On the evening of February 28, Evert (SH688165, share price 9.12 yuan, market value 4.759 billion yuan) disclosed the 2023 performance letter. In 2023, the company’s industrial robot business income and system integration business income increased over the previous year, and the company achieved a total revenue of 1.883 billion yuan, an increase of 41.84%; The net loss attributable to the owner of the parent company was 45 million yuan, and the loss was reduced by 73.88% year-on-year.

PFVI401 For the revenue growth in 2023, the company explained that the scale growth of the robot business and the cost reduction strategy took effect, which led to the gross profit margin of the robot business increased by about 6.47 percentage points compared with the previous year. At the same time, the company’s overseas system integration business recovered, and the overall gross margin increased by about 4.68 percentage points over the previous year.

It should be noted that the company has not yet achieved profit since it was listed on the Science and Technology innovation Board in 2020. In the first three quarters of last year, the company’s research and development expenses were 69 million yuan, which decreased year-on-year. As of the first half of last year, the cumulative unmade up loss of the company’s consolidated statements reached 770 million yuan.

Sales of industrial robots increased by more than 100% year-on-year

Efte was founded in August 2007, and listed on the Science and Technology PFVI401 Innovation Board in July 2020. The company is in the intelligent manufacturing equipment industry, and its two core main businesses are the research and development, production and sales of industrial robot machines and their core components and system integration. Company introduction, it is the first echelon of domestic robot industry enterprises, is one of the few manufacturers at the same time layout core parts, machine manufacturing, system integration.

Eft’s industrial robots can be applied to 3C, lithium, new energy vehicles, photovoltaic, auto parts and other industry production scenarios, in addition to the domestic market, EFT’s sales market has also expanded to Europe, Latin America, India and other overseas markets.

PFVI401

On the evening of February 28, Eft disclosed the 2023 performance letter. During the reporting period, the company achieved a total operating revenue of 1.883 billion yuan, an increase of 41.84%; The net loss attributable to the owner of the parent company was 45 million yuan, and the loss was reduced by 73.88% year-on-year.

According to the disclosed data, although Eft has not got rid of losses, it has reduced its losses compared to the previous period, and its operating income has increased significantly. For the revenue growth in 2023, the company explained that the overall gross profit was mainly boosted by the growth of robot sales and the recovery of overseas system integration business.

According to reports, in 2023, the company’s sales expenses increased by 44 million yuan compared with the previous year, an increase of 50.97%, which supported the company’s industrial robot sales growth of more than 100% compared with 2022. The scale growth of the robot business and the effect of the cost reduction strategy drove the gross profit margin of the robot business to increase by about 6.47 percentage points over the previous year. In terms of overseas PFVI401 system integration business, the overall gross margin increased by about 4.68 percentage points from the previous year.

From the profit situation of the company’s two core businesses, although the system integration business accounts for half of the revenue, the gross profit margin is low. According to the semi-annual report data in 2023, the sales revenue of robot machine is 412 million yuan, accounting for 46.09% of the company’s total operating income, and the gross profit margin is 18.32%. System integration business revenue accounted for 52.28% of the company’s total operating revenue, but the gross margin was only 6.82%.

In January this year, the company said that the system integration business is mainly from the overseas automotive industry system integration. In the 2023 semi-annual report, the company mentioned that overseas system integration business due to intensifying competition in the automotive industry, resulting in increasing cost control requirements for terminal car companies, which fully transmitted the pressure to system integrators, resulting in a decline in overall gross profit margin.