Event description of the company's annual revenue / return net profit / deduction of non-net profit in 2023Marvinandmaeacosta. 60/4Marvinandmaeacosta.51x387 million yuanMarvinandmaeacosta, minus 11%, 35%, 37%.Marvinandmaeacosta2023Q4 achieves revenue / return net profit / deducts non-net profit of RMB 900x117max, which is the same as minus 8%, 26%, 2024Q1, revenue / return, net profit, deduction of non-net profit, RMB 0.56 million, compared with the same period last year,-12%, 31%, 2%, respectively. Event comment 2023A&2023Q4: innovative consumer electronics revenue is under pressure to reduce total revenue by 11% in 2023; 2023Q4 is expected to continue the 2023Q3 trend, and Q4 automotive electronics revenue growth is significantly faster than the previous month. In terms of business, revenue from intelligent control components / innovative consumer electronic products / automotive electronic products / healthy environmental products in 2023 is + 30.5%, 48.4%, 42.8%, 36.8%, and accounts for 34%, 30%, 13%, 10% of revenue. 1) innovative consumer electronics: due to the impact of downstream customers going to the warehouse, the revenue of engraving machine and ebike business is expected to decline year-on-year, but improved month-on-month in the second half of the year with inventory elimination; e-cigarette business revenue is expected to decline year-on-year and is still mainly contributed by plastic parts as customers are in the period of switching between old and new products. 2) Intelligent control components: Logitech-related revenue is expected to achieve steady growth, Shanghai Hengjing brings increment, and water cooling system revenue is expected to increase year-on-year. 3) healthy environmental products: the company pays close attention to the pace of rapid repair of orders in the healthy environment industry, and its revenue grows relatively fast. 4) Automotive electronic products: to achieve rapid revenue growth, while the company accelerates the global layout of business. 2023Q4 business is expected to continue the Q3 trend, including automotive electronics, water cooling, Logitech-related business revenue is expected to grow and increase month-on-month, e-cigarette, ebike and other business income is still under pressure. 2024Q1: revenue from healthy environmental products and e-cigarettes is expected to decline compared with the same period last year, resulting in a 12% decrease in total revenue, such as engraving machines and engraving machines. In the context of a low base, engraving machine-related revenue is expected to achieve rapid growth, ebike business revenue is expected to grow significantly compared with the same period last year. The revenue of automotive electronics business is growing steadily; the revenue of healthy environment business is expected to decline significantly compared with the same period last year, mainly due to a high base; and the e-cigarette business is still disturbed by customer product switching, and revenue is expected to decline compared with the same period last year. The change of exchange earnings affects the net interest rate in 2023, and the change of product structure leads to the decline of 2023Q4&2024Q1 gross profit margin compared with the same period last year. In 2023, the company's gross profit margin / home net interest rate / deducted non-net interest rate year on year + 0.3/-4.3/-4.2pcts, sales / management / R & D / financial expense rate year on year + 0.3/+0.2/+0.8/+2.3pcts, financial expense rate increased mainly due to the decrease in exchange earnings compared with the same period last year. The change in the rate of management expenses is comprehensively affected by the fact that the restricted shares do not meet the unlocking conditions and the payment fees of the withholding shares in the previous year, as well as the increase in depreciation amortization fees. 2023Q4/2024Q1 's gross profit margin is respectively-1.2/-2.3pcts compared with the same period last year, which is expected to be mainly affected by changes in product structure, the proportion of income from innovative consumer electronic products with higher gross profit margin will decline; 2024Q1 return to home / deduction non-net interest rate respectively-1.9/+0.8pcts, the difference between the two changes is mainly due to the decrease in financial returns of trading financial assets, and so on. It has the potential for growth in the medium and long term, it is optimistic that the existing business will be repaired steadily, the new project will be gradually expanded, and progress has been made in the research project. The company's business focuses on each segment of the track, a number of tracks show good development potential, with the deepening of cooperation with major customers and the steady progress of new product research and development, is expected to continue to contribute revenue. Engraving machine business downstream customer inventory pressure relief, the future is expected to continue to improve; e-cigarette products have successfully realized the supply of "precision plastic parts-core heating module-whole machine", with the market development of downstream customers and the successful introduction of the company's products. Volume is expected; the global layout of automotive electronics business is accelerated, and the construction of intelligent manufacturing base in Mexico is steadily promoted, which is expected to maintain steady growth. Other new products and new business development continue to advance, which is expected to contribute to revenue growth in the future. It is estimated that the company will achieve a net profit of 6.4 million yuan from 2024 to 2026, corresponding to PE 18, 16 and 13X. Risk hint 1, exchange rate fluctuation risk; 2, product gross profit margin decline 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.
