Event: on October 25, the company released its third quarterly report for 2022. 2022Q3 realized operating income of 94.5045 million yuan, an increase of 24.92% over the same period last year, and a net profit of 22.0568 million yuan for shareholders of the parent company, an increase of 36. 5% over the same period last year.
16%, realizing the deduction of 20.1493 million yuan in non-return net profit, an increase of 34.2% over the same period last year.
Comments:
The gross profit margin increased, and the results in the first three quarters increased compared with the same period last year. In the first three quarters of 2022, the company realized operating income of 277 million yuan, + 17.23% compared with the same period last year, and net profit of 71.8448 million yuan, + 42.18% compared with the same period last year. The year-on-year increase in operating income is expected to be related to product price increases. According to the company's semi-annual report, the company raised the price of its products in the first half of the year. The main reasons for the increase in net profit are as follows: (1) the company's operating income has increased and the gross profit margin has increased steadily. The company's gross profit margin for sales in the first three quarters of 2022 was 35.52%, year-on-year + 1.24pct. (2) the exchange rate of US dollar against RMB has gradually increased, and the company has confirmed that the exchange gain has increased. Q3 income 94.5045 million yuan, year-on-year + 24.92%, month-on-month 12.87%; net profit 22.0568 million yuan, year-on-year + 36.16%, month-on-month-7.91%; gross profit 34.99%, year-on-year + 1.96pct, month-on-month-0.35pct; net profit 23.34%, year-on-year + 1.93pct, month-on-month-5.27pct.
In terms of expenses, Q3 sales expenses are 650000 yuan; management expenses are 7.66 million yuan, year-on-year + 37.3%, month-on-month + 4.27%; financial expenses-4.16 million yuan; research and development expenses 4.86 million yuan, year-on-year + 117.54%, month-on-month + 41.11%.
The promotion of fund-raising projects will be expected in the future. The company focuses on the R & D, production and sales of aromatic ketone products, and has three core businesses: special engineering plastics core raw materials (DFBP), photoinitiators (MBP, PBZ, ITF) and cosmetic raw materials (HAP). At present, the fund-raising project has an annual output of 8000 tons of aromatic ketones and supporting projects are in steady progress.
Project products include DFBP 2500 tons / year, HAP 2000 tons / year and other products. At present, the first workshop (HAP) and the second workshop (DFBP) are carrying out the formalities and application work before trial production. With the production capacity put into operation, the comprehensive competitiveness of the company will be further improved, which can be expected in the future.
Profit forecast and investment advice: we adjust the profit forecast based on price assumptions and changes in the progress of the project.
It is estimated that the company's net profit from 2022 to 2024 is 97 million yuan, 157 million yuan and 178 million yuan respectively (the original value is 97 million yuan, 148 million yuan and 164 million yuan), corresponding to 27.5,17.1 and 15.1 times of PE respectively, maintaining the "buy" rating.
Risk hint: the uncertain risk brought by COVID-19 epidemic; the risk of gross profit margin fluctuation caused by market competition and rising cost of raw materials; the risk of environmental protection and production safety; the benefit risk of new projects failing to produce as scheduled; the risk of exchange rate fluctuation.