内容导读：InvestmentkeypointsinthecontextofdecliningmanufacturingdemandRoulettecashgameUndershort-termpressureonthec...……
Investment key points in the context of declining manufacturing demandRoulettecashgameUnder short-term pressure on the company's performance, the company achieved revenue in 2023 2Roulettecashgame. 1.1 billion yuan, compared with the same period last year-15.27%RoulettecashgameRealize the net profit of 36 million yuan,-51.39% compared with the same period last year, and deduct the non-return net profit of 27 million yuan, + 1.07% compared with the same period last year. Among them, 2023Q4 achieved revenue of 70 million yuan in a single quarter, + 16.81% of the same period last year, and net profit of 19 million yuan,-57.54% of the same period last year. The short-term pressure on the company's performance is mainly due to: 1) due to the impact of the economic downturn, market demand fell short of expectations and customer orders decreased slightly; 2) in the same period in 2022, the company received a total amount of compensation for the demolition of the second factory 4Roulettecashgame, 4.1217 million yuan. Specific split 2023 revenue: 1) by business: processing business achieved revenue of 52 million yuan, year-on-year + 38.89%; product business realized revenue of 153 million yuan, year-on-year-25.38%; 2) domestic income of 148 million yuan in 2023, year-on-year-12.36%; overseas income of 63 million yuan, year-on-year-21.45%. In the first quarter of 2024, the company achieved revenue of 57 million yuan, + 35.87% compared with the same period last year, and realized a net profit of 6 million yuan, reversing losses over the same period last year and achieving rapid growth. The gross profit margin of sales has increased, and the expense rate has fluctuated during the period when the scale is still small. The company's sales gross profit margin in 2023 was 35.3%, year-on-year + 4.3pct. In terms of business, the gross profit margin of processing business is 53.77%, year-on-year + 16.9pct, and that of controller business is 27.38%, year-on-year-1.21pct. In 2023, the company's net sales interest rate reached 16.9%, compared with the same period last year-12.5pct. In 2023, the company's expense rate reached 20.5%, year-on-year + 2.7pct, including sales / management (including R & D) / financial expense rate + 0.2pct/+2.5pct/+0.0pct. The company's 2024Q1 sales gross profit margin of 37.1%, year-on-year + 14.7pct; achieve a net sales margin of 10.0%, year-on-year + 15.7pct. During the period of 2024Q1, the expense rate is 24.0%, which is-6.0% compared with the same period last year. Products + customers build a solid performance guarantee, harmonics are expected to create the second curve 1) advantage 1: technology + quality control, leading product precision and stable quality. As a leader in the field of subdivision, the company has excellent performance in machining accuracy, machined surface quality and defect rate. 2) advantage 2: high requirements determine high stickiness and bind high quality customer resources. Most of the company's customers are large-scale, high-tech, industry-leading high-quality customers, including THK in Japan, Yaskawa Motor, Edwards in the UK and so on. The operation of customers is stable and strong, which provides continuous momentum for the company's performance growth. 3) advantage 3: research and development layout harmonic reducer, create the second growth curve: harmonic reducer downstream is broad, is the core components of industrial robots, service robots and other advanced industries. At present, the company's harmonic reducer research and development progress is good. In March 2024, through the additional plan, the company intends to raise about 250 million yuan for the "annual production project of 300000 sets of harmonic reducer" to build a new production workshop of harmonic reducer and purchase relevant advanced production and testing equipment to speed up the transformation of scientific research achievements and industrialization of harmonic reducer. Profit forecast and investment rating: taking into account the company's growth, we maintain the company's 2024-2025 homing net profit forecast of 0.42 trillion yuan respectively, given 2026 homing net profit forecast of 60 million yuan, the current stock price corresponding to the dynamic PE is 52-42-36 times, maintaining the "overweight" rating. Risk tips: rising prices of raw materials; risk of price reduction of spare parts; new business development is not as expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
