Event: the company announced that the company reported revenue of 4.281 billion yuan in the first three quarters, + 5.08% year on year, 163 million yuan net profit in the first three quarters, + 631.68% in the same period last year, 158 million yuan in deduction of non-return net profit in the same period last year, 1.499 billion yuan in revenue in 22Q3, 23.72% in year-on-year, and 73% in month-on-year, 42 million yuan in net profit, 941.16% in year-on-year and-36.51% in month-on-year.
Lithium aluminum foil continues to release, aluminum price difference between internal and external narrowing drag performance. 22Q1-3 achieved aluminum foil sales of 75600 tons, of which Jiangsu Zhongji 54800 tons, Anhui Zhongji 20800 tons. Combined with semi-annual and quarterly reports, 22Q3 achieved sales of 26500 tons of aluminum foil, including 1.82 million tons of Jiangsu Zhongji (+ 0.55%) and 8300 tons of Anhui Zhongji (+ 13.7%). As the production capacity of Anwei base continues to climb, the company's lithium electric aluminum foil production capacity continues to release. According to Wid,22Q3 's gross profit margin of 11.99%, month-on-month-1.29pp, net profit rate is 2.88%, month-on-month ratio-1.67%, mainly due to the narrowing of Hulun aluminum price gap led to a decline in the company's aluminum foil export per ton gross margin "aluminum foil production capacity to speed up the expansion, high-resistance diaphragm supply photovoltaic panel manufacturers. Anhui Zhongji Phase II 320000 ton aluminum foil project is carrying out basic installation project construction, phase III 100000 ton power and energy storage battery foil project planning and construction procedures and equipment selection bidding work have been implemented in an orderly manner. Wanshun Xinfu started the construction of 15000 tons of battery foil cutting project, and the high resistance diaphragm developed by the company for portable photovoltaic products has begun to supply downstream photovoltaic panel manufacturers.
Profit forecast and investment advice: the company's revenue from 22 to 24 is expected to be 7.009 billion yuan, 8.667 billion yuan and 10.361 billion yuan respectively, and the net profit of returning mother is 205 million yuan, 367 million yuan and 518 million yuan respectively, and the corresponding EPS is 0.28,0.51,0.72 yuan per share. Based on the comparable company valuation and the company's entry into the fields of composite copper foil and photovoltaic backplane high resistance film, we believe that the reasonable valuation level of the company in 23 years is 20 times, corresponding to a reasonable value of 10.18 yuan per share, maintaining the company's "buy" rating.
Risk tips: raw material prices fluctuate sharply, aluminum foil production is not as expected, and processing fees are reduced.