Low-voltage household photovoltaic twin-engine support, the first three quarters of the cumulative performance of steady growth.
The company disclosed that in the third quarter of 2022, the company realized revenue / return net profit of 35.017 billion yuan / 3.215 billion yuan in the first three quarters of 2022, compared with the same period last year, with a gross profit margin of 23.28% and a gross profit margin of 23.28%, compared with the same period last year. 2.91pct. Among them, 22Q3 realized revenue / return net profit of 11.478 billion yuan / 1.511 billion yuan, which was-8.36% and 61.6% compared with the same period last year. The fair value of the company's central control technology (688777) shares and the impact of the profit and loss on the company's current net profit is-53 million yuan. Excluding this factor, the net profit belonging to the shareholders of the listed company is 3.268 billion yuan, an increase of 5.36% over the same period last year. The marginal improvement of the company's low-voltage electrical appliances and the rapid growth of household photovoltaic maintain to provide double revenue guarantee, and profits grow steadily.
Photovoltaic module business divestiture, quarterly profitability significantly improved. The company completed the divestiture of the photovoltaic module manufacturing business in July 2022. The company's component sales revenue in the third quarter decreased by 81.7 billion yuan compared with the same period last year, which relatively affected quarterly revenue but significantly improved quarterly profitability. 22Q3 single-quarter sales gross profit margin 25.86%, year-on-year + 2.23pct; net sales margin 14.85%, year-on-year + 6.22pct.
Heavy, point to build the company to develop new momentum, household photovoltaic business rapid growth, the photovoltaic industry as a whole remained high in the first three quarters of 22 years, the company seized downstream opportunities to vigorously expand household photovoltaic development, the rapid growth of this business has brought high revenue growth and an increase in value-added tax and income tax. The company achieved revenue of 35.017 billion yuan in the first three quarters of 22 years, + 21.73% last year. The sales cost is 1.562 billion yuan, + 32.82% compared with the same period last year, which is the expenses such as the expansion of distribution channels brought about by the expansion of new energy business.
Profit forecast and investment advice. It is estimated that the EPS from 2022 to 2024 will be 2.072.46 yuan per share respectively. Considering the industry space, the company's market position and industry valuation, the company will be given a 23-year 20xPE, corresponding to a reasonable value of 49.22 yuan per share, maintaining a "buy" rating.
Risk hint. Global photovoltaic installation is not as expected, raw material prices fluctuate sharply, exchange rate fluctuations and other risks.