daiwasol32500|维科精密(301499)：新能源汽车零部件持续开拓 营收贡献逐渐显现

Investment events: after April 25, the company disclosed the 2023 annual report and the first quarterly report of 2024. The company realized operating income in 2023Daiwasol32500. 5.9 billion yuan, an increase of 7% over the same period last yearDaiwasol32500.33%Daiwasol32500The net profit of returning to the mother was 64 million yuan, down 5.01% from the same period last year, and the net profit of deducting non-return was 57 million yuan, down 6.35% from the same period last year. In the first quarter of 2024, the company achieved operating income of 197 million yuan, an increase of 17.43% over the same period last year, a net profit of 10 million yuan, an increase of 0.30% over the same period last year, and a non-return net profit of 8 million yuan, down 18.94% from the same period last year. The company's revenue growth in 2023 is mainly driven by the development of power system parts business; revenue growth but year-on-year decline in net profit is mainly affected by income tax expenses. In 2023, the company achieved an operating income of 759 million yuan, an increase of 7.33% over the same period last year, and a net profit of 64 million yuan, down 5.01% from the same period last year. 1) the power system parts business promotes the overall steady growth of revenue. In terms of products, the company's revenue from power system parts was 485 million yuan in 2023, up 23.36% from the same period last year; chassis system parts revenue was 86 million yuan, down 9.84% from the same period last year; revenue from non-automotive connectors and parts was 48 million yuan, down 34.91% from the same period last year; revenue from auto connectors and parts was 44 million yuan, down 6.89% from the same period last year Revenue from precision moulds and spare parts was 38 million yuan, down 13.53% from the same period last year. 2) on the profit side, revenue increased but net profit decreased compared with the same period last year, which was mainly affected by the increase of income tax expenses in the current period. The company income tax expense was 9.3913 million yuan in 2023, compared with 1.2549 million yuan last year, mainly because the company benefited from the preferential tax policy of purchasing fixed assets in 2022, which led to the low level of income tax expense in the current period. However, it will no longer be affected by this preferential policy in 2023, so the income tax expenses will change greatly. Excluding the impact of income tax expenses, the company's total profit in 2023 was 73.5927 million yuan, an increase of 6.90% over the same period last year, which is similar to the growth rate of income. 24Q1 single-quarter income growth continued, single-quarter return net profit increased only slightly, mainly due to the rapid growth of expenses in the current quarter. 24Q1's single-quarter operating income was 197 million yuan, up 17.43% from the same period last year, and its net profit was 10 million yuan, up 0.30% from the same period last year. The lower growth rate of net profit from homing in the current quarter was mainly due to the increase in the rate of company expenses in the same period compared with the same period last year, of which sales expenses increased by 40.44% year-on-year, management expenses increased by 25.43%, and R & D expenses increased by 51.43%. In 2023, the company's revenue from new energy auto parts is growing rapidly; at the same time, the company continues to invest in the research and development of components such as the new energy three power system, which is expected to achieve further development in this field. In recent years, the company continues to expand the category of new energy automobile parts, and has realized mass production of HPD IGBT power module components, CATL BMS battery package connectors, economical BLDC stator components of thermal management system and other products since 2018. In 2023, a new batch of products, such as electronic power steering systems, were gradually mass produced, driving the company's zero revenue from new energy vehicles to 79.4451 million yuan that year, an increase of about 80 percent over the previous year. The share of new energy vehicle products in automotive products rose from 7.83% in 2022 to 12.38% in 2023. Looking to the future, on the one hand, the company has cooperated with downstream leading manufacturers such as United Electronics, Bosch, Bogwarner, Amfino and Tyco Electronics for more than a decade, and a number of products occupy the main supply position among the above-mentioned customers. At the same time, some new energy model projects achieve sales to United Electronics and Bosch, and the company is expected to further develop cooperation in the field of new energy vehicles with the above-mentioned customers. On the other hand, the company's research and development is mainly invested in the zero field of new energy, and the 17 projects disclosed in the 2023 annual report include 11 new products of new energy automobile parts, including 800V platform EMC filter assembly, electronically controlled BURSUR, IGBT power module packaging framework, etc., which is expected to support further revenue growth. Investment suggestion: the company's income grew steadily in 2023, and the new energy vehicle parts business is making good progress. Looking forward to 2024, relying on the company's good customer base and the continuous promotion of the research and development of new energy vehicle parts in recent years, the company is expected to continue to improve.Daiwasol32500We estimate that the total operating income from 2024 to 2026 will be 815 million yuan, 887 million yuan and 971 million yuan respectively, with year-on-year growth rates of 7.42%, 8.78% and 9.53% respectively, and the corresponding net profit will be 71 million yuan, 80 million yuan and 92 million yuan respectively. the year-on-year growth rates were 10.71%, 12.79% and 14.49%, respectively. The corresponding EPS is 0.51,0.58 and 0.66 yuan respectively, and the corresponding PE is 44.5x, 39.5x and 34.5 x respectively (calculated by the closing price on April 30). Risk hints: the risk of uncertainty in the actual supply volume and actual sales amount of the designated project, the risk that the development of new products is not as expected, the risk that the development of downstream industries is not as expected, the risk that customer development is not as expected, the policy risk of the automobile industry, the risk of rising raw material costs, the risk of fluctuation of gross profit margin and other risks. [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.

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