Event: the company released its three-quarter report for 2022, with revenue of 610 million yuan in the first three quarters, an increase of 140.0% over the same period last year, and a net profit of 44 million yuan, up 624.8% over the same period last year. In the single quarter, Q3 realized revenue of 180 million yuan, an increase of 163.7% over the same period last year, down 41.9% from the previous year; the net profit of returning to its mother was 13 million yuan, turning losses into profits over the same period last year, down 63.8% from the previous year.
Abundant orders on hand, enhanced construction capacity, rapid revenue growth; changes in order structure, decline in profitability.
The company's intelligent warehousing system has abundant orders on hand, and the revenue side of the company has achieved substantial growth with the improvement of supply chain and project management capabilities. In the first three quarters of 2022, the company's comprehensive gross profit margin was 24.6%, down 4.1% from a year earlier; Q3 was 23.5% in a single quarter, up 4.6% from a year earlier and down 2.1% from a month earlier. The decline of the company's gross profit margin is mainly due to the fact that the intelligent warehousing market in some industries such as new energy, agriculture and animal husbandry is in a state of full competition, and the company undertakes and delivers related projects based on the business philosophy of steady development.
The scale effect appeared, during which the expense rate continued to decline compared with the same period last year, and the net interest rate increased year-on-year. In the first three quarters of 2022, the company's period expense rate was 20.6%, down 19.5% from the same period last year; Q3 was 22.2% in the single quarter, down 33.9% from the same period last year, and an increase of 9.3% from the previous quarter. In the first three quarters of 2022, the company's net interest rate was 7.2%, an increase of 4.8% over the same period last year; Q3 was 7.0% in a single quarter, up 22.4% from a year earlier, down 4.2% from a month earlier.
Strong product competitiveness, continuous increase in new orders, capacity expansion to ensure delivery capacity, strong certainty of performance growth. The company has core competitiveness in intelligent logistics software technology and intelligent robots and other hardware equipment, and the number of new orders continues to increase. In the first half of the year, the company added 630 million yuan of new orders, and made a major breakthrough in the aerospace industry, signing contracts and winning bids totaled 150 million yuan; as of June 30, 2022, the company's unrecognized revenue orders in hand was 1.03 billion yuan. At the same time, the company is actively improving the production capacity of the intelligent logistics system, and the new super future factory will be put into production in 2022, which can support the order size of 2 billion yuan, guarantee the order delivery capacity, and further strengthen the cost control ability.
Profit forecast and investment advice. It is estimated that the company's net profit from 2022 to 2024 will be 1.0,1.50 and 200 million yuan respectively, with a compound growth rate of 34.3% over the next three years. The company will be given 22 times PE in 2023, with a target price of 44.00 yuan, maintaining a "buy" rating.
Risk tips: newly signed order decline risk, technology and product backwardness risk, industry competition aggravates the risk.