According to the report released by the Investment event Company in the third quarter of 2022, the company realized operating income of 678 million yuan in the first three quarters of 2022,-19.95% of the same period last year, and realized net profit of 94 million yuan,-33.50% of the same period last year. After deducting the net profit attributable to the shareholders of the parent company, it was 113 million yuan,-18.73% of the same period last year, and 0.19 yuan per share,-38.27% of the same period last year.
Our analysis and judgment
(1) under the impact of the epidemic, the revenue margin of Q3 has improved significantly. In 2022, the disturbance of the epidemic and the pressure on the supply chain affected the company's performance, hindered the progress of the project, shrank the number of acceptance, and put pressure on revenue growth. In the first three quarters, the company recorded operating income of 678 million yuan,-19.95% compared with the same period last year. Q3 single-quarter operating income of 168 million yuan, year-on-year-28.68%, month-on-month-43.94%. In terms of gross profit margin, the company's gross profit margin in the first three quarters of 2022 was 37.88%, compared with the same period last year. The single-quarter gross profit margin of Q3 was 40.31% compared with the same period last year, which was greatly improved compared with the same period of last year.-1.92pct, month-on-month + 4.95pct. With the recovery of the automotive industry in the third quarter, the company's business is gradually repaired: V6 fuel engine and reducer products start normal production; in July, the DHT gearbox assembly project signed with SAIC GM Wuling Motor Co., Ltd. officially entered the stage of mass production and supply, and the climbing of spare parts production capacity provides a new driving force for the company's revenue growth.
(2) the performance is under short-term pressure, and the ability of cost control needs to be strengthened. In the first three quarters of 2022, the company's sales expense rate was 3.74%, year-on-year + 1.13pct, and management expense rate was 10.91%, year-on-year + 3.48pct. Q3 single-quarter sales expense rate of 5.64%, year-on-year + 2.89pct, month-on-month + 2.70pct; management expense rate of 14.92%, year-on-year + 6.14pct, month-on-month + 6.67pct. In the third quarter, the company's expense side rose somewhat, and the rate of management expenses increased by a large margin, which was a drag on the overall performance. In the future, it is expected to help the company's revenue increase steadily through more effective cost control. In terms of R & D expenses, the company's R & D expenditure rate in the first three quarters was 6.43%, year-on-year-2.53pct; in the third quarter, the R & D expenditure rate was 4.87%, year-on-year-9.93pct, month-on-month + 3.98pct.
The decline in the price of shares held by the company in the first three quarters resulted in a loss of 20 million yuan in fair value, which together with asset impairment and credit impairment eroded the company's profits.
(3) the design demand of the industry has a broad prospect, and the manufacturing of spare parts is expected to become a new growth point of the company's performance. As an independent design company which rarely covers the whole industry chain of vehicle R & D in China, the company has rich design and R & D experience and a large number of excellent design talents, and will continue to benefit from the outbreak of downstream demand for new energy vehicles in the future. In terms of parts and components, the company is actively expanding the manufacturing business of core parts of the powertrain, and the first generation V6 engine has been equipped with BAIC BJ80, and the next step is expected to achieve mass production for the special model of the car; in September, the company signed a contract related to modeling development and engineering development with an intelligent driving technology company, entrusted with the design and development of a project, laying the foundation for follow-up performance release.
At the same time, the company's SOA developer platform was officially launched in August this year, which aims to improve the efficiency of product development, shorten the iteration cycle, promote the landing of SOA technology in automotive products, and promote the development of automobile digitization.
Investment suggestions We estimate that the company's operating income in 2022-2024 will be 1.404 billion yuan, 1.667 billion yuan and 1.979 billion yuan respectively, and the net profit will be 186 million yuan, 339 million yuan and 404 million yuan respectively, and the corresponding EPS will be 0.37 yuan, 0.68 yuan and 0.81 yuan respectively.
Risk tips: 1, the risk that the epidemic will adversely affect the company's production and marketing; 2, the risk that product sales are less than expected.