Events:
The company issues its 2023 half-yearly report. 2023H1, the company realized operating income of 398 million yuan, an increase of 172.13% over the same period last year, a net profit of 31 million yuan, an increase of 495.83%, and a net profit of 24 million yuan, an increase of 361.77%, a year-on-year increase of 22.37%, a year-on-year increase of 8.52pct, a net profit rate of 7.97%, and an increase of 12.70pct over the same period last year. 2023Q2, the company achieved an operating income of 286 million yuan, an increase of 201.86% over the same period last year, and a net profit of 31 million yuan, an increase of 1131.30% over the same period last year.
Comment
The volume of the business has increased rapidly and the profit has increased significantly. On the revenue side, the company's revenue grew rapidly during the reporting period, mainly due to the timely delivery of orders and the smooth acceptance of the project. At the profit end, the company's gross profit margin and net profit margin increased significantly in the first half of the year. Among them, 23Q2 single-quarter gross profit margin increased by 3.88pct to 23.47%, net profit margin increased by 10.33pct to 10.89%, and profitability increased significantly. 1) the company's main business is mainly non-calibrated intelligent manufacturing solutions, with personality and non-standardized characteristics between different projects, during the reporting period. The customer structure and category composition of the acceptance project are different from those of the same period last year. 2) the company continued to promote cost reduction and efficiency, and the expense rate during the period was 11.95%, which was lower than the same period last year (13.17pct). Among them, the sales / management / R & D / financial expense rate was-0.87/-5.83/-6.74/+0.28pct from 1.42% / 5.04% to 4.99% / 0.50%. Looking forward to the future, the company is the overall solution provider of "AI+ manufacturing" based on robot system integration, focusing on robot system integration and intelligent technology applications in the automotive industry, and is expected to benefit the development of new energy vehicle industry in the future.
Enter the energy storage industry. During the reporting period, the company developed new electrochemical energy storage business, including power generation side (large-scale energy storage) and industrial and commercial side energy storage system, energy storage PACK products, energy storage intelligent production line, etc. At present, the company's energy storage business is mainly carried out by Beiren new energy, Beiren green energy, Beiren energy management and other main bodies. Through business layout, the company will expand to the field of standardized energy storage products based on the technology, experience and customer resources accumulated in the field of intelligent manufacturing non-standard production line for many years, and realize the whole chain of "energy storage intelligent production line, energy storage PACK products, energy storage system, energy storage asset holding, energy storage asset operation".
Profit forecast: as an excellent enterprise in the robot industry, the company is expected to fully benefit from downstream demand and further improve its market position in the future. We expect the company to achieve a return net profit of 0.86 / 0.99 / 1.14 yuan from 2023 to 2025, corresponding to 29 / 25 / 22 times of PE. Give 2024 earnings 27 times PE valuation, the target price is 22.6 yuan, the first time to cover, given the "overweight" rating.
Risk hint: downstream demand is lower than expected, profit forecast and valuation judgment are not as expected.