The company released its semi-annual report for 2022: 22H1 achieved 1.97 billion yuan in revenue, YoY+5.6%; returned to its parent net profit of 240 million yuan, and YoY-48.6%; gross profit margin was 31.7% YoYmuri 1.9 pct. The revenue of single Q2 is 920 million yuan, and the net profit of YoY+3.2%; single Q2 is 120 million yuan, YoY-46.3%.
The fluctuation of investment income leads to short-term pressure on performance, and the main business of tobacco label is improving. On the revenue side, the 22H1 epidemic repeated some of the company's factories are underemployed, but tobacco revenue is solid, winning 18 projects, revenue + 9.7% year-on-year, gross margin year-on-year-1.6pct. The transformation of high-end tobacco label continued, and the revenue of innovative tobacco label was + 4.8% compared with the same period last year. The improvement of design proofing ability and technical transformation level is expected to increase gross profit margin; bag revenue is + 7.2% year-on-year; revenue accounts for 14.1%, year-on-year + 0.2pct, gross profit margin year-on-year-0.75pct.
Intelligent production line + cutting-edge technology is expected to increase gross profit margin. Revenue of new membrane materials is-0.69% year-on-year, and the industry is stable as a whole under periodic fluctuations. The existing production capacity is at full capacity, and the new production base has entered trial production. On the cost side, the sales / R & D / management expense rate is 3.8%, 4.4%, 7.0%, compared with the same period last year-0.7pct/+0.2pct/-0.9pct, with significant results in reducing costs and increasing efficiency. On the profit side, the gross profit margin is 31.7%, year-on-year-1.9pct, which is mainly due to the adjustment of business structure. Net interest rate 12.3%, year-on-year-12.9pct, mainly due to the decline in the valuation of investment projects, investment income-48.483 million yuan, year-on-year-116.6%.
Actively transforming to a high-prosperity track, the industrial layout of class I drug packaging materials and new materials is accelerated. "expand the medicine bag, add the track" transformation to create a profit growth point. 22H1 Jiangsu Taixing 120 million yuan hard tablet production project was successfully carried out. In June, it was approved to invest 500 million yuan to build an intelligent manufacturing base for Changzhou high-barrier drug packaging materials and optimize the industrial layout of class I drug packaging materials. The company accelerates the layout of new materials business, 22H1 invests in Bosheng new materials involved in power batteries and energy storage diaphragms, and expands the product category. In July, it was approved to invest no more than 130 million yuan to invest in the construction of new functional membrane materials in Shantou City.
Investment suggestion company ploughing tobacco label for 30 years, is the first echelon of tobacco label industry, with industrial chain and scale advantages. The company accelerates the industrial layout of class I materials and new materials, the layout of high-growth track, long-term space to open. It is estimated that the net profit of returning to the mother in 22-24 is 7.7 / 920 million yuan respectively, and the corresponding share price PE is 12X/11X/9X, maintaining the "buy" rating.
The risk indicates that the price of raw materials fluctuates sharply, the growth of new business is less than expected, and the investment income fluctuates sharply.