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沃尔德(688028):规模效应初步恢复 2023年利润明显增长

Wald (688028): The scale effect initially resumed, and profits increased markedly in 2023

西南證券 ·  Apr 20

Incident: The company released its 2023 annual report and achieved revenue of 600 million yuan in 2023, an increase of 45.5% year on year; net profit to mother was 97 million yuan, an increase of 55.0% year on year. Looking at the Q4 single quarter, we achieved revenue of 180 million yuan, up 25.6% year on year and 0.6% month on month; net profit to mother was 23 million yuan, down 21.0% year on year and 38.0% month on month.

Xinjinquan combined, 3C demand picked up, new products were released, total revenue recorded high growth, and gross margin remained relatively stable. 2023 was the first year of Xinjinquan's complete consolidation. Driven by the recovery of 3C, demand for 3C tools increased markedly. At the same time, the company's total revenue grew rapidly due to multiple factors and the gradual release of new hard alloy tool products. The company's comprehensive gross margin in 2023 was 45.1%, a year-on-year decrease of 1.1 percentage points, mainly due to changes in product structure. The company's consolidated gross margin for a single quarter in Q4 was 45.8%, up 1.3 percentage points year on year and 1.6 percentage points lower than month on month.

The scale effect was initially restored, and the cost ratio declined slightly during the period, and the net interest rate increased slightly. The company's expense ratio for the 2023 period was 27.9%, down 1.9 percentage points from year on year. Among them, the management expense ratio was down 2.3 percentage points year on year; the cost rate for the Q4 single quarter was 29.9%, up 5.5 percentage points year on year, up 8.0 percentage points from month to month, mainly due to the 7.1 percentage point increase in the management fee ratio and 4.7 percentage points month on month. In 2023, the company's net interest rate was 16.1%, up 1.2 percentage points year on year; Q4 single quarter was 12.6%, down 7.4 percentage points year on year and 8.0 percentage points month on month.

Continue to strengthen the tool business, and superhard tools and tungsten carbide tools work hand in hand. 1) Superhard tools: Fairway PCBN cutters for constant velocity universal joint processing, PCBN rotary milling blades for ball screw processing, etc. were introduced to the market one after another. In 2023, the export business, which mainly focused on ultra-hard tools, achieved revenue of 120 million yuan, an increase of 41.2% over the previous year.

2) Hard alloy tools: ① The production capacity of CNC blades has reached 10 million pieces, there are currently more than 400 sets of molds, and there are 5 franchise stores; ② The overall hard alloy tool aspect, focusing on precision processing and aerospace processing fields in the 3C industry, completed the construction of 700,000 units and successfully put into operation in June 2023, with a current production capacity of more than 2 million units; the subsidiary Jiaxing World has entered the China Aviation Industry electronic procurement platform and the China Aviation Development Supplier Tool Procurement Recommendation List, and has begun batch application for users such as aircraft engine manufacturers and external research institutes.

Profit forecasting and investment advice. The company's net profit for 2024-2026 is estimated to be 130 million yuan, 160 million yuan, and 190 million yuan, respectively. The compound net profit growth rate for the next three years is 26%, maintaining a “holding” rating.

Risk warning: The risk of macroeconomic fluctuations, new product development or falling short of expectations, and industry competition exacerbates risks.

The translation is provided by third-party software.


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