On October 28, the company released the third quarter report: the company achieved operating income of 3.884 billion yuan in the first three quarters of 2022,-0.91% year-on-year, 445 million yuan in net profit, + 0.14% in the same period last year, and 408 million yuan in non-return net profit, 3.87% in the same period last year. In the third quarter, the net profit of returning to the mother was 153 million yuan, with year-on-year / month-on-month profit of + 14.07% / month-on-month ratio of 16.93%, deducting non-net profit of RMB 142 million, and year-on-year / month-on-month profit of + 7.34% / month-on-month ratio of + 7.34% and 16.62%, respectively.
In the third quarter, the company's overall gross profit margin was relatively stable, and the expense rate increased slightly compared with the previous quarter. Q3 gross profit margin is 31%, slightly higher than Q2 month-on-month 0.5pct. The expense rate during the period is 17.71%, year-on-year-2.56pct, month-on-month + 1.93pct.
Among them: sales expense rate is 6.62%, year-on-year-0.72pct, month-on-month ratio + 0.99pct; management expense rate is 4.87%, year-on-year-0.23pct, month-on-month ratio + 1.11pct; R & D expense rate is 5.83%, year-on-year-0.14pcts, month-on-month + 0.38pct The financial expense rate was 0.39%, year-on-year-1.47pct, month-on-month-0.55pct, and financial expenses decreased by 36.45 million yuan compared with the same period last year, mainly due to the decrease in loan interest costs and the increase in exchange earnings.
Continue to be optimistic about the high-speed development prospect of the company's new business. In the wire business section, the company has made great efforts to develop high-end products such as automobile high-speed lines, high-speed communication lines and industrial robot lines, among which the automobile data line field is one of the domestic leaders. In the future, it will benefit greatly from the popularity of intelligent driving and high product barriers. At present, China mainly depends on imports. In September this year, the company introduced the employee shareholding platform to increase the capital and shares of the holding subsidiary Leting Power Line. After completion, the share ratio of Hong Kong Wall Trading to its equity will be reduced from 100% to 92.53%, and the capital will be increased to the largest shareholder, some directors, supervisors and other core employees of the company, which will enhance the capital strength of Leting Electric Wire and mobilize the enthusiasm of employees. We can choose the opportunity to seek the development opportunities of the capital market in the future. New energy business plate, the company is the domestic leader of DC charging gun, the domestic market share is high, the company's high-power liquid-cooled charging products have completed the design and development and small batch production, matching the super charging demand of electric vehicles.
Maintain the "highly recommended" investment rating. It is estimated that the 2022-24 net profit of 6.5x780,000,000 yuan, corresponding to the price-to-earnings ratio of 12-10-9, to maintain the "highly recommended" investment rating.
Risk tips: new energy vehicle sales are not as expected, technical route changes, raw material prices fluctuate sharply, new project construction is not as expected, and so on.