Q3 performance returned to normal growth, but still affected by the epidemic. In the first three quarters, the company achieved operating income of 7.634 billion yuan, an increase of 14.98% over the same period last year, and a net profit of 306 million yuan, down 4.88% from the same period last year. In the third quarter alone, the operating income was 2.873 billion yuan, an increase of 19.88% over the same period last year, and the net profit was 146 million yuan, an increase of 23.94% over the same period last year. Both revenue and profit growth reached the inflection point in the third quarter of last year. We believe that on the one hand, it is due to the low base effect caused by the epidemic in the north in the third quarter of last year, on the other hand, it is due to the rapid recovery of business after the epidemic slowed down in the first half of this year. In terms of profit margin, the company's gross profit margin in the third quarter was 27.76%, and the net profit rate was 8.09%, which was greatly improved compared with the same period last year, and the profitability was enhanced. In addition, 22Q3's bills and accounts receivable were 5.251 billion yuan, an increase of 496 million yuan over Q2. The increase in accounts receivable was moderate and the risk was low.
IVD postharvest hospitals pay more attention to the cost and efficiency of laboratory departments, and the company is expected to benefit. Previously, due to the pessimistic market expectation caused by the local collection of IVD, as the stock price of the landing company has been fully reflected, what is more important is that the hospital will further improve its sensitivity to the laboratory price segment and further increase the demand for laboratory operation efficiency, cost reduction and efficiency efficiency. This trend is conducive to the improvement of industry concentration and backward supply clearance. At present, the company has completed the construction of mass spectrometry, cell imaging, drug sensitivity testing and other testing technology platforms, covering more than 2000 mainstream testing items from conventional to high-end. The integrated packaging service mode is more in line with the current hospital positioning and demand for laboratory departments, and is expected to further improve the domestic market share.
The R & D efforts are not reduced, and the industrial sector is worth looking forward to. In the first three quarters of 22, the company invested 101 million yuan in research and development, an increase of 22.44% over the same period last year. At present, the company's industrial sector includes quality control, saccharification, mass spectrometer, POCT, biochemistry of its own brands, and chemiluminescence immune products jointly developed and produced with Orson. Digital inspection information system business, comprehensively speaking, the company's industrial sector is carried out around the hospital inspection departments, from consumables, equipment to information systems have layout, further consolidate the position of enterprises in the field of IVD hospital services, looking forward to the growth of the company's industrial sector in the future.
As the 22-year epidemic is still repeated, the company's business has been greatly affected, and we have lowered the revenue size and gross profit margin of the company's industrial and commercial sector. we forecast that the company's earnings per share in 22-24 are 0.72 yuan, 0.91 yuan and 1.13 yuan respectively (the original forecast for 22-23 is 0.89 yuan and 1.08 yuan). According to the comparable company, the company will be valued 12 times in 2023, corresponding to the target price of 10.92 yuan, and maintain a buy rating.
Risk hint
The expansion of the new hospital is not as expected, the risk of price reduction of laboratory projects, and the risk of collection of IVD industry.
