Event: according to the company's quarterly report for the first three quarters of 2022, the operating income in the first three quarters of 2022 was 2.197 billion yuan, up 2.37% from the same period last year; the net profit was 213 million yuan, down 3.89% from the same period last year; the non-net profit was 277 million yuan, up 26.25% from the same period last year; of this total, the operating income in the third quarter of 2022 was 732 million yuan, up 5.76% from the same period last year; and the net profit from home was 58.6462 million yuan, down 2.7% from the same period last year The deduction of non-net profit was 88.0564 million yuan, up 49.04% from the same period last year, and the performance was in line with expectations.
The price of raw materials has come down and the gross profit margin has been continuously optimized. 2022 in the third quarter, the company's gross profit margin was 31.55%, up 5.28pct from the same period last year; the net profit rate was 10.23%, up 0.72pct from the same period last year, and the profit margin was continuously optimized; and the sales / management / R & D / financial expense rates were 2.53%, 8.51%, 4.53% and 4.03%, respectively, with changes in 0.24pct/0.33pct/-0.16pct/5.03pct compared with the second quarter.
"Motor +" to open up the market, based on the four major areas of product matrix continues to expand. According to the company's investor relations activity record table on November 2, looking forward to the future, the company will turn motors into platform products according to the concept of "motor +" and develop towards general-purpose products, with the help of platform products to open up the market and prolong the product life cycle. in order to achieve higher profit margins, at the same time, the company has more time and funds to invest in research and development to form a virtuous circle. In addition, the company will base on the four major business areas of medical treatment, industrial control, new energy and household appliances, carry out capital operation in accordance with the product planning direction of "motor +", and mainly develop the acquired enterprises as an incubation platform.
Keep correct and bring forth the new, optimize the product structure to meet the inflection point of performance. In terms of new business, through endogenous mergers and acquisitions, the company continues to enter the field of high prosperity, enter the new energy vehicles, energy storage, medical, industrial control and other high-quality track, and continue to achieve breakthroughs.
According to the company's investor relations activity record table on November 2, in the medical sector, the voice coil motors produced by the company can be used in ventilators, semiconductor lithography machines, wafer cutting machines and other fields. Raleigh subsidiary Dingzhi Technology is one of the few manufacturers in China that can produce in large quantities, and the company is promoting it to other ventilator manufacturers. The linear actuator produced by the company can be used in nucleic acid testing instruments and other products. At present, Haydn in the United States accounts for a large market share in the world, and the company currently accounts for about 10%. There is a broad space to improve the market share. The hollow cup motor + gearbox + controller + screw assembly produced by the company can be used for ventilators and other products in the medical field, the company is up to Maxon in Switzerland and Faulhaber in Germany, the company has obvious competitive advantage in China with a complete set of solutions; the energy storage pump produced by the company has entered the supply chain of many head manufacturers, and the sales volume of the products is expected to take off with the energy storage market. We believe that with the continuous optimization of product structure, the company is expected to break through the bottleneck of development and enter the stage of rapid performance growth.
Investment advice and valuation: we expect the company's operating income from 2022 to 2024 to be 3.197 billion yuan, 3.846 billion yuan and 4.684 billion yuan respectively, revenue growth rate of 9.5%, 20.3% and 21.8% respectively, and net profit of 307 million yuan, 432 million yuan and 608 million yuan respectively. Net profit growth reached 25.7%, 40.6% and 40.8% respectively, maintaining the investment rating of increasing holdings.
Risk tips: domestic substitution is not as expected; sales of household appliances are declining; the risk of rising prices of raw materials.