Events:
The company released the 2023 China report. 23H1 achieved revenue of 168 million yuan, an increase of 60.19% over the same period last year, and a net profit of 2.7222 million yuan, down 78.34% from the same period last year. The comments are as follows:
The sharp increase in revenue and the decline in gross profit margin put pressure on the company's profit end. The company's revenue grew faster in the first half of the year, but its net profit declined significantly. 2023H1's gross profit margin was 30.19%, a sharp drop in 11.83pct compared with the same period last year, in which the gross profit margin of intelligent detection equipment, which accounts for a relatively high proportion of the company's business, dropped 12.09pct. The operating income of the functional testing equipment in the intelligent testing equipment was 54.26 million yuan in the first half of the year. Because the purchasing cost of the functional instruments and modules included was too high, the gross profit margin was only 6.25%. In addition, the gross profit margin of the company's new energy products is lower than that of the 3C consumer electronics industry, resulting in a sharp decline in the company's gross profit margin in the first half of the year.
Deeply ploughing the field of consumer electronics testing, expanding new energy business and opening up growth space. Before 2021, the company's products are mainly used in the field of consumer electronics, accounting for more than 90%, and the main customers are related companies in Apple Inc's industrial chain. According to the company's prospectus, the sales revenue from Apple Inc Industrial chain Company accounted for 52.11%, 91.85% and 79.44% of the company's revenue from 2019 to 2021, respectively.
The company entered the new energy field in the second half of 2021 and became a first-class supplier of Ningde era at the beginning of 2022. The visual inspection equipment based on AI technology developed by the company has been successfully applied to the quality inspection of new energy lithium battery industry. In order to deal with many kinds of surface defects of new energy battery, fast production line, complex structural surface and high detection accuracy, based on real-time on-line end-to-side closed-loop inspection technology, active learning defect visual identification technology and highly integrated defect detection technology, accurate detection of complex structure of battery surface and identification of more than 40 kinds of defects are realized. And successfully achieve the detection accuracy of 5.0um under the production line speed 80~120m/min, and realize the real-time on-line intelligent detection of the appearance defects of the new energy battery. Successful entry into the new energy field will help the company alleviate the risk of over-reliance on Apple Inc's industrial chain and further broaden the growth space.
Issue the equity incentive plan and bind the core personnel. The company issued an equity incentive plan in July this year, awarding 850000 restricted shares to 39 core technical / business personnel, which is assessed by revenue, with revenue targets of 4.6,6.0 and 780 million yuan respectively from 2023 to 2025. The exercise conditions of the plan are relatively relaxed, which is conducive to maintaining the relative stability of the company's core team.
Profit forecast: the company's net profit from 2023 to 2025 is expected to be 0.78,1.34 and 190 million yuan respectively, corresponding to PE values of 55, 32 and 23 times. Coverage for the first time, giving a "overweight" rating.
Risk tips: increased market competition; declining industry demand; failure of profit forecasting and valuation models
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