Events:
On the evening of October 26th, the company released its three-quarter report that the revenue in the first three quarters was 2.056 billion yuan, up 33.84% from the same period last year; the net profit was 143 million yuan, down 21.51% from the same period last year; and the non-net profit was 131 million yuan, up 125.13% from the same period last year. In the third quarter, the non-net profit of returning to the mother was 57 million yuan, an increase of 59.94 percent over the same period last year.
For the last five quarters, the single-quarter gross profit margin was 18.04% 16.86% 17.30% 21.14% 23.20% respectively.
With the rapid growth of new energy transformer business, digital plants put into production to enhance the capacity of new energy converters (photovoltaic inverter, energy storage Pcs, wind power converter), BMS, step-up transformer are necessary equipment for DC power grid. The company inductor supply photovoltaic inverter and energy storage Pcs, boost transformer supply photovoltaic electric field and large-scale energy storage. In the first half of this year, revenue from new energy products totaled 560 million yuan, an increase of 121.72 percent over the same period last year, maintaining a momentum of rapid growth. In October this year, the main workshop of Jiangxi Digital Chemical Plant, which was used in the grid-boosting system of photovoltaic power generation system, was completed and put into operation, preparing for the follow-up company to enhance order acceptance and production capacity and further increase market share.
Digital energy and electric carbon technology have further expanded their production capacity, and the additional issuance has been approved by the company to raise a total of no more than 1.224 billion yuan in non-public offerings. for medium voltage DC power supply system intelligent manufacturing construction projects, smart box transformer and energy storage series products digital plant construction projects, R & D center construction projects and supplementary liquidity. The production project is implemented by Jiangxi Igor Digital Energy Technology Co., Ltd., and the R & D center project is implemented by Guangdong Igor Electric carbon Technology Co., Ltd. After the project is put into production, the data center phase-shifting transformer and data center power supply, new energy intelligent box-type substations and energy storage transformers achieve mass production. The CSRC approved the reply on October 14.
Complete the award of equity incentive and strengthen the working motivation of the core backbone.
In April this year, the company issued the second phase of equity incentive, which is intended to grant a total of 5 million equity incentives, including 2 million stock options and 3 million restricted shares, which were granted twice on May 31 and October 15. This incentive involves a total of 195 people, mainly the core backbone of the company, which is conducive to further strengthening the motivation of work.
Earnings forecast, valuation and rating
We estimate that the company's income in 2022-24 will be 30.29 pound 39.09 / 5.178 billion yuan, the corresponding growth rate will be 35.84%, 29.03%, 32.47%, 2.03, 3.47 and 506 million yuan, respectively, and the corresponding growth rate will be 3.99%, 71.26, 45.91%, 0.68, 1.16 and 1.69 yuan per share, respectively, for 3-year CAGR 37%. The current share price PE is 27.18 shock 15.87 Super 10.88 times. The company has established a leading position in the field of photovoltaic supporting, the field of energy storage has been successfully expanded, and the production capacity of smart factories has been fully expanded. Considering the growth of the company's business, we give the company 30 times PE for 23 years, with a target price of 34.82 yuan. Maintain a "buy" rating.
Risk tips: industry demand is lower than expected, raw material prices fluctuate sharply, capacity climbing is not as expected, and so on.