Event: the company released its quarterly report of 2022 on the evening of April 29, 2022. 2022Q1 realized operating income of 724 million yuan (year-on-year + 29.37%), net profit belonging to the parent company of 5 million yuan (year-on-year-86.55%), non-return net profit of 4 million yuan (year-on-year + 185.29%), and basic earnings per share of 0.01yuan per share.
Deducting non-net profit to turn losses into profits asset replacement shows initial results, and financial control helps the company to reduce costs and increase efficiency.
2022Q1 operating income 724 million yuan, year-on-year + 29.37%, deducting non-homing net profit 4 million yuan, year-on-year + 185.29%, compared with 20Q1/21Q1 's-1242Mercer 475 million yuan to turn a profit for the first time, mainly because the company successfully completed the transfer of shares in the International Mechanical and Electrical Co., Ltd. in 2021, the company further focused on defense products through asset exchange. The quality and benefit of assets improved steadily, and the sales expense during the 2022Q1 period was 2 million yuan, which was-53.61% compared with the same period last year. Management expenses 12 million yuan, year-on-year-17.49%; financial expenses-2 million yuan, year-on-year-253.21%, mainly due to the company's further strengthening financial control, drawing up a special action plan for cost control, and reducing interest expenses
The growth rate of accounts receivable and contract liabilities remained high, and the project construction progressed steadily. On the balance sheet, 2022Q1's accounts receivable was 2.283 billion yuan (year-on-year + 265.39%), accounting for 13.24% of assets, which remained at a high level. During the period, the contract liability was 6.729 billion yuan, + 32820.65% over the same period last year, indicating abundant orders. The company's fixed assets totaled 1.27 billion yuan, + 15.64% year-on-year. The project under construction is 41 million yuan,-83.77% compared with the same period last year. By the end of 2021, the company's factory building in the north and south of the aviation city has completed 91.40% and 83.97% respectively, and the production capacity is expected to be released.
Profit forecast and investment rating. (1) PE valuation method, we estimate that the EPS of the company in 2022-2024 will be 0.31 EPS 0.42 yuan per share. Combined with the comparable company valuation, we will give the company 95-100 times PE in 2022, corresponding to a reasonable value range of 22.80-24.00 yuan. (2) by PS valuation method, we estimate that the sales income per share from 2022 to 2024 will be 17.2927.2539.41 yuan. Combined with the comparable company valuation, we give the company 1.5-1.7 times PS valuation in 2022, corresponding to the reasonable value range of 25.94-29.39 yuan per share. Based on the above valuation method, we give the company a reasonable value range of 22.80-29.39 yuan per share and give it a "better than the big market" rating.
Risk tips: market competition risk; order and production less than expected risk and so on.