The company publishes three quarterly reports for 2022. 2022Q1-Q3 achieved revenue of 408 million yuan, year-on-year-5.71%; net profit of 86 million yuan, year-on-year-25.47%: basic earnings per share of 0.52 yuan per share. In a single quarter, 22Q3 achieved revenue of 80 million yuan, year-on-year-27.48%, month-on-month-46.71%, and returned to its mother with a net profit of 11 million yuan,-64.76% year-on-year and-74.33%.
22Q3's gross profit margin and net profit margin are 35.98% and 13.55%, respectively, compared to 6.38pct/-14.58pct. On the revenue side, affected by the epidemic in Dalian, the company's domestic orders declined, the delivery of goods in the international market was delayed, and the operating income in the third quarter decreased significantly compared with the same period last year and month-on-month. On the cost side, the prices of natural gas and some major raw materials have risen, and the decline in production has led to an increase in unit fixed costs, a reduction in the company's profit margin and a decline in gross profit margin.
Investment in R & D has reached a new high, accumulating momentum for opening up a new growth curve. Continuous R & D and innovation and high-quality products and technical services are the core of the development of the catalyst industry. The company continues to increase its R & D investment and practice its internal skills. 22Q3's R & D investment is 13.4294 million yuan, and the single-quarter R & D expenditure rate is 16.79%. The cumulative R & D investment in Q3 is 36.1001 million yuan, which is + 39.41% compared with the same period last year.
Under the continuous R & D investment, the company's layout is expected to open up a new growth curve due to fixed source denitrification, PDH alumina pellets, coal to ethylene glycol, pressurized MTO and other product catalysts.
Equity incentives demonstrate confidence in development. The company announced the stock option incentive plan in October 2022, and the number of stock options to be granted is 8 million, accounting for about 4.54% of the company's total equity at the time of the announcement of the incentive plan. The equity incentive plan sets the assessment target based on the company's net profit in 2021, and the net profit growth target for 2022-2024 is 30%, 70%, 150%, respectively. The high performance growth target fully shows the management's confidence in the future development of the company.
Profit forecast and investment advice. It is estimated that the EPS of the company in 22-24 will be 0.91 red 1.41 red 1.89 yuan per share respectively. With reference to the comparable company's 2022 PE valuation, it will give the 2022 results 40 times the PE valuation level, corresponding to a reasonable value of 36.57 yuan per share, maintaining the "buy" rating.
Risk hint. The amount of zeolite molecular sieve is lower than expected: the progress of the project under construction is not as expected; the risk is too concentrated by a single customer, etc.
