Events:
The company released its third quarterly report for 2022 on October 27, 2022. In the third quarter of 2022, the operating income was 2.644 billion yuan, down 1.12% from the same period last year, and the net profit was 124 million yuan, down 6.72% from the same period last year. In the first three quarters of 2022, operating income reached 8.151 billion yuan, an increase of 11.28 percent over the same period last year, and a net profit of 449 million yuan, an increase of 20.22 percent over the same period last year.
Increase revenue and reduce expenditure to improve operating efficiency, overall steady growth in the first three quarters under the influence of the epidemic, the company strengthens its resource coordination capacity and ensures supply, and timely adjusts its product structure. promote the company's construction and furniture business and new energy vehicle powertrain business revenue to achieve steady growth. In addition, the company has also strengthened the control of all kinds of costs. The sales and management expense rates in the first three quarters were 3.27% and 5.69% respectively, respectively, down 0.72pct/1.03pct from the same period last year. Moreover, due to exchange rate fluctuations, the company's exchange earnings increased, and the company's overall performance in the first three quarters maintained steady growth under the influence of multiple factors.
With the rapid development of the new energy motor field, the forward-looking layout hydrogen Energy Industry Company has integrated the three holding subsidiaries and their subsidiaries into the Dayang Motor and vehicle Industry Group, realizing the sharing of resources within the enterprise. and establish a good cooperative relationship with a number of mainstream vehicle enterprises, and strengthen the competitiveness of the motor field. In view of the increasing national support for the development of the hydrogen energy industry, the company has prospectively laid out the hydrogen energy industry, has completed a number of BOP product development and reliability verification for 120+kW modules, and has launched a new BOP product research and development project for 200+kW modules.
Earnings forecast, valuation and rating
We estimate that the company's revenue from 2022 to 2024 will be 110.67 yuan (135.61 yuan) respectively (the original forecast is 147.80 yuan / 18.225 billion yuan), an increase of 10.48%, 22.53% and 20.64% respectively over the same period last year. The net profit of homing was 5.08 yuan 6.30 / 778 million yuan (the original forecast was 3.66 million 4.87 / 658 million yuan respectively), which increased by 102.82%, 24.11% and 23.49% respectively compared with the same period last year. The corresponding EPS is 0.21 per share, and the corresponding PE is 26.3, 21.2 and 17.1 times, respectively. Through the absolute valuation method, the reasonable share price of the company is 7.61 yuan. Combining the results of relative valuation and absolute valuation, we give the company 30 times PE in 23 years, corresponding to the target price of 7.80 yuan, and maintain the "buy" rating.
Risk tips: 1) upstream raw material price increase risk; 2) industry competition intensification risk; 3) goodwill impairment risk.