Main points of investment
Saint shares announced the third quarterly report of 2022: the company achieved operating income of 2.736 billion yuan in the first three quarters of 2022, an increase of 30.94% over the same period last year, and a net profit of 100 million yuan, an increase of 17.60% over the same period last year. Of this total, Q3 achieved an operating income of 1.099 billion yuan, an increase of 52.48% over the same period last year, and a net profit of 29 million yuan, an increase of 1.39% over the same period last year.
The newly signed contract value of the company from January to September 2022 was 4.21 billion yuan, an increase of 94.92% over the same period last year. As the leader of the metal enclosure industry, the company has fully benefited from the continuous landing of the stable growth policy and the continuous expansion of the green building industry, and orders have achieved rapid growth. At the same time, in the context of the rapid expansion of BIPV, the company is expected to maintain the rapid growth of orders.
The company's total operating income reached 2.736 billion yuan in the first three quarters of 2022, an increase of 30.94% over the same period last year. From a quarterly point of view, the company's Q1, Q2 and Q3 realized revenue of 612 million yuan, 1.025 billion yuan and 1.099 billion yuan respectively, representing year-on-year changes of 0.75%, 34.64% and 52.48%, respectively. Driven by the new building photovoltaic integration business, the company's Q3 revenue has achieved rapid growth. In March 2021, the company joined hands with Longji Green Energy to lay out the BIPV field. With Longji's product design and cost advantages and the company's roofing design and customer resources advantages, it is expected to seize the opportunity in the BIPV market and create the company's second revenue growth curve.
In the first three quarters of 2022, the company achieved a comprehensive gross profit margin of 16.55%, a year-on-year decrease of 1.30pct, and a net profit margin of 3.61%, a decrease of 0.42pct over the same period last year. The decrease of net interest rate is less than that of gross profit margin, which is mainly due to the decrease of recognized other income and income tax expenses.
In the first three quarters of 2022, the net operating cash flow per share was-0.46 yuan, which was 0.03 yuan more than the same period last year.
Earnings Forecast and rating: we have adjusted our profit forecast for the company. It is estimated that the EPS of the company from 2022 to 2024 will be 0.56,0.91,1.29 yuan respectively, and the corresponding PE of the closing price on October 28 will be 52.6,32.4 and 23.0 times respectively, maintaining the "prudent overweight" rating.
Risk hint: BIPV market space is less than expected risk, project schedule is not expected risk, silicon and steel and other raw material prices significantly increase risk, increased competition led to a substantial decline in BIPV profit level risk.
