This report is read as follows:
The company's performance is in line with expectations, "double carbon" under the background of intelligent heating field will continue to usher in rapid development, optimistic about the company's long-term development.
Main points of investment:
Maintain the "overweight" rating and maintain the target price of 97.11 yuan. Maintaining the profit forecast, it is estimated that the company's revenue from 2022 to 2024 will be 688, 912 and 12.13 billion yuan, respectively, and the net profit of its parent will be 2.31 million and 3.12 / 414 million, respectively, and its EPS will be 3.11 4.20 and 5.57 yuan, respectively. According to the PE valuation, maintain the target price of 97.11 yuan, maintain the "overweight" rating.
The performance is in line with expectations, and Q3 continues to maintain a high growth trend. In the first three quarters of 2022, the company achieved revenue of 173 million yuan (YOY+37%) and net profit of 35.16 million yuan (YOY190.2%), which was in line with market expectations. Of this, Q3 realized revenue of 77.27 million yuan (YOY+39%), realized return to its mother of 15.96 million yuan (YOY+333%), and deducted non-profit of 5.86 million yuan, an increase of 162% over the same period last year, continuing the high growth trend.
Gross profit margin returned stable, and R & D investment continued to be high. The company's gross profit margin in the first three quarters of 2022 was 55.32%. The impact of the price increase of raw materials was gradually eliminated, and the gross profit margin tended to be stable. With the further improvement of the product system, it is expected that the future gross profit margin will show an upward trend. In terms of period expenses, the company's expense rate during the first three quarters of 2022 was 36.81%, which remained stable as a whole; R & D expenses reached 35.0712 million yuan, an increase of 61.67% over the same period last year, mainly due to an increase in personnel, and the trend of high R & D investment also demonstrated the company's confidence in future development and was optimistic about the company's long-term development.
Wisdom heating hundreds of billions of market, the leading companies benefit obviously. Heating transformation is an important part of "2030 carbon peak", and the relevant policies of the industry put intelligent heating in an important position. We expect the total size of the newly built and renovated market to reach hundreds of billions, and the current penetration rate is extremely low; Ruina Intelligence, which has a comprehensive layout of hardware and software, will fully benefit and usher in a take-off.
Risk hint. The epidemic led to the lower-than-expected landing of demand and the risk of less-than-expected expansion outside the province.