Report guide
According to the company's quarterly report for 2022, 2022Q1 achieved an operating income of 262 million yuan, + 28.97% compared with the same period last year, and realized a net profit of 34 million yuan, + 39.59% over the same period last year, deducting 31 million yuan from non-parent net profit, + 56.15% over the same period last year. The results are in line with expectations and maintain a "buy" rating.
Main points of investment
22Q1 revenue + 28.97%, deducting non-return net profit 31 million yuan compared with the same period last year + 56.15%22Q1 company realized operating income of 262 million yuan, year-on-year + 28.97%; realized return net profit of 34 million yuan, + 39.59% year-on-year, deducting non-return net profit of 31 million yuan, + 56.15%. According to our estimates, excluding the influence of the newly merged company Qingdao Weisheng, the company's 22Q1 glass door main business revenue increased by about 42% compared with the same period last year. Glass door main business revenue continued to grow, exceeding the market consensus expectations.
The pressure on the cost side has eased, and the company's net interest rate margin has improved.
Affected by the rise in raw materials over the past 21 years, the company's 21Q3-Q4 cost side is under pressure, with a gross profit margin of 13.22% and 13.81% respectively, and a net profit margin of only 7.05% and 6.04% (including Qingdao Weisheng). Considering that the company's raw material cost composition is glass (50% +), aluminum (about 15%) and PVC (about 15%), 22Q1 has now turned an upward inflection point with improved prices of major raw materials and superimposed economies of scale to reduce costs. Net profit growth is much higher than revenue growth, gross profit margin increased to 18.05%, net profit margin reached 12.83%.
Profit forecast and valuation
It is estimated that the company's operating income from 2022 to 2024 will be 1.255,1573 million yuan, respectively, with a corresponding growth rate of 24.51%, 23.01%, 24.33%, and 1.39, 187,246 million, respectively, with a corresponding growth rate of 41.07% / 34.86%, 31.19%. The corresponding PE is 13.22x/9.80x/7.47x.
Risk hint
The expansion of new customers is not as expected, and the risk of raw material price fluctuation.
