Event: the company released its 2023 annual report and 24Q1 results, and achieved revenue in 23 years.Streetfighterarcademachine80 million, compared with the same period last year, + 21.5%StreetfighterarcademachineThe net profit of homing is 160 million, + 10.3% compared with the same period last year; the revenue of single 23Q4 is 130 million, + 2.6% compared with the same period last year; the net profit of homing is 36 million, which is-10.0% year-on-year; the revenue of 24Q1 is 100 million, which is + 1.6% over the same period last year; and the net profit of homing is 30 million, which is-15.3% compared with the same period last year. Promote the strategy of high-end products, and the gross profit margin continues to rise. Further promote the high-end product strategy, the rise in the volume and price of high-end products led to the increase of the company's comprehensive gross profit margin; the impact of the increase in R & D investment, interest income and one-time government subsidies, and the rate of management expenses increased during the period. In 2023, the company's high-end product strategy continued to advance, with a comprehensive gross profit margin of 61.3%, year-on-year + 3.76pp. The increase in gross profit margin was mainly due to the rise in the price and volume of the company's high-end products, which continued to maintain the good momentum of rapid growth. The proportion of high-end products increased to 22%, year-on-year + 4pp, driving the average unit price of the four categories of products up 23.4% year-on-year; net profit rate was 32.1%, year-on-year-3.27pp The expenditure rate during the period is 38.6%, year-on-year + 7.39pp. In terms of breakdown, the rates of sales, management, R & D and financial expenses are year-on-year + 1.07pp, + 0.30pp, + 3.33pp and + 2.69pp, respectively, mainly due to the continuous increase of investment in R & D and sales and the decrease of interest income. According to 24Q1, the company's gross profit margin is 63.1%, year-on-year + 3.93pp, net profit rate is 29.3%, year-on-year-5.85ppp; period expense rate is 33.6%, year-on-year + 6.85pp, breakdown, sales, management, R & D and financial expense rates are respectively year-on-year + 1.46pp,-1.07pp, + 3.66pp, + 2.79pp, mainly due to the reduction of one-time subsidies, R & D investment growth, exchange rate fluctuations and so on. Large orders to be confirmed revenue, 24Q1 revenue pressure; self-brand business advantages highlighted, product structure continues to optimize, the company's competitiveness. 24Q1, the company's revenue grew 2.6% year-on-year, slightly lower than expected. Considering that Q1 has shipped orders but did not recognize revenue of about 13 million yuan, if revenue can be confirmed, revenue growth in the reporting period will increase to 13.9% year-on-year. 24Q1, the company gives the company's own brand "SIGLENT" revenue + 5.6% year-on-year, showing a relatively better growth trend; from the sales unit price of products, sales of products with a unit price of more than 30,000, sales of products with a unit price of more than 50, 000, sales of products with a unit price of more than 50, 000, sales of products with a unit price of more than 50, 000, sales of + 74.2%, significant growth of high-end products, the company's profitability continues to improve. The company is a domestic technology-leading general electronic testing and measuring instrument enterprise. the domestic market benefits from domestic alternatives to maintain high growth, overseas market demand stabilizes and picks up, and the long-term growth momentum is sufficient. At present, the relevant national policies have repeatedly stressed the need to do a good job in the battle for the localization of scientific and technological instruments, the independent control of scientific instruments is imminent, and the overseas market demand is expected to stabilize and rebound, with broad room for development. In 2023, the company's domestic market achieved revenue of 190 million, year-on-year + 33.8%, gross profit margin decreased to 62.2%, overseas market revenue 290 million, year-on-year + 16.8%, gross profit margin increased 7.01pp to 61.5%. The company is one of the few general electronic testing and measuring instrument manufacturers in the world that have four main products, including digital oscilloscope, waveform and signal generator, spectrum analyzer and vector network analyzer, and have entered the high-end field. The product competitiveness continues to improve, and the company continues to strengthen the management and construction of the direct sales team, the sales promotion of typical major customers in various industries and high-end products. In the long run, it is expected to help deeply in the future and benefit from domestic substitution and overseas market development. Profit forecast and investment advice. It is estimated that the company's net profit from 2024 to 2026 will be 1.8,2.3 and 280 million yuan respectively, with a compound growth rate of 22% over the next three years, maintaining a "hold" rating. Risk tips: technology and product research and development risk, chip supply shortage risk, international trade friction 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.
[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.