The company's 22H1 revenue was 513 million yuan, an increase of 28.35% over the same period last year, mainly due to the increase in the execution of orders and revenue. Of this total, 22Q1 revenue was 214 million, with an increase of 23.27% with an increase of 299 million for Q2, with an increase of 32.5%.
The net profit of the company's 22H1 was 118 million yuan, an increase of 25.23% over the same period last year. Among them, the net profit of 22Q1 returned to the mother was 59 million, with an increase of 15.31%. The net profit of Q2 returned to the mother was 59 million, with an increase of 37.05%.
In terms of products, the revenue of 22H1 new materials and synthetic materials process solutions was 359 million (71% of the total), with an increase of 72.14%; that of recycled materials and degradable materials process solutions was 127 million (25% of the total), down 23.02%; and that of industrial AI application integration solutions was 20 million (4% of the total), with a decrease of 10.01%.
The gross profit margin of 22H1 is 36.43%, a decrease of 5.68pct compared with the same period last year; of which 22Q1 gross profit margin is 37.89%, with minus 7.96pctMagneQ Q2 is 35.38%, and with 3.85pct.
In terms of products, the gross profit margin of 22H1 new materials and synthetic material process solutions was 31.85%, down 11.98 pct from the same period last year; the gross profit margin of recycled materials and degradable materials process solutions was 39.9%, up 5.67 pct from the same period last year; and the gross profit margin of industrial AI integrated application solutions was 82.34%, an increase of 0.68pct over the same period last year.
With the upstream localization process advancing and consumption upgrading in downstream emerging markets driving order growth, the company's new orders in the business areas of new materials, synthetic materials and recycled materials increased significantly compared with the same period last year, laying a good foundation for continued growth in subsequent performance. 1) caprolactam capacity release, raw materials loose pull downstream expansion enthusiasm, nylon 66 contains new opportunities. 2) the upgrading of consumption in emerging markets led to the growth of orders for native polyester (vPET), while orders for recycled and degradable materials continued to grow. 3) the business of industrial AI integrated application solution emerges abruptly based on accumulated strength. 4) promote the digital transformation of chemical fiber enterprises and improve the key technology level of intelligent manufacturing in the industry.
Maintain earnings forecasts and buy ratings. The company has ploughed the chemical fiber industry chain for many years, and the core technical barriers in the field of polymerization reaction engineering are deep. On the one hand, the localization of adiponitrile is expected to drive the growth of downstream order demand of the company; on the other hand, the company has developed new directions such as recycling and degradable materials in recent years, benefiting from the rapid growth of the recycling market to create new increments. We estimate that the EPS of the company in 22-24 is 0.8,1.0,1.3 yuan per share, and the PE is 26.9,21.2 and 16.7x respectively.
Risk tips: terminal demand is lower than expected; global supply chain tension leads to project settlement cycle fluctuations; foreign exchange fluctuations and other risks.
