Main points of investment
The Institute released a report on the third quarter of 2022: the company's operating income in the first three quarters of 2022 was 1.529 billion yuan, an increase of 21.04 percent over the same period last year, and its net profit was 151 million yuan, down 17.77 percent from the same period last year.
Of this total, Q3 achieved an operating income of 572 million yuan, an increase of 18.57% over the same period last year, and a net profit of 40 million yuan, down 45.80% from the same period last year.
The total revenue of the company reached 1.529 billion yuan in the first three quarters of 2022, an increase of 21.04% over the same period last year. From a quarterly point of view, the company's Q1, Q2 and Q3 achieved revenue of 359 million yuan, 598 million yuan and 572 million yuan respectively, up 18.84%, 24.91% and 18.57% respectively over the same period last year. The company's operating income grew rapidly in the first three quarters, and we believe that the company is mainly engaged in the design consulting business of infrastructure, and the annual revenue is expected to maintain a rapid growth rate driven by the policy of stable growth of infrastructure.
In the first three quarters of 2022, the company achieved a comprehensive gross profit margin of 30.55%, a decrease of 8.30 percentage points over the same period last year, and a net profit margin of 9.94%, a decrease of 4.72 percentage points over the same period last year. Both gross profit margin and net profit margin fell sharply. From a quarterly point of view, the company's Q1, Q2 and Q3 realized gross profit margins of 37.50%, 33.17% and 23.44% respectively, which were-0.13 percentage points,-4.35 percentage points and-17.49 percentage points respectively over the same period last year.
The net operating cash flow per share in the first three quarters of 2022 was-0.29 yuan, an increase of 0.03 yuan over the same period last year, which was basically the same as the same period last year.
Earnings Forecast and rating: we have adjusted our profit forecast for the company. It is estimated that the EPS of the company from 2022 to 2024 will be 1.01,1.11,1.21 yuan respectively, and the corresponding PE of the closing price on October 25 will be 9.2,8.4 and 7.7 times respectively, maintaining the "prudent overweight" rating.
Risk hints: macroeconomic downside risks, lower-than-expected landing of existing orders, lower-than-expected project schedule, and bad debt risks in accounts receivable.