This report is read as follows:
The company's Q3 performance in 2022 is in line with expectations, and the company's functional silane products continue to maintain sales growth against the trend. Maintain the "overweight" rating and maintain the target price of 57.30 yuan.
Main points of investment:
Maintain the "overweight" rating. The price of the company's functional silane products declined in the third quarter. We downgrade the EPS from 2022 to 2024 to 2.97 EPS 4.29max 5.93 yuan (the original EPS is 3.37 pm 4.96 EPS 5.93 yuan respectively), with a growth rate of 33%, 44% and 38%, respectively, and maintain the target price of 57.30 yuan (corresponding to 13.35 times PE in 2023).
22Q3 meets expectations. The company's 22Q3 realized operating income of 473 million yuan, year-on-year + 5.96%, month-on-month ratio-15.99%, realized return-to-mother net profit of 150 million yuan, year-on-year + 8.22%, month-on-month ratio-31.51%, realized deduction of non-return net profit of 141 million yuan, year-on-year + 2.19%, month-on-month ratio-37.33%.
Against the trend to further expand market share. 22Q3's main products output 10300 tons, month-on-month level, sales volume of 7400 tons, month-on-month ratio + 14.59%, the main product unit price of 34551 yuan / ton, month-on-month ratio-27.11%. Among them, KH550 sells 1387.8 tons, month-on-month ratio-0.6%, price 54643 yuan / ton, month-on-month ratio-19.5% + 12.9%, price 23741 yuan / ton, month-on-month ratio-5.6% equity CGmuri Si69 sales of 1096.43 tons, month-on-month ratio-1.7%, price 25718 yuan / ton, month-on-month ratio-17.8% equity CG color 171 sales 2649.92 tons, month-on-month ratio + 25.9%, price 20682 yuan / ton, month-on-month ratio-35.5%.
Upstream metal silicon is easy to rise and difficult to fall, and the cost is suppressed. According to Baichuan Yingfu, the price of 22Q3 metal silicon is 19267 yuan / ton, the month-to-month ratio is + 0.94%, the market price of ordinary trichlorosilicon is 13962 yuan / ton, the month-on-month ratio is-31.53%, the company's gross profit margin is 39.60%, year-on-year-1.12 pct, net profit rate is 31.60%, year-on-year + 0.66 pct, mainly due to the decline of terminal products.
Risk hint: the construction progress of the project is not as expected and the product demand is not as expected.
