On October 27, the company released three quarterly results: the operating income in the first three quarters of 2022 was 5.368 billion yuan, + 10.35% compared with the same period last year, and the net profit returned to the mother was 115 million yuan, + 7.47% compared with the same period last year. The non-return net profit was 108 million yuan, + 6.12% over the same period last year. 2022Q3 realized operating income of 1.691 billion yuan, year-on-year / month-on-month, respectively-4.31% CPMI 13.34%. The net profit of returning to the mother was 40 million yuan, year-on-year-15.73%, month-on-month-19.06%, deducting non-return net profit of 36 million yuan, year-on-year-18.62%, month-on-month-25%.
The copper plate maintained a month-on-month increase. In the first three quarters, the company's production and sales of copper strip were 81800 tons and 82100 tons respectively, + 2.21% and 2.65% compared with the same period last year, of which the output in the third quarter was about 28000 tons, month-on-month + 2.2%, sales volume 28000 tons, month-on-month + 0.9%. The production and sales of calendered copper foil in the third quarter were 828t and 801t respectively, and those in the first half of the year were 1112 t and 1172 t respectively.
Profitability has declined from the previous month, and R & D expenses have increased significantly. Q3 company's overall gross profit margin is 4.3%, month-on-month-0.14pct, which we think is mainly affected by the oversupply caused by weak macro demand and the decline in processing fees. The expense rate during Q3 is 1.81%, year-on-year + 0.16pct, month-on-month + 0.56pct. Among them: the sales expense rate is 0.25%, year-on-year + 0.06pct, month-on-month ratio-0.04pct; management expense rate is 0.45%, year-on-year + 0.03pct, month-on-month + 0.06pct; R & D expense rate is 1.21%, year-on-year + 0.47pct, month-on-month + 0.49pct, R & D expenses increase by about 6.5 million compared with the second quarter; financial expense rate is-0.1%, year-on-year-0.4pct, month-on-month + 0.05pct.
According to the company's semi-annual report, other business, battery tray business is mainly responsible for by the subsidiary Zhongyuan New Energy, in the capacity climbing, the project began production in April 2022, the existing battery tray annual production capacity of 100000 pieces, the company plans to expand to 500000 pieces, is actively carrying out capacity expansion, the main customers are Chery, Nezhong, and undertake the battery package tray business of the whole series of Chery and Nezha new energy vehicles. The construction of the 25000-ton fundraising project for the first phase of battery aluminum foil is being actively promoted. The subsidiary Harbin ship New Materials has invested in the construction of a thermal insulation and anticorrosion material production base with an annual production capacity of 50,000 tons, which is expected to be completed in the second half of 2022.
Maintain the "overweight" investment rating. It is estimated that the return net profit of the company from 2022 to 2024 is 1.6 billion yuan respectively, corresponding to the PE of 21-11-6, maintaining the "overweight" investment rating.
Risk tips: new energy vehicle sales are not as expected, new project construction is not expected, industry competition risk, raw material price fluctuations, tax preferential policy changes, the current proportion of new energy business is low, and so on.
