system has a broad space for development in the future, and this project is expected to open up space for the development of the company.
Profit forecast and investment advice. It is estimated that the EPS from 2023 to 2025 will be 0.36,0.54,0.69 yuan respectively, and the corresponding dynamic PE will be 18 times, 12 times and 9 times respectively, maintaining the "buy" rating.
Risk hints: the risk that the recovery of the truck industry is not as expected, the risk of significant fluctuations in raw material prices, or the penetration rate suspended in commercial vehicles may be lower than expected.