产品结构持续优化，盈利能力稳步提升。2023 年，公司实现毛利率、净利率42.43%、22.55%，分别较22 年同期提升了0.78、0.50pct。公司盈利能力的提升，主要得益于公司产品结构优化。一方面，公司压力机产品持续走向高端化，毛利率从2020 年的17.45%逐步提升至2023 年的40.05%。另一方面，公司海外市场持续突破，2023 年成为电装、麦格纳等全球领先的汽车零部件企业供应商，海外市场毛利率高出国内市场15个点。Ningbo Jingda released its 2023 annual report. Throughout 2023, the company achieved operating income of 709 million yuan, an increase of 8.94% year on year; realized net profit of 159 million yuan, an increase of 11.58% year on year; realized deducted non-net profit of 147 million yuan, an increase of 10.61% year on year. Under the wave of home appliance trade-in and large-scale equipment updates in 2024, the company's performance is expected to maintain a relatively rapid growth rate and maintain a “Highly Recommended” rating!
Export sales performance was significantly better than domestic sales, and the share of exports increased steadily. In 2023, driven by the return of manufacturing from various countries and requirements for improving the quality and efficiency of equipment processing in the military, energy, automotive and other fields, the company's well-known overseas customers continued to increase, and exports continued to rise. In 2023, the company achieved domestic revenue of 442 million yuan, a year-on-year decrease of 2.97%; achieved overseas revenue of 251 million yuan, an increase of 40.33% over the previous year. The company's overseas revenue accounted for 35.4%, an increase of 7.9pcts over the same period in 2022.
The revenue of the company's presses and microchannel equipment reached a new high, and the revenue of heat exchanger equipment declined due to the impact of the household appliance industry cycle. In 2023, the company achieved press revenue of 307 million yuan, an increase of 9.81% over the previous year, and achieved revenue of Weitong equipment of 121 million yuan, an increase of 81.14% over the previous year, all of which reached record highs. At the same time, the company's downstream customers for heat exchanger equipment are mainly home appliance companies. Affected by the household appliance industry cycle, the company's revenue from heat exchanger equipment fell 7.98% year on year in 2023. In 2024, the State Council issued the “Action Plan to Promote Large-scale Equipment Renewal and Consumer Goods Trade-In”, and the company's demand for heat exchanger equipment is expected to bottom out. In addition, the new smart long U machine newly developed by the company in 2023 is also expected to increase the company's performance.
The product structure continues to be optimized, and profitability is steadily improving. In 2023, the company achieved gross profit margin and net profit margin of 42.43% and 22.55%, up 0.78 and 0.50 pct respectively over the same period in '22. The increase in the company's profitability is mainly due to the optimization of the company's product structure. On the one hand, the company's press products continue to be high-end, and gross margin gradually increased from 17.45% in 2020 to 40.05% in 2023. On the other hand, the company continued to break through overseas markets. In 2023, it became a supplier to leading global auto parts companies such as Denso and Magna. The gross margin of the overseas market was 15 points higher than the domestic market.
Press development is progressing rapidly, and the 46 large cylindrical series is gradually being rolled out. The company took the lead in launching a servo press for forming 46 large cylindrical battery shells in China, which successfully passed customer acceptance. Furthermore, the company has made progress in lightweight automotive molding equipment such as hot stamping, aluminum alloy wheel spinning machines, and internal high pressure molding, and is expected to gradually achieve sales.
Maintain a “Highly Recommended” rating. Ningbo Jingda is the invisible champion in the domestic special press segment. It is expected to fully benefit from large-scale equipment updates, home appliance trade-in, and 46 large cylindrical battery capacity.
We expect that in 24/25/26, the company will achieve operating income of 823, 9.94, and 1,174 million yuan, and net profit of 187, 2.23, and 261 million yuan, respectively, corresponding to PE18.7/15.7/13.4 times PE.
Risk warning: The international trade environment has deteriorated, the volume of large cylinder series equipment has fallen short of expectations, etc.
