This report is read as follows:
2022Q3 deducted 195 million yuan in non-net profit, an increase of 68 percent over the same period last year. With the demand of rigid pollution source monitoring in high pollution industry and the environmental monitoring demand of national control stations, the business growth of the company's environmental monitoring system is expected.
Main points of investment:
Maintain the "overweight" rating. We maintain the company's net profit forecast from 2022 to 2024 is 2.66,3.51 and 427 million yuan respectively, and the corresponding EPS is 0.42,0.56,0.68 yuan respectively. The speed of ultra-low emission transformation in the high emission industry has been accelerated, and the demand for rigid pollution source monitoring is higher than expected. at the same time, the company's high-precision chromatograph is expected to enter the high-end instrument market, maintaining the company's target price of 11.34 yuan.
The deduction of non-net profit increased by 68% over the same period last year, and the performance slightly exceeded expectations. 1) 2022Q3 achieved operating income of 1.033 billion yuan, an increase of 17% over the same period last year, a net profit of 230 million yuan, an increase of 45%, and a non-attributable net profit of 195 million yuan, an increase of 68% over the same period last year. 2) the single-quarter operating income of 2022Q3 is 359 million yuan, up 19% from the same period last year; the attributable net profit is 72.14 million yuan, up 54% from the same period last year; and the non-attributable net profit is 66.18 million yuan, up 63% from the same period last year. The environmental pollution source monitoring system and the operation and maintenance business of the state-controlled environmental monitoring station have been actively expanded, and the performance has slightly exceeded expectations.
With the increase of gross profit margin, the expense rate has decreased slightly. 1) 2022Q3's comprehensive gross profit margin of 47.09%, an increase of 2.87% over the same period last year, and a net profit margin of 22.29%, an increase of 4.19% over the same period last year. 2) the rates of sales, management, R & D and financial expenses of 2022Q3 were 11%, 9.25%, 6.66% and 0.34% respectively, which decreased by 0.74%, 0.66%, 1.09% and 0.45% respectively compared with the same period last year.
High emission industry rigid pollution source monitoring and state-controlled environmental site monitoring demand, the company's environmental monitoring system business is expected to benefit. 1) Iron and steel, cement and other high emission industries accelerate the promotion of ultra-low emissions, and transform the CEMS requirements of the rigid on-line monitoring system for speed-up discharge outlets. 2) the fineness of the ecological environment monitoring network during the "14th five-year Plan" has been improved, and the demand for equipment and operation and maintenance services at the national control points has been increased. 3) as the leader of environmental monitoring, the company actively develops the pollution source monitoring system and the service business of operation and maintenance of national control stations.
Risk hints: the risk of technical iteration, the lower-than-expected emission reduction and transformation, and the risk of accounts receivable recovery.