Event: the company released a report for the first three quarters of 2022, with an operating income of 1.579 billion yuan, an increase of 6.02% over the same period last year.
The net profit belonging to shareholders of listed companies was 210 million yuan, an increase of 7.98 percent over the same period last year. The net profit after deducting non-recurring gains and losses belonging to shareholders of listed companies was 211 million yuan, an increase of 14.79 percent over the same period last year. The basic earnings per share was 1.58 yuan per share, of which the operating income in the third quarter was 507 million yuan, down 13.29% from the same period last year, and the net profit was 66 million yuan, down 18.42% from the same period last year.
The gross profit margin is stable as a whole, and the asset-liability ratio is lower than the previous month. In the third quarter, the company achieved a net profit of 66 million yuan, a decrease of 18.42% from the same period last year and 30.20% from the previous year; the gross profit margin of sales was 27.11%, a decrease of 1.24pct from the previous quarter; and the asset-liability ratio was 20.89%, which reduced 3.84pct compared with the previous quarter, providing a guarantee for continuous capacity expansion. It is expected that as the new production projects gradually get back on track, the company's profitability will be repaired quickly.
Vietnam project capacity release is imminent, build a solid PS leading position. According to the company announcement, the first phase of the "annual output of 2.27 million boxes of plastic decorative frames and wires" project in Vietnam has been successfully put into production, greatly expanding the production capacity of finished frame and line products, realizing the business closed loop of "recovery-recycling-utilization" abroad, and reducing the disturbance of tariff policy to the company's profits.
It is expected that with the gradual release of project capacity in Vietnam, the company is expected to further increase the sales of finished frames and lines, radiate and serve Southeast Asian and global customers, and achieve steady improvement in performance.
The regenerated PET is waiting for the flower to bloom, and the product matrix is greatly expanded. The company has successfully put into production the 50,000 t / a PET recovery and recycling project in Malaysia, producing SSP food-grade particles, r-PET sheets and high-end fiber-grade particles, which will be widely used in food packaging, electronic packaging, medical packaging and other fields. While enriching the product matrix, we will constantly improve and expand the existing customer system to ensure the smooth implementation of the company's long-term production expansion plan.
Investment advice and valuation: we expect the company's income from 2022 to 2024 to be 2.47 billion yuan, 3.098 billion yuan and 4.354 billion yuan respectively, revenue growth rate of 24.1%, 25.4% and 40.6% respectively, net profit of 282 million yuan, 368 million yuan and 534 million yuan respectively, and net profit growth rate of 17.8%, 30.3% and 45.1% respectively.
Risk tips: higher risk of overseas sales revenue, lower-than-expected risk of project construction, risk of cross-border supply of raw materials, etc.
