Event: 2022 H1 company realized operating income of 1.738 billion yuan, year-on-year-6.12%, realized home net profit-22.55 million yuan, year-on-year-164.77%.
As the epidemic disturbed production, the decline of Q2 income gradually narrowed. Q2 company realized operating income of 1.094 billion yuan,-4.11% of the same period last year, and net profit of 38.45 million yuan,-31.57% of the same period last year. The decrease in revenue and profit of the company is mainly due to the suspension of production of the company's Lianyungang base for nearly one month from March to April. at the same time, logistics hinders affect the delivery and installation of kitchen electricity, water purifiers and other products with installation attributes.
At the same time, the company's profits were affected by 15.12 million yuan due to the implementation of equity incentives to increase amortization expenses in the first half of the year.
With the improvement of the epidemic and the recovery of logistics, we expect the company's kitchen electricity, water purifiers, solar water heaters and other businesses to improve in the second half of the year.
Enlarge the product layout of air source heat pump. In the first half of the year, the company increased its investment in the research and development of air energy products, and successfully launched 60p, 120p ultra-low temperature air energy cooling and heating units, triple supply units and other products. In terms of brand, the company increases the brand construction of "Sun Rain" and "four Seasons Mu Song", and strengthens the display of products such as solar rain and air energy and the strength of the solution. In the first half of the year, the company's air energy product revenue is about 240 million yuan, and we expect the company's air energy business to accelerate growth in the second half of the year as production / delivery resumes and enters the peak sales period of heat pump products.
Photovoltaic orders contribute new growth points. 2022H1 company photovoltaic business income of 5.72 million, the company has announced that photovoltaic EPC orders reached 946 million yuan. We believe that the photovoltaic business may become another driving force for the company's future revenue growth.
Control the investment of management expenses to reduce the pressure on the profit side. Q2 achieved a gross profit margin of 29.43%, year-on-year-3.10pct. In terms of expense rate, Q2 company sales / management / R & D / financial expense rates are respectively year-on-year + 0.17/-1.6/+0.89/-0.35pct, the company increased R & D and sales expenses at the same time to control the management expenses. Q2 achieved a net interest rate of 3.57%, year-on-year-1.37pct.
Inventory increased significantly in the first half of the year. 1) at the end of the 22H1 period, the company's monetary funds and other current assets totaled 602 million yuan, year-on-year-22.07%; accounts receivable and bills totaled 285 million yuan, year-on-year-6.96% X 22H1 ending inventory was 722 million yuan, year-on-year + 19.69% X H1 final accounts and bills totaled 885 million yuan, + 6.48% compared with the same period last year. 2) in terms of turnover, the turnover days of inventory / accounts receivable at the end of the 22H1 period are respectively + 26.65 prime 3.58 days compared with the same period last year. 3) in terms of cash flow, the operating cash flow of company H1 is-129 million yuan, compared with the same period last year. The operating cash flow of Q2 is 67 million yuan in a single quarter, and-51.83% compared with the same period last year. We believe that the decline in cash flow is mainly affected by the product sales and shipments affected by the epidemic in the first half of the year.
Profit forecast: we are optimistic about the development trend of the global heat pump industry. As an important company of domestic heat pump export, the company is expected to benefit from the outbreak of overseas heat pump demand. At the same time, the company's photovoltaic EPC business will also provide a new business growth point for the company. We estimate that in 2022-2024, the company will achieve an operating income of 53.24x649x8125 million, compared with the same period last year, with a net profit of RMB 1.93 million and 23.4% compared with the same period of last year.
Risk factors: lower than expected heat pump export, epidemic situation affecting production and delivery, rising cost of raw materials, real estate affecting demand for products such as water heaters and water purifiers, etc.
