What happened: the company released its third quarterly report for 2022. The company's 2022Q3 operating income was 181 million yuan, an increase of 163.70% compared with the same period last year. The net profit of homing 2022Q3 was 13 million yuan, reversing losses over the same period last year (- 11 million yuan in the same period last year); 2022Q3 deducting non-net profit was 4 million yuan, reversing losses over the same period last year (- 25 million yuan in the same period last year).
The revenue and net profit increased, and the net interest rate increased significantly. The company continues to promote the application of intelligent warehousing logistics automation system products in new energy, agriculture and animal husbandry, cross-border e-commerce, medicine, tobacco, aerospace and other industries. In the first three quarters of 2022, the company achieved operating income of 611 million yuan, an increase of 139.95% over the same period last year. The company's gross profit margin in the first three quarters was 24.60%, down 4.05pct from the same period last year, while the gross profit margin fell 7.20pct compared with 2022H1, narrowing the decline. Among them, the gross profit margin of 2022Q3 was 23.46%, an increase of 4.63pct over the same period last year. The company achieved a net profit of 44 million yuan in the first three quarters of 2022, an increase of 624.77% over the same period last year. The net interest rate in the first three quarters of 2022 was 7.18%, an increase of 4.80pct over the same period last year, and a significant increase in net profit margin. The company continues to improve its cost management capacity, and continues to promote fine management and internal cost reduction and efficiency. In the first three quarters of 2022, the rate of sales, management and R & D expenses decreased by 8.72 pct, 4.20 pct and 6.67pct compared with the same period last year.
Equity incentives demonstrate the confidence of management. The company issued an equity incentive plan in September 2022, which intends to grant 1.239 million restricted shares for the first time, accounting for 1.70% of the total share capital, with a grant price of 31.55 yuan per share. The assessment target of equity incentive in 2022 is to meet one of two conditions: 1) with 2021 as the base, the growth rate of operating income is not less than 40%; 2) with 2021 as the base, the growth rate of net profit is not less than 25%. Set clear equity incentive objectives and actively implement them, fully demonstrating the management's confidence in future development.
The super factory is gradually put into production, focusing on multi-industry leading customers. The company has the advantages of the industrial chain from software and hardware to system integration, and the self-research and self-production rate of the system is up to 80%, which has a significant cost advantage in the industry. The company actively promotes the construction of Texas super factory fund-raising project, the main body has been completed, some production lines have been put into production, and can support 2 billion yuan of production capacity after it is put into use. High-bid warehouse is expected to bring new technology upgrading. Relying on the advantages of comprehensive coverage, specialized product chain, continuous R & D innovation and rich project implementation experience, focusing on the head customers with high added value and large volume of orders is the core strategy of the company's market expansion. The company's downstream customers cover a wide range of areas, including tobacco, large-scale retail, medicine, e-commerce, new energy, communications equipment, agriculture and animal husbandry, food and other industries.
The company continues to enhance its comprehensive management advantages and strengthen its order delivery ability. at present, it has delivered more than 1000 projects, with a maximum amount of 230 million yuan for large-scale delivery projects.
Profit forecast, valuation and rating: the company is deeply engaged in the intelligent logistics industry, focusing on expanding the intelligent logistics warehousing automation system business, gradually increasing the number of orders and continuous delivery. We maintain the company's 2022-2024 homing net profit forecast of 1.27,1.70,223 million yuan, corresponding to EPS 1.74,2.35,3.08 yuan, corresponding to PE 22x, 16x, 13x, maintain the "buy" rating.
Risk tips: macro environmental risk; unsustainable risk of customer orders; bad debt risk of accounts receivable and contract assets; stock price fluctuation risk of secondary new shares.