Items:
The company's operating income in the first three quarters of 2022 was 249 million yuan, down 7.35% from the same period last year, and its net profit was 34.5225 million yuan, down 35.26% from the same period last year. The single Q3 company realized operating income of 93.513 million yuan, up 7.94% from the same period last year, while the net profit returned to its mother was 12.0543 million yuan, down 35.03% from the same period last year.
Comments:
Territorial factors made the company more affected by the epidemic than expected. Beijing, where the company is headquartered, has been implementing relatively strict prevention and control measures; the company has failed to take up the post for a period of time, causing a certain disturbance to the normal production and operation activities. Although the order acquisition of Q3 company has recovered somewhat (the contract debt is 49.0443 million yuan, an increase of 55.88% over the same period last year), the door-to-door installation of maintenance engineers is limited, which affects the product acceptance, resulting in the company's operating revenue growth is lower than we originally expected.
The rising price of raw materials and the construction of new R & D teams disturb profits. The orders of the instrument industry are concentrated in the second half of the year, but the expenses are shared quarterly, which affects the company's profits to a certain extent. However, in addition to the common factors of the industry, the company's profit growth rate during the reporting period was lower than that of revenue, as well as the impact of rising raw material prices and the construction of new R & D teams.
The company's gross profit margin fell 0.79pct compared with the same period last year, but the share of R & D in revenue increased by 2.31pct to 10.83%.
Be selected as a specialist and have a new future. Recently, the Beijing Municipal Bureau of economy and Information Technology announced the fourth batch of state-level special new "Little Giant" enterprises. The company was successfully selected by virtue of its own scientific and technological research and development strength and independent innovation ability, valid from August 2022 to August 2025. This selection demonstrates the government's recognition of the company's sustainable innovation ability, professional development strategy, market competitive advantage and brand influence, which helps to enhance the company's popularity and market competitiveness. grow into the domestic substitute vanguard of scientific research instruments.
Investment advice: as the company was affected by the epidemic this year, we lowered our original profit forecast. It is estimated that the net profit of the company from 2022 to 2024 is 0.77,0.92 and 109 million yuan (the previous value is 0.87,1.06,128 million yuan), an increase of 11.3%, 19.4% and 18.8% over the same period last year. With reference to the valuation of comparable companies in the same industry, we value the company at 40 times PE in 2023. The target price is 54.8 yuan, maintaining a "strong push"
Rating.
Risk tips: domestic substitution is not as expected; competition in the industry is intensified; business development is not as expected; sales of mass spectrometer products are not as expected.