随着公司募投项目新建产能逐步爬坡，气体业务毛利率积极改善，2023 年公司气体和先进材料业务毛利率为19.21%，较上一年同期提升1.48 pcts，未来随着公司气体业务放量，规模效应逐步显现，毛利率将进一步提升。鸿舸半导体的Gas Box 产品于2023年全面稳产，供应链和产能效率提升显著，未来公司或将为半导体设备客户提供其他标准化、通用型的模块和零组件。1Q24 公司实现新签合同18 亿元（yoy+22%），其中半导体行业占比46%。The company disclosed the annual report and the 2024 quarterly report on April 30, 2024. In 2023, the company achieved revenue of 3.835 billion yuan, +41.78% year-on-year; net profit to mother was 401 million yuan, +55.10% year-on-year. 1Q24 achieved revenue of 589 million yuan in a single quarter, +43.31% year over year; realized net profit of 24.9 million yuan, +123.36% year over year, and realized net profit of 16.34 million yuan after deduction, +122.29% year over year.
R&D investment has been further increased, and business conditions are good. The company has maintained a higher profit growth rate than revenue growth in recent years. The company has insisted on technological innovation and further increased R&D investment. 1Q24's R&D expenses rate reached 9.07%. The company's consolidated gross margin in 1Q24 was 27.41%, an increase of 0.3 pcts over the same period of the previous year. In 2023, the company strengthened the management of period expenses. The period fee rate was 16.08%, down 0.88 pcts from the same period of the previous year. The company is firmly implementing a business development strategy based on Capex. It is expected that in 2024, Opex's business share will exceed 20% for the first time, and will continue to grow in the future. The company actively integrates industrial resources and lays out new fields such as new energy and scientific research based on underlying technology.
The expansion of production in the semiconductor industry is driving a high increase in new orders, and materials and components help grow performance.
As the new production capacity of the company's fund-raising projects gradually climbed, the gross margin of the gas business improved positively. The gross margin of the company's gas and advanced materials business in 2023 was 19.21%, an increase of 1.48 pcts over the same period last year. In the future, as the company's gas business expands, the scale effect will gradually become apparent, and gross margin will further increase. Hongge Semiconductor's Gas Box products will be fully stabilized in 2023, with significant improvements in supply chain and capacity efficiency. In the future, the company may provide semiconductor equipment customers with other standardized and general-purpose modules and components. 1Q24 has signed new contracts of 1.8 billion yuan (yoy +22%), of which the semiconductor industry accounts for 46%.
As of 1Q24, the company had 7.5 billion yuan in contracts (yoy +68%), of which the semiconductor industry accounted for 53%. The size of the 1Q24 company's contract liabilities was 2,537 billion yuan, an increase of 78.09% year over year, and an increase of 8.71% from 2,334 billion yuan at the end of 2023.
The company has sufficient on-hand orders. Relying on Capex's business to expand the Opex business, we expect the company to achieve net profit of 5.48/7.32/961 million yuan in 24-26 years, respectively, +37%/34%/31%, respectively. The previous EPS was 1.93 yuan, 2.58 yuan, and 3.39 yuan respectively, corresponding to the current PE of 20, 15, and 12 times, respectively, maintaining a “buy” rating.
Risk of raw material supply; risk of product technology upgrade and iteration; risk of downstream demand falling short of expectations; risk of production capacity not being digested as expected; risk of lifting the ban on restricted shares.
