Events:
The company released its third-quarter report in October 2022, with operating income of 218 million yuan in the third quarter, an increase of 48.41% over the same period last year, and net profit of 44 million yuan, down 22.75% from the same period last year. The inventory at the end of the third quarter was 1.139 billion yuan, an increase of 99.51% over the end of 2021.
Both revenue and return net profit increased in the first three quarters.
The company's operating income in the first three quarters was 661 million yuan, an increase of 23.39% over the same period last year; net profit after deducting non-return was 219 million yuan, an increase of 31.69% over the same period last year. The company's revenue and non-return net profit increased rapidly in the first three quarters, indicating that the company is in a period of rapid development and its future performance is expected to continue to improve.
Due to the expansion of production scale and the increase of raw materials, the company's inventory at the end of the third quarter was 1.139 billion yuan, an increase of 99.51% over the end of 2021. The rapid growth of inventory shows that the company continues to be optimistic about foreign countries and actively increases production.
The R & D system is perfect and the technical advantage is obvious.
Since its inception, the company attaches great importance to the construction of R & D system and mechanism, and has established an advanced integrated product development model. Through more than ten years of resource investment and technical research, the company has accumulated many core technical achievements, formed a complete and unique technical system advantages, and accumulated a complete set of engineering application experience. In the first three quarters of 2022, the company invested 27.46 million yuan in R & D, an increase of 44.3% over the same period last year. As of June 30, 2022, the company has obtained a total of 124 patents, 30 exclusive rights for layout-design of integrated circuits, 9 copyrights for computer software, and 5 national defense patents.
Earnings forecast, valuation and rating
We estimate that the company's operating income from 2022 to 2024 will be 13.09 yuan 19.55 / 2.729 billion yuan respectively, with a corresponding growth rate of 78.09%, 49.33%, 39.64%, 3.27, 4.86 and 676 million yuan, respectively, and a corresponding growth rate of 62.34%, 48.71%, 38.94%, 38.94%, respectively, and a 3-year CAGR of 49.69%. The target price is 115.84 yuan, maintaining the "buy" rating.
Risk Tips:
Systemic risk; industry lower-than-expected risk; single product category risk; order delivery less than expected risk; personnel change risk; stock price fluctuation risk caused by the lifting of restricted shares.