The overall performance of the third quarter is solid.
301150.SZ reported that its operating income in the first three quarters was 2.101 billion yuan, an increase of 37.97% over the same period last year. In the first three quarters, the net profit of shareholders belonging to the parent company was 306 million yuan, up 7.86% from the same period last year. In a single quarter, the company achieved operating income of 694 million yuan in the third quarter, an increase of 23.11% over the same period last year, and a net profit of 83 million yuan belonging to the shareholders of the parent company in the third quarter, a decrease of 10.04% over the same period last year.
The company's profitability declined in the first three quarters.
The company's gross profit margin in the first three quarters of 2022 was 21.27 percent, 7.5 percentage points lower than in the first three quarters of 2021, 2.5 percent lower than in the first half of 2022, and 14.56 percent in the first three quarters of 2022. 4 percentage points lower than in the first three quarters of 2021 and 1.3 percentage points lower than in the first half of 2022. The company's return on equity in the first three quarters of 2022 was 8.00%, an increase of 2.1 percentage points over the first half of 2022.
The decline in processing fees is a drag on performance growth, and new products are being bred.
Since the third quarter of 2022, lithium copper foil processing fees have declined to a large extent, which has dragged down the company's performance growth as a whole. according to the company announcement, the company's wholly-owned subsidiary Wuhan Zhongyi New Materials Co., Ltd. plans to build an annual production line of 5 million square meters to engage in the research, development, production and sales of composite copper foil and other materials.
Profit forecast
We downgrade the company's profit forecast for 2022-2024, the company can achieve operating income of 3.07 billion yuan, 4.317 billion yuan, 6.044 billion yuan. (the original forecast is 3.2 billion yuan, 4.63 billion yuan, 6.513 billion yuan); the net profit attributable to the parent company is 414 million yuan, 620 million yuan, 910 million yuan (originally predicted to be 483 million yuan, 686 million yuan, 982 million yuan) the total share capital is 101 million shares, corresponding to 410,614 yuan and 9.01 yuan of EPS. We give a "overweight" rating.
Risk hint
The commissioning of the new project is not as expected.
Sales of new energy vehicles fell short of expectations.
