paybyphonecasinonodepositbonus|赛力斯(601127)：一季度净利润扭亏为盈 有望迎来经营上行周期

Net profit turned into profit in the first quarter of 2024. Selis achieved revenue of 358 in 2023Paybyphonecasinonodepositbonus.400 million yuanPaybyphonecasinonodepositbonusYear-on-year + 5.1%, home net profit-2.45 billion yuan (- 3.83 billion yuan in 2022), deducting non-net profit-4.82 billion yuan (- 4.3 billion yuan in 2022). The pressure on 23-year performance mainly comes from higher R & D investment such as M9 and M7, while the company increases sales channel construction and marketing investment. in addition, sales pressure suppresses the release of scale effects. 24Q1 achieved revenue of 26.56 billion yuan, year-on-year + 421.8%, month-on-month + 38.6%, net profit of 220 million yuan (23Q1 is-630 million yuan, 23Q4 is-160 million yuan), deducting non-net profit of 110 million yuan (23Q1 is-920 million yuan, 23Q4 is-1.8 billion yuan). In recent years, the company continues to invest in research and development and focus on building products, after nearly four years of loss pressure, 24Q1 performance to achieve a return to profit. The gross profit margin is higher than that of the previous month, and the effect of cost control is obvious. 23Q4's gross profit margin is 13.5%, year-on-year-1.0pct, month-on-month + 6.0pct. The year-on-year decline is mainly due to the price reduction of the new M7 compared with the old model, and the month-on-month increase is mainly due to the release of economies of scale brought about by increased delivery. The net cash flow generated by operating activities in 2023 is 6.398 billion yuan (- 1.169 billion yuan in 22 years), and the cash flow performance is excellent; 24Q1 Selis gross profit margin is 21.5%, year-on-year + 12.6pct, month-on-month + 8.0pct, mainly due to 1) sales increase accelerates cost amortization and promotes the release of economies of scale (24Q1 sales 83000, 23Q4 64000, 23 full-year 104, 000) 2) the proportion of the high-priced model M9 has increased (11000 24Q1 sales of the M9 model), improving the overall ASP. On the cost side, the 24Q1 Selis sales / management / R & D expense rate is 12.8%, 1.7%, 3.6%,-2.3/-5.8/-3.2pct, and-1.8/-1.5/+0.4pct, respectively. The company's cost control effect is obvious, and the profitability is improved compared with the previous month. Product building capacity continues to improve, is expected to start a new round of uplink cycle. As the first cooperative car company under Huawei's smart selection mode, the two sides cooperate closely and focus on the improvement of product competitiveness. The company adheres to the software-defined automobile, independently grasps the intelligent and electrified core technology of the automobile industry, takes safety as the base, reshapes luxury with wisdom, and explores the "new luxury" concept of "traditional luxury + technological luxury". Promote the brand up with new quality productivity. In 2023, AITO M5 Smart driver version, new M7 and M9 were launched one after another and quickly occupied the market. With the gradual deepening of cooperation between the two sides, product definition and building capabilities continue to improve, while the channel-end layout is becoming more and more perfect, the company's sales are expected to continue to improve, opening a new round of uplink cycle. Risk hint: the risk of intensified competition in the industry and the risk of raw material price fluctuations. Investment advice: raise earnings forecasts and maintain "overweight" ratings. It is optimistic that the profitability of the company's car models will continue to improve, and the profit forecast will be raised. It is estimated that the 2024-2026 net profit of the company will be 32.4 billion yuan (2.860 billion yuan for 24 pounds) and 2.14 yuan for 4.00 pounds (2.04 yuan for 25th year). It is optimistic that Huawei will continue to improve its competitiveness under deep cooperation and maintain its "overweight" rating. [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.