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荣旗科技(301360):业绩基本符合预期 新能源、智能眼镜助力增长

Rongqi Technology (301360): Performance is basically in line with expectations, new energy and smart glasses help growth

國泰君安 ·  Sep 5, 2023 23:16

This report is read as follows:

The company's mid-2023 report results are basically in line with expectations, new energy, smart glasses are expected to help the company to maintain high-speed growth for a long time.

Main points of investment:

Maintain the overweight rating. We maintain the company's EPS forecast for 2023-2025 at 1.47T 2.52pm 3.79 yuan respectively. Considering the decline in the average valuation level of the industry, we give the company 40x PE in 2024, lowering its target price to 100.8 yuan (- 25.2) yuan and increasing its rating.

The performance is basically in line with expectations. The company's 23H1 realized operating income of 168 million yuan, year-on-year + 60.19%, net profit of 3 million yuan, and net profit of 139 million yuan, + 69.19%, 9 million yuan,-44.96%, 27.60% and-14.19pcts respectively. The company's 23H1 operating income has increased significantly, and the return net profit has dropped significantly, mainly due to (1) in the intelligent testing equipment business, the purchase cost of functional instruments and modules of functional testing equipment is too high, and the gross profit margin is only 6.25%. This leads to a decline in the overall gross profit margin (2) the gross profit margin of the company's new energy products is lower than that of 3C consumer electronics industry, which also makes the company's overall gross profit margin decline.

New energy and smart glasses are expected to help the company maintain rapid growth. The company's new energy testing equipment can cover a number of quality inspection links in the front, middle and back stages of lithium batteries, and relevant industrial projects have been landed. In terms of smart glasses, the company's equipment is mainly used for the full appearance defect detection of curved lenses, and it is expected to develop rapidly with the increase of customer sales in the future. In addition, the company announced that it intends to acquire a 60% stake in Ningde Zhongneng, the target company, in cash. Ningde Zhongneng is mainly engaged in the manufacture of electronic components and electromechanical components, which further improves the company's layout in the field of intelligent equipment and helps the company's long-term development.

Catalyst. Sales of smart glasses exceeded expectations; new energy was introduced into new projects.

Risk hint. Market competition intensifies; R & D falls short of expectations.

The translation is provided by third-party software.


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