The company announces three quarterly reports for the year 21. In the first three quarters, the company realized operating income of 494 million yuan (YOY+110.09%), net profit of 150 million yuan (YOY+113.72%) and non-return net profit of 148 million yuan (YOY+113.46%). Among them, 21Q3 realized operating income of 159 million yuan (YOY+54.81%), net profit of 48 million yuan (YOY+51.39%) and non-return net profit of 46 million yuan (YOY+44.84%) in a single quarter. The slowdown in income growth in the third quarter is mainly due to a higher base in the same period of 20 years, with an income of 103 million yuan (YOY+64.02%).
The profit level in the third quarter has declined due to the rise in the price of raw materials. In the first three quarters of the company, the gross profit margin of sales was 41.58% (YOY-1.88pct), the net profit margin was 30.45% (YOY+0.51pct), and the rates of sales, management, research and development, and financial expenses were 0.51%, 2.55%, 3.13%, 1.21%, respectively, and the year-on-year changes were YOY-0.48pct/-0.95pct/+0.04pct/-0.58pct. Due to the rapid growth of operating income, the rate of sales and management expenses showed a downward trend; the company has obvious R & D advantages, paying attention to R & D investment, and the rate of R & D expenses increased slightly; listing funds raised led to a substantial increase in the company's interest income. 21Q3 has a gross sales margin of 38.40% (YOY-5.42pct) and a net profit margin of 30.07% (YOY-0.68pct). The decline in gross profit margin is mainly due to the increase in the price of raw materials such as polyester filament, and the substantial increase in the advance payment of raw materials; the smaller decline in net interest rate is mainly due to the substantial increase in interest income and asset disposal income.
Break through the capacity bottleneck and be optimistic about the development of the company in the next 3 years. The company's main business drawing air cushion material competition pattern is stable, the company's R & D and production process leading advantage is obvious, after breaking the capacity bottleneck, superimposed downstream demand is strong, the company's performance is expected to show rapid growth, optimistic about the future development of the company.
Profit forecast and investment advice: it is estimated that the company's EPS in 21-23 years is 2.00,2.52,3.17 yuan per share respectively. With reference to the company's capacity expansion and future growth, the company's 2021 PE is valued at 23 times, corresponding to a reasonable value of 45.94 yuan per share, maintaining a "buy" rating.
Risk hint. The risk of raw material price fluctuation, the risk of falling unit price of sales, and the risk that capacity expansion cannot be effectively digested.