share_log

德龙激光(688170)22年三季报点评:研发投入大幅增长 看好公司长期发展潜力

Delong Laser (688170) Q3 Report Review: R&D investment increased dramatically, optimistic about the company's long-term development potential

國金證券 ·  Oct 29, 2022 00:00  · Researches

Event

On the evening of October 28, the company released its third quarterly report for 2022: revenue of 357 million yuan, year-on-year-1.78%, and net profit of 35 million yuan,-30.63%, basically in line with expectations.

Business analysis

Affected by the epidemic situation and market demand, the performance is under short-term pressure. Single Q3 company income 115 million, year-on-year-17.49%, mainly due to the epidemic and market demand, product acceptance is not as expected. Frequent outbreaks in various places have slowed down the willingness to invest downstream, especially weak demand in the electronics and display industries, making the growth of the company's traditional business orders less than expected. In addition, the company's new business is still in the development period, and the company's performance is under short-term pressure.

The high growth of R & D investment puts short-term pressure on profitability. 22Q3, the company's gross profit margin is 49.1%, year-on-year + 0.63pct, overall stable; net profit rate 8.27%, year-on-year-6.61pct, mainly due to the company's new major R & D projects, the increase in the number of R & D, and the substantial increase in the company's R & D expenses. In the first three quarters, the company's management expense rate / sales expense rate / R & D expense rate was 10%, 17.29%, 16.14%, respectively, year-on-year + 1.25/+2.95/+4.75pct. Among them, the R & D expenditure was 57.67 million yuan, an increase of 39% over the same period last year; it was mainly invested in laser processing technology in the field of semiconductors and new energy, which continued to provide power for the company's follow-up development.

New business reserves are rich, the company's long-term development can be expected. (1) in the field of microled, the company has made technical reserves in related technical fields in advance in the process of massive transfer, and has been working closely with domestic head manufacturers for development this year. At present, it has basically passed the process test, and it is expected to obtain relevant orders this year. (2) in the field of semiconductors, the company is the leader of sic laser slicing equipment, and its customers are mainly China Resources Micro, Tyco Tianrun, Nengxun Semiconductor, etc.; in addition, the company develops and distributes laser slicing equipment, which can be released in the year after next year. (3) in the field of new energy, the company has previously launched the whole production equipment for perovskite thin film solar cells, including P0 layer laser marking equipment, P1, P2, P3 laser marking equipment, P4 laser edge cleaning equipment and a series of automation equipment, at present, the equipment has been put into customer production line, taking the lead in realizing large-scale mass production of 100 megawatts. The company is rich in new business reserves and has full potential for long-term development.

Profit adjustment and investment suggestions

Downgrade the company's 2022-24 return net profit to 0.63 (- 47%), 1.1 (- 45%) and 1.5 (- 52%) million yuan, corresponding to PE times that of 72-43-31, respectively, maintaining the "buy" rating.

Risk hint

The risk of increased competition, lower-than-expected downstream demand, relatively large inventory, and the risk of long-term non-acceptance of goods.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment