banderabingo|浙海德曼(688577)：短期业绩承压 持续推进高端化

Event: the company publishes its annual report 2023 and quarterly report 2024BanderabingoRevenue in 2023 is 6.Banderabingo60 million yuanBanderabingoA year-on-year increase of 5%Banderabingo2.2%; the net profit of returning to the mother was 30 million yuan, a decrease of 50.7% compared with the same period last year. 2024Q1, the company achieved revenue of 170 million yuan, an increase of 9.7% over the same period last year; the net profit of returning home was 3 million yuan, a decrease of 70.1% over the same period last year. In 2023, domestic demand was insufficient, competition intensified, company revenue remained solid, and gross profit margin declined. Under the influence of weak macro-economy in 2023, the company was under great operating pressure. By expanding high-end products and laying out overseas markets, revenue generally maintained growth. In 2023, the company's comprehensive gross profit margin was 26.8%, a decrease of 5.1 percentage points compared with the same period last year. The decline in gross profit margin was mainly due to the impact of the fixed cost of the company's fund-raising projects and the company's elimination of some models through sales promotion. 2024Q1, the company's comprehensive gross profit margin was 23.4%, down 4.5% from the same period last year. The scale effect is insufficient, the expense rate increases slightly during 2023, and the net interest rate decreases. In 2023, the company's period expense rate was 23.8%, an increase of 1.7% over the same period last year, mainly due to an increase of 0.8,0.8% and 0.5% in sales, R & D, and financial expenses over the same period last year; 2024Q1, 23.6% in the period, a decrease of 1.0% over the same period last year. In 2023, the company's net profit rate was 4.5%, a decrease of 4.8% over the same period last year, and the decline in net profit margin was mainly due to the decline in gross profit margin; in 2024Q1, the company's net profit rate was 1.7%, a decrease of 4.2% over the same period last year. Short-term cycle bottom upward, long-term domestic substitution + overseas expansion + industrial catalysis, the company has broad room for growth. In the short term, from the perspective of inventory cycle, industrial enterprises began to get rid of inventory in May 2022 and have gone through 15 months by July 2023. The year-on-year growth rate of finished goods inventory in Chinese industrial enterprises increased continuously in August and September 2023, changing the downward trend. with reference to the historical law, we judge that China's industrial industry is at the end of inventory elimination and is about to usher in a new replenishment cycle. Machine tools are used as industrial mother machines. The prosperity of the industry is expected to reverse. In the long run, the localization rate of domestic middle and high-end CNC lathes is still at a low level, and there is a large space for domestic substitution; the large scale of overseas lathe market provides a broader growth space for the company; from the perspective of industrial catalysis, the emergence of new industries such as new energy vehicles and humanoid robots will bring new increments to the CNC lathe market, and the company, as an expert in CNC lathes, will fully benefit. Profit forecast and investment advice. It is estimated that the company's net profit from 2024 to 2026 will be 0.38,0.51 and 69 million yuan respectively, with a compound growth rate of 33% in the next three years, maintaining the "hold" rating. Risk tips: the risk of macroeconomic fluctuations, market competition aggravates the risk, overseas market expansion may not meet expectations. [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.