Incident: The company announced its 2022 semi-annual report. 202H1 achieved revenue of 430 million yuan, an increase of 131.2% over the previous year; Guimu's net profit was 103 million yuan, an increase of 87.5% over the previous year. Looking at the Q2 quarter alone, it achieved revenue of 301 million yuan, an increase of 134.4% over the previous year and an increase of 164.9% over the previous quarter; Guimu's net profit was 35 million yuan, an increase of 385.0% over the previous quarter, turning a loss into a profit. Q2 Performance increased significantly and exceeded our expectations.
Project management and delivery capabilities were improved, and revenue grew rapidly; competition for some delivery projects was fierce, and gross margin declined. In the first half of 2022, the company worked hard to overcome the interference of the COVID-19 pandemic, continuously improved project management and delivery capabilities, and successfully delivered various projects in the new energy, agriculture and animal husbandry, cross-border e-commerce, medicine, tobacco, aerospace and other industries, and achieved a rapid increase in revenue of 131.2% over the same period last year. 2022H1, the company's comprehensive gross margin was 25.1%, down 7.2 percentage points from the previous year; the Q2 quarter was 25.6%, down 3.7 percentage points from the previous year and an increase of 1.8 percentage points over the previous quarter. The decline in the company's gross margin is mainly due to the fact that the intelligent warehousing market in some industries is in a state of full competition. The company undertakes and delivers related projects based on a steady development business philosophy.
The scale effect was evident, with the cost rate falling sharply during the period and the Q2 net interest rate rising sharply. 2022H1, the company's expenses rate for the period was 19.9%, down 14.2 percentage points from the previous year; Q2 was 12.9% for the single quarter, down 13.3 percentage points from the previous year and 25.3 percentage points from the previous quarter. 2022H1, the company's net interest rate was 7.3%, down 1.7 percentage points from the previous year; the Q2 quarter was 11.2%, up 5.8 percentage points from the previous year and 14.2 percentage points from the previous quarter.
The number of new orders received continues to increase, production capacity is expanded to guarantee delivery capacity, and the certainty of performance growth is strong. The company has core competitiveness in intelligent logistics software technology and hardware equipment such as intelligent robots. The number of new orders received continued to increase, adding an order amount of 630 million yuan in the first half of the year, and made a major breakthrough in the aerospace industry. The total amount of contracts signed and winning bids reached 150 million yuan. As of June 30, 2022, the company's unconfirmed revenue orders were 1.03 billion yuan. At the same time, the company is actively increasing the production capacity of the intelligent logistics system. The new Super Future factory will be put into operation in 2022, which can support the company's order size of 2 billion yuan, guarantee order delivery capacity, and further strengthen cost control. The company released an equity incentive draft in August 2022. It plans to grant 5 million restricted shares to 131 management teams and core technical personnel, accounting for about 2.1% of the company's total share capital. It further binds employees' interests with shareholders' interests, which is conducive to the company's long-term steady development.
Profit forecasts and investment recommendations. The company's net profit for 2022-2024 is estimated to be 1.2, 170, and 240 million yuan respectively. The compound growth rate of net profit attributable to the mother over the next three years is 42.9%, giving the company 25 times PE in 2023, with a target price of 59.25 yuan, maintaining the “buy” rating.
Risk warning: risk of falling new orders, risk of technology and product backwardness, increased risk of industry competition.