The company made a net profit of 590 million yuan in the first three quarters, which was + 152.1% compared with the same period last year.
The company released the third quarter report of 2022, the company achieved operating income of 11.68 billion yuan in the first three quarters of 2022, year-on-year + 37.1%, gross profit of 18.2%, year-on-year + 2.2pcts, and net profit of 590 million yuan, + 152.1%. The company's 2022Q3 achieved an operating income of 4.45 billion yuan in a single quarter, a year-on-year increase of + 49.8%, a month-on-month ratio of + 19.3%, a gross profit of 18.0%, a year-on-year + 5.5pcts, a month-on-month + 0.9pcts, and a net profit of 240 million yuan, a substantial increase over the same period last year. Taking into account the smooth market development of the company, the continued expansion of the lightweight business is expected to bring performance increment, we raised our previous profit forecast, and estimated that the company's return net profit in 2022-2024 is 7.89 (+ 0.87) / 10.08 (+ 1.74) / 11.95 (+ 0.38) billion yuan, and EPS is 0.36 (+ 0.04) / 0.46 (+ 0.08) / 0.55 (+ 0.11) yuan per share. Corresponding to the current share price PE is 17.8, 13.9, and 11.8 times, maintaining the "overweight" rating.
The lightweight business of automotive metal parts is growing rapidly, and the aluminum alloy wheel and magnesium alloy business is developing at the same time. According to the company's third quarter 2022 report, the company's automotive metal parts lightweight business achieved an operating income of 10.22 billion yuan in the first three quarters of 2022, an increase of 39.6% over the same period last year. Among them, automotive aluminum alloy wheel business increased by 44.8%, magnesium alloy business increased by 67.4%, and profitability rebounded sharply. The company continues to optimize the customer structure, new energy vehicles continue to improve, at the same time continue to strengthen product price control, optimize the price settlement linkage mechanism, through continuous process improvement, technological innovation, enhance the overall business profitability.
The steady growth of Tonghang aircraft manufacturing business, accelerating the launch of new high value-added aircraft, the company's navigation aircraft manufacturing business achieved business income of 1.461 billion yuan in the first three quarters of 2022, an increase of 21.27% over the same period last year. During the reporting period, there were sufficient orders for Tonghang aircraft manufacturing business, and the sales business continued to be optimized. at the same time, the company continued to research and launch new models with high added value, accelerated the landing of new models such as Diamond DA50 and DA62, and further developed domestic application scenarios such as private flight and short-distance transportation through a rich range of aircraft types.
Risk tips: magnesium alloy lightweight process is not as expected, raw material prices have risen significantly, the epidemic situation is repeated, passenger car sales are not as expected, and so on.