随着高毛利的游戏专用耳机、话务耳机、医疗助听器业务营收占比提升，公司盈利水平有望持续改善。2）期间费用率：费用管控能力持续优化。23H1期间费用率为9.36%，同比-1.46%。其中研发、管理、销售、财务费用率分别为0.72%/4.04%/6.45%/-1.88%，同比-0.45/-1.00/-0.72/+0.70 个pct。Incident: On August 24, 2023, the company released its 23 annual report. 23H1 achieved operating income of 724 million yuan, or 47.00% of the same period; net profit of 54 million yuan, or 99.14% of the same period.
The performance exceeded market expectations. On a quarterly basis, 23Q2 revenue was 452 million yuan, 69.56% year on year and 66.27% month on month; net profit returned to mother was 35 million yuan, 152.98% year on year and 82.08% month on month; net profit of 34 million yuan after deducting non-net profit of 34 million yuan, 59.18% year on year and 126.7% month on month. The high performance increase in 23Q2 was mainly due to the company's new project shipments exceeding expectations and the contribution of overseas sales to exchange earnings. The company's 23H1 revenue growth rate significantly exceeded the previous forecast of 31% year-on-year. At the same time, 23H1 calculated an impairment of 15.63 million yuan, an increase of 10.34 million yuan over the previous year.
The gross margin increased year over year, and the cost ratio for the period decreased year over year. 1) Gross profit margin: 23H1 gross margin was 19.36%, +1.68 pct year on year. Among them, 23Q2 gross margin was 19.38%, +1.41pct year on year and +0.05pct month on month.
The company's profit level is expected to continue to improve as the revenue share of the high-profit gaming headphones, voice phones, and medical hearing aids business increases. 2) Expense rate for the period: Expense control capabilities are continuously optimized. The cost rate for the 23H1 period was 9.36%, -1.46% year-on-year. Among them, R&D, management, sales, and finance cost rates were 0.72%/4.04%/6.45%/-1.88%, respectively, compared to 0.45/-1.00/-0.72/+0.70 pct.
We have been deeply involved in the electroacoustic industry for 30 years, extended the layout of health care, and opened the ceiling for performance growth. 1) Consumer electronics: Demand is strong in fields such as gaming headsets, voice phones, and emerging consumer electronics (AR glasses, smart speakers, car speakers), etc., and new projects and products have achieved stable shipments. The company insists on independent research and development, and has innovative technology reserves such as LE Audio technology, open wearable headphone technology, and spatial audio technology, laying a solid foundation for subsequent implementation of new projects and the development of new products. 2) Health care:
The market has broad room for growth, building a second growth curve. Tianjian OTC hearing aids have been sold through domestic online channels, registered overseas trademarks, and expanded overseas markets. In addition, the company is developing new products such as CGM, 3D ear canal scanners, and electronic stethoscopes. The company's healthcare business is expected to grow at an accelerated pace in the next few years.
Profit forecast: The company's net profit for 2023-25 is expected to be 143 million, 200 million yuan, and 306 million yuan respectively, and the CAGR for 2023-25 is 46.50%, maintaining the “buy” rating.
Risk warning: new product development falls short of expectations; consumer electronics demand slows down; risk of exchange rate fluctuations, etc.
