Events:
According to the semi-annual report of 2023, the company achieved 1.493 billion yuan in revenue in the first half of 2023, + 31.9% year-on-year, 77 million yuan in net profit, + 38.3% in the same period last year, and 71 million yuan in net profit after deducting non-return, + 47% in the same period last year. Of this total, 2023Q2 achieved revenue of 815 million yuan, + 51.5% year-on-year; net profit of 40 million yuan, + 46.8%; and non-return net profit of 38 million yuan, + 53.1%.
Revenue side: 23Q2 revenue of 815 million yuan, year-on-year + 51.5%, month-on-month + 20.4%, the same month-on-month improvement. 23H1 achieved revenue of 1.493 billion yuan, + 31.9% year-on-year, including 914 million yuan from the heat exchange business, 294 million yuan from the rubber and plastics business and 253 million yuan from the EGR business.
23H1, benefiting from the rapid expansion of new energy customers and the recovery of the commercial vehicle market, has stabilized and improved the company's overall revenue.
23Q2 achieved revenue of 815 million yuan in a single quarter, + 51.5% year-on-year and + 20.4% month-on-month. The year-on-year increase was mainly due to the containment of the 22Q2 epidemic. In the same period last year, the revenue base was low, and the month-on-month improvement continued.
Gross profit margin: 23Q2 gross margin 20.21%, year-on-year-2.03pct, month-on-month-2.24pct. 23Q2's gross profit margin decreased compared with the previous month, mainly due to the decline in gross profit margins of heat exchange business (23H1 gross profit margin year-on-year-2.8pct) and EGR business (23H1 gross profit margin year-on-year-1.2pct).
Profit end: 23Q2's home net profit is 40 million yuan, + 46.8% compared with the same period last year, and + 8.6% month-on-month. The company's 23Q2 profit increased year-on-year, mainly due to the rapid growth of revenue and the rapid decline in the rate of expenses. The expense rate during 23Q2 is 11.41%, year-on-year-3.65pct, month-on-month-2.54pct. Specifically, the quarterly sales / management / finance / R & D expense rates of the company are 2.05%, 4.96%, 0.41% and 4.81%, respectively, compared with the same period last year. The decrease in the rate of financial expenses is mainly due to the increase in exchange earnings caused by the depreciation of RMB.
The volume of new energy products-the warming of commercial vehicles, the company is expected to usher in a performance inflection point. 1) hot exchange service. The thermal management system of new energy passenger vehicles has greatly increased the value of thermal management bicycles compared with traditional fuel vehicles, and the wave of electrification has brought positive changes to the development and transformation of the company. at present, the company has cooperated with BYD, Geely, ideal, NIO Inc. and other new energy customers. we believe that the improvement of product and customer structure in the future is expected to drive the company's heat exchange business. 2) Rubber and plastic business. Benefiting from the recovery of the commercial vehicle market, the overlay company has had a significant effect on the further deep integration of Beijing Tianyuan's business, assets, finance, personnel and institutions, and the company's rubber and plastic business is expected to continue to improve.
Investment advice and profit forecast: the company's operating income from 2023 to 2025 is expected to be 34.73,43.78 and 5.035 billion yuan respectively, and the return net profit is 1.97,2.62 and 325 million yuan respectively. Corresponding to the current market capitalization, PE is 18,13 and 11 times respectively. Maintain the "overweight" rating.
Risk tips: the risk of macroeconomic fluctuations, the sharp rise in raw material prices, the lower-than-expected sales of new energy vehicles, the lower-than-expected launch of new capacity, the continuation of chip shortage, and the progress of new product research and development.