On April 30th, the company released its quarterly report for 2022, in which the company realized operating income of 3.801 billion yuan, + 0.38% year-on-year; net profit of 77 million yuan, + 0.63%; and non-return net profit of 47 million yuan,-27.54%.
Strong alpha varieties, upgrade development of the first year, the first financial report is slightly better than expected, into the development of the fast lane. 2022Q1 income and home net profit are basically the same, deducting non-profit fell-27%, mainly due to the drag of the automobile business. Gross profit margin was 12.5%, unchanged from the previous month, down 3.5pct from the same period last year.
The net interest rate was 2.03%, an increase in 1.1pct compared with the previous month, which was basically the same as the same period last year. The management efficiency has been improved, and the management expense rate + sales expense rate + R & D expense rate has reduced 2.3pct compared with the same period last year. From the perspective of business, wind power revenue increased by 7.8% year-on-year to 1.39 billion yuan; automobile revenue decreased by 12.2% year-on-year, mainly affected by overseas; rail transit revenue increased by 5.6% year-on-year, a steady growth.
The company's shock absorption and noise reduction business is growing steadily, and the wind power business is booming. This year is the first year of promotion and development of the company. under the background of internal and external pressure, it has increased slightly compared with last year, and achieved a good start. CRRC Group's goal of developing wind power and new materials will not waver. As one of the key points for the group to achieve the rapid development of the industry, it is worth looking forward to the orderly promotion of various medium-and long-term incentives.
Investment suggestion
From 2022 to 2024, the company is expected to achieve operating income of 151.27 yuan, 170.19 yuan and 18.376 billion yuan, an increase of 7.7%, 12.5% and 8.0% over the same period last year, and the corresponding net profit of 3.94,6.84 and 897 million yuan respectively, an increase of 117.2%, 73.7% and 31.1% respectively over the same period last year. The corresponding EPS is 0.49,0.85,1.12 yuan respectively, and the share price PE before the corresponding period is 15.64,9.01,6.87 times respectively. Each sub-version of the company has high demeanor and strong growth, and it can be expected to maintain "buy" in the future.
Rating.
Risk hint
The raw material end of wind turbine blades continues to rise; the epidemic situation is repeated, the automobile industry is depressed; the promotion of industrial shock absorption products is not as expected; the new materials market is lack of awareness of domestic products, and sales are not as expected.