occurrences
The company released its report for the third quarter of 2022. The company's operating income for the first three quarters was 5.407 billion yuan, an increase of 10.63% over the previous year; the net profit of the mother was 100 million yuan, a decrease of 38.66% over the previous year; net profit after deduction was 105 million yuan, an increase of 96.99% over the previous year. The overall performance was in line with expectations.
reviews
The Q3 performance growth was in line with expectations, and net profit increased again after deduction. The company achieved operating income of 5.407 billion yuan in the first three quarters of '22, an increase of 10.63% over the previous year; the net profit of the mother was 100 million yuan, a decrease of 38.66% over the previous year, mainly due to the impact of disposal of subsidiary shares on profit and loss during the same period last year; net profit after deduction was 105 million yuan, an increase of 96.99% over the previous year. Among them, 22Q3 achieved operating income of 1,771 million yuan, a year-on-year decrease of 9.04%, mainly due to equity investment income in the same period last year; Guimu's net profit was 35 million yuan, an increase of 14.83% over the previous year, and net profit after deduction of 50 million yuan, an increase of 332.89% over the previous year. The increase was significant, highlighting the company's excellent profitability and good development momentum. The overall performance was in line with expectations.
Integrated logistics service capabilities are expected to continue to improve. The company has clear goals in recent years, continues to focus on tracks such as electronic information manufacturing, automobile manufacturing, new energy, and intelligent manufacturing, and comprehensively enhances integrated logistics service capabilities through various methods. By building a smart logistics park, establishing shared logistics centers, and linking upstream and downstream systems, the company promotes orderly business and common development in various regions. At present, South China has invested in completing the renovation of heated warehouses and automated warehouses; Southwest China continues to optimize the “5G+ Intelligent Manufacturing” unmanned supply chain sharing and collaboration platform to drive the integration of multiple scenarios, realize the integration of smart customs, intelligent transportation, intelligent delivery, and digital functions, and gradually introduce new customers; the automated warehouse located in Kunshan District, which is one of the company's important radiation bases, will also soon be completed and put into use. At that time, it can achieve service functions such as automatic cargo layer to layer handling, highly dense storage, automated collection of goods, automated distribution processing, and visualization of management processes, etc., to help logistics companies with their capabilities Another increase has led to a steady increase in integrated logistics revenue.
Key Profit Forecasts and Assumptions: Maintain previous profit forecasts and investment ratings. We expect the company's net profit to be 1.25/179/255 million yuan for 2022-2024, respectively, and EPS to be 0.34/0.49/0.69 yuan respectively. Based on continuous optimization of the company's business structure and continuous improvement of data technology capabilities, performance growth momentum is guaranteed, maintaining 35 times PE valuation in 2022, maintaining a target price of 11.90 yuan, maintaining a “superior market” rating.
Risk warning: macroeconomic recovery falls short of expectations, business development falls short of expectations, industry policy changes