The company released its third quarterly report for 2021: revenue in the first three quarters was 815 million yuan, up 121.76% over the same period last year; net profit was 325 million yuan, up 87.26% over the same period last year; and 320 million yuan was deducted, an increase of 90.32% over the same period last year.
From a quarterly point of view, the company's 2021Q1, Q2 and Q3 realized operating income of 2.54,3.25 and 236 million yuan respectively, with year-on-year changes of 150.70%, 155.28% and 69.90% respectively. Q3 revenue decreased by 27.34% compared with the same period last year. Q1, Q2 and Q3 realized net profits of 1.05,1.22 and 98 million yuan respectively, with year-on-year changes of 79.74%, 144.66% and 50.37% respectively.
In the first three quarters of 2021, the company's overall gross profit margin was 79.25, an increase of 5.01 pct over the same period last year, of which Q3 gross profit margin was 82.72%, an increase of 8.16 pct, a month-on-month increase of 1.09 pct; net profit rate of 53.56%, a year-on-year increase of 4.29pct, of which Q3 net profit margin was 57.15%, an increase of 4.50pct over the same period last year, and a decrease of 1.22pct.
In the first three quarters of 2021, the company's period expenses were 115 million yuan, an increase of 119.22% over the same period last year, and expenses accounted for 14.11% of revenue, a decrease of 0.16pct over the same period last year. R & D expenses were 43.5954 million yuan, an increase of 56.69% over the same period last year, and R & D investment accounted for 5.35% of business income, a decrease of 2.22pct.
In the first three quarters of 2021, the net cash flow of the company's operating activities was 56.265 million yuan, compared with-64.0232 million yuan in the same period last year, an increase of 120 million yuan over the same period last year.
By the end of the third quarter of 2021, the company's receivables totaled 1.56 billion yuan, an increase of 30.68% over the beginning of the year; inventory was 319 million yuan, an increase of 46.85% over the beginning of the year; and the company's accounts receivable turnover rate was 0.65 times, an increase of 0.15 times over the same period last year, and an increase of 0.14 times over the same period last year.
By the end of the third quarter of 2021, the company's contract debt was 92.1069 million yuan, a substantial increase of 60058.12% over the end of half a year, and a net increase of 10308.08% of the company's contract debt by 91.9538 million yuan in a single quarter over the beginning of the year.
We adjust our profit forecast according to the latest earnings report. We expect the company's net profit from 2021 to 2023 to be RMB 566 million, RMB 763 and RMB 995 million, respectively, and the EPS is RMB 2.22, 2.99 and 3.9 yuan per share, respectively, corresponding to the closing price of PE on October 25, which is times that of 48-36-27, maintaining the "prudent overweight" rating.
Risk tips: downstream demand is lower than expected; the progress of product delivery and revenue recognition lags behind, and the expansion of civilian products market is not as expected.
