MOONS’(603728) 中泰证券·2024-05-13 11:30Investment Rating - The report assigns a "Not Rated" status to the company [1] Core Views - The company's performance is under pressure due to fluctuations in traditional industry demand and the impact of overseas market supply chain destocking [1] - The company's hollow cup motor sales are growing rapidly, with annual sales growth exceeding 80% [1] - The company's profitability has slightly declined in the short term, with gross margins for 2023 and 2024Q1 at 37.19% and 38.08%, respectively, down by 2.83 and 3.97 percentage points year-on-year [1] - The company's expense ratio has increased overall, with the sales expense ratio decreasing slightly [1] - The company is focusing on high-end application fields and increasing R&D investment [1] - The company's control motor and drive system business in emerging high-value-added application fields such as photovoltaics, lithium batteries, and semiconductors is expected to maintain growth [1] - The company's hollow cup motor business is expected to benefit from the expansion of humanoid robots [1] Financial Performance Summary Revenue and Profit - The company's revenue for 2023 was 2,543 million yuan, a year-on-year decrease of 14.09% [1] - Net profit attributable to the parent company for 2023 was 140 million yuan, a year-on-year decrease of 43.20% [1] - Revenue for 2024Q1 was 608 million yuan, a year-on-year decrease of 6.34% [1] - Net profit attributable to the parent company for 2024Q1 was 6.49 million yuan, a year-on-year decrease of 80.03% [1] Profitability - Gross margin for 2023 was 37.2%, and it is expected to increase to 39.1% by 2026 [3] - Net margin for 2023 was 5.6%, and it is expected to increase to 8.7% by 2026 [3] - ROE for 2023 was 4.9%, and it is expected to increase to 9.9% by 2026 [3] Expense Ratios - The company's sales expense ratio for 2023 was 7.99%, management expense ratio was 13.69%, R&D expense ratio was 9.37%, and financial expense ratio was 0.11% [1] - The sales expense ratio for 2024Q1 was 9.31%, management expense ratio was 14.54%, R&D expense ratio was 9.71%, and financial expense ratio was -0.42% [1] Future Projections - Revenue is expected to grow by 16.4% in 2024, 14.8% in 2025, and 13.4% in 2026 [3] - Net profit attributable to the parent company is expected to grow by 36.4% in 2024, 27.2% in 2025, and 36.9% in 2026 [3] Valuation Metrics - The company's P/E ratio for 2023 was 206, and it is expected to decrease to 87 by 2026 [3] - The company's P/B ratio for 2023 was 10.2, and it is expected to decrease to 8.7 by 2026 [3] Key Financial Ratios - The company's asset-liability ratio for 2023 was 25.7%, and it is expected to increase to 27.3% by 2026 [3] - The company's current ratio for 2023 was 2.4, and it is expected to remain stable at 2.4 by 2026 [3] - The company's quick ratio for 2023 was 1.7, and it is expected to remain stable at 1.6 by 2026 [3]