EventNickelodeongameshows90sThe company publishes 23 annual reports and 24 quarterly reports, with revenue of 46% in 23 yearsNickelodeongameshows90s.0 billion yuan, + 25.5% from the same period last year, realizing a net profit of 550 million yuan, + 6.7% from the same period last year.Nickelodeongameshows90s1Q24 realized revenue of 1.06 billion yuan, + 25.3% year-on-year, and net profit of 100 million yuan, + 13.4% year-on-year. Revenue is growing steadily, performance is slightly lower, and profit margins are waiting for improvement. 23 years: in the field of traditional interior decoration, the company firmly grasped the opportunity of development, continued to optimize the customer structure, and achieved steady growth in performance. In 23 years, the company achieved operating income of 4.6 billion yuan, year-on-year + 25.5%, and home net profit of 550 million yuan, + 6.7% compared with the same period last year. According to the annual report, the company's profit side in 23 years did not meet the company's expectations at the beginning of the year, mainly due to: (1) the impact of changes in the fair value of some financial assets in other non-current financial assets on current profits and losses 2Nickelodeongameshows90s, 3.581 million yuan; (2) the investment income from the associated company decreased by 34.185 million yuan compared with the plan. In a single quarter, 4Q23 achieved revenue of 1.52 billion yuan, + 40.4% year-on-year, + 23.4% month-on-month, and net profit of 160 million yuan, + 13.9% and + 5.1%, respectively. From the point of view of the period expense rate, the 23-year sales / management / R & D / financial expense rate is 0.8%, 6.1%, 3.8%, 3.1%, 1.1%, respectively. The overall period expense rate is lower than that of 22 years, 0.3pct, relatively stable, in which the management / financial expense rate is reduced by 0.3pct, and the R & D expense rate is increased by 0.3pct. In terms of profit margin, the 23-year gross profit margin of the company is 20.4%, year-on-year-1.2pct, net profit rate is 11.7%, year-on-year-2.1pct. 1Q24:1Q24 achieved a revenue of 1.06 billion yuan, with a month-on-month ratio of + 25.3% and a net profit of 100 million yuan, and a net profit of 100 million yuan and 13.4% with a month-on-month ratio of + 13.4% and 35.5%, respectively. The decrease in month-on-month is mainly affected by the Spring Festival. In terms of profit margin, 1Q24 realized gross / net interest rates of 17.0% and 9.7% respectively, which were lower than the full-year level of 23. In terms of the period expense rate, the 1Q24 sales / management / R & D / financial expense rate is 0.7%, 6.0%, 4.9%, 1.3% respectively, and the period expense rate is higher than the 23 full-year level. Expand new energy + high-end customer market, full of growth potential. In terms of customer structure, the company continues to expand new energy and high-end customer markets, and the company maintains stable and good partnerships with BYD, Tesla, Volkswagen, Mercedes-Benz, BMW, Weilai, ideal, Xiaopeng, Zero, Najiao, BAIC Polar Fox, Chery New Energy, Xiaomi, Jiyue, British Jaguar Land Rover, North American ZOOX, etc. 23 the company's sales to new energy customers accounted for 32.9% (31.0% in 22 years). In terms of high-end customers, in March and December 2023, the chairman led a team to Europe to visit Germany's Mercedes-Benz, BMW and Volkswagen, and customers also visited a number of subsidiaries of the company, and successively won customer recognition, entered the German mainframe factory system, and directly participated in the RFQ quotation. In terms of designated projects, in the past 23 years, the company has successively harvested projects related to door panels, main and auxiliary dashboards, columns and other assembly products from customers such as domestic well-known new energy mainframe factories, German well-known luxury brand mainframe factories, etc. the total project amount of the announced project within 23 years is expected to be 6.48 billion yuan. Rational planning of capacity distribution and steady progress in multi-base construction. In 23 years, the company added new bases in Zhaoqing, Dalian, Hefei and Anqing, and further expanded the production capacity of Shenyang, Tianjin and other bases. in 23 years, the company actually invested 812 million yuan, including 532 million in equipment and 276 million in infrastructure investment, further improving the implementation of the regional layout and laying a solid foundation for the company's sustainable development. It is expected that in 24 years, batch and small batch production will be completed in Guangzhou Zhaoqing and Hefei in Anhui, the second phase of Anqing base and Tianjin will be completed and put into mass production, and the Shenyang base will increase investment, and the company will provide protection from the source. give full play to the technical support of this department and the help of the backbone of each team, concentrate the advantage of resources, so that the business of each base can develop more steadily. Maintain the "overweight" investment rating. The company's customer structure is being continuously optimized, the cooperation between old customers is constantly strengthening, and new customers and new projects continue to be obtained. it is estimated that the net profit of homing in 24-26 years is 6.81,970 million yuan respectively, and the corresponding PE is 8.7pm 7.3pm 6.1x, maintaining the "overweight" investment rating. Risk tips: (1) the development of the automobile industry is not as expected; (2) the risk of investment income fluctuation; (3) the concentration of major customers is too high; (4) the risk of raw material price fluctuation. [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.