Strong revenue growth and slight pressure on profits
The company released three quarterly reports for 23 years, 23Q1-3 achieved revenue of 1.872 billion yuan, year-on-year + 24.62%, net profit of 203 million yuan, year-on-year-0.92%, deducting non-net profit-8.60%. In a single quarter, 22Q3 achieved revenue of 652 million yuan, + 7.03% year-on-year, and net profit of 65 million yuan, 33.41% compared with the same period last year. It is mainly due to the decline in gross profit margin, which we think is still closely related to the poor prosperity downstream.
The gross profit margin has dropped a lot, and the cash flow has improved obviously.
In the first three quarters of 23, the company's gross profit margin was 21.52%, year-on-year-6.04 pct, sales / management / R & D / financial expense rate 1.86%, 4.54%, 3.27%, 0.01%, year-on-year change-0.51/-0.80/-0.56/-0.02pct, asset and credit impairment loss 20 million yuan, accounting for 1.05% of revenue, year-on-year-0.80 pct, net profit 10.97% Year on year-2.64pct. In the first three quarters of 23, the cash-to-cash ratio of the company was 86.08%, compared with the same period last year, the cash-to-cash ratio of + 3.51 pct; was 110.18%, and the net amount of-11.47 pct,CFO was-228 million yuan, an increase of 138 million yuan over the same period last year. We believe that the cash flow has improved over the same period last year, which is mainly due to the strengthening of cash recovery by the company.
A number of new energy businesses continue to advance, and the results have been shown.
The company's "Electric Man" brand has been upgraded to 2.0, covering 7 major user scenarios, and has its own R & D center, control center, equipment center and intelligent operation and maintenance centralized control center to provide users with EPCOS one-stop power services. As a power distribution equipment manufacturer and intelligent distribution system integrator, Sibel mainly provides monitoring electrical equipment components and new energy equipment such as charging piles and energy storage. it has a production workshop of 23000 square meters and a production base of 160000 square meters. The company's business and products are advancing smoothly, and the EPCOS model is further consolidated.
The development of the main industry is expected, the new energy business is promoted in an orderly manner, and the maintenance of "buy" rating companies is expected to benefit from distributed photovoltaic promotion, power grid transformation, incremental distribution network and operation and maintenance market opportunities, increased code equipment manufacturing, and the EPCOS model is further consolidated. In view of the poor downstream economy and the pressure on the company's performance, we downgraded the company's 23-25 net profit for 23-25 to RMB 2.8x340 million (the previous value was RMB 480,000,000) to maintain the "buy" rating.
Risk tips: the marketization of the power industry is less than expected or the competition is higher than expected, the speed of market development is not as fast as expected or the cost is higher than expected, the payback of major customers is not as expected, and the promotion of photovoltaic and energy storage business is not as expected.