Event description
On October 25, the company announced its report for the third quarter of 2022. According to the announcement, the company's total operating income in the first three quarters of 2022 was 1.338 billion yuan, an increase of 2.21 percent over the same period last year, and the net profit belonging to shareholders of listed companies after deducting non-recurring profits and losses was 85 million yuan, down 9.48 percent from the same period last year.
Revenue increased slightly and sales expenses decreased.
In the first three quarters of 2022, the company achieved a total operating income of 1.338 billion yuan, an increase of 2.21% over the same period last year, and a net profit of 85 million yuan after deducting non-recurring profits and losses belonging to shareholders of listed companies, down 9.48% from the same period last year. In terms of expenses, sales expenses decreased by 32.15% compared with the same period last year, due to the reduction of business-related expenses, and R & D expenses increased by 37.74% year-on-year, which was due to the continuous increase in R & D investment.
Foreign investment is expected to find development opportunities suitable for the company's own development, according to the company's announcement on Foreign Investment and related transactions on August 16, 2022, it is disclosed that the company's wholly-owned subsidiaries Shanfeng Investment and Materials Research Institute, Huaxingyuan Chuang, Chao Qianyingzhi Partnership, Chuangli Technology Partnership and Cornerstone New Innovation have signed a "Partnership Agreement" in Shanghai. The agreement stipulates that Shanfeng Investment and Materials Research Institute, Huaxingyuan Chuang, Chao Gan Yingzhi Partnership, Chuangli Technology Partnership and Cornerstone New Innovation respectively contribute RMB 31 million, 20 million and 8 million yuan in cash to set up partnership Shanghai Cornerstone skidding Private Equity Fund Partnership (limited partnership).
The purpose of this foreign investment is to seek investment opportunities, reserve and cultivate high-quality early and medium-term project resources in line with the company's strategic development direction, and at the same time make full use of the resources and capabilities of professional investment management institutions and R & D institutions to achieve positive interaction between professional investment management institutions and R & D institution resources, company industrial resources and financial capital.
Investment suggestion
It is estimated that the company's net profit from 2022 to 2024 will be 1.63,2.20 and 290 million yuan respectively, with year-on-year growth rates of-18.7%, 34.9% and 31.9%, respectively. The corresponding PE were 57.21,42.51,32.23 times respectively. Maintain a "buy" rating.
Risk hint
The production capacity construction of high purity reagents is not as expected, the research and development of photoresist is not as expected, and the localization of semiconductor materials is not as expected.
