The performance continues to grow high. According to the company's quarterly report for 2022, 22Q3 achieved a revenue of 132 million yuan, an increase of 16.09% over the same period last year, and a net profit of 39.9174 million yuan, an increase of 83.19% over the same period last year. The company's main oil composite scene has a high bearing and continues to benefit from the increase in capital expenditure brought about by the warming downstream; the super-hard tool business maintains a high growth, benefiting from the increased permeability brought about by the increased demand for super-hard tools from new energy vehicles.
The profitability is stable, benefiting from government subsidies and Huiguang income. 22Q3 achieved a gross profit margin of 54.68%, a year-on-year decline of 0.54pct and a month-on-month decline of 0.90pct, keeping it at a high level. On the expense side, the company's 22Q3 R & D expense rate / sales expense rate is 12.28% / 7.90%, which is higher than the same period last year. Due to the change in the scope of the consolidated statement, the company's R & D expenses have increased. 22Q3 company continues to receive government subsidies, and exchange gains have a positive effect on financial expenses, resulting in a large gap between revenue and profit growth. Although the main business has a certain seasonal attribute, when the company's income growth rate fluctuates slightly, profitability remains stable and cost-side control is good.
CVD nurtures diamond production capacity steadily. Nurturing diamonds has experienced high growth in the field of consumption in recent years. Through its subsidiary Tianxuan Semiconductor, the company focuses on MPCVD to cultivate diamonds. Tianxuan has realized and expressed that the future iteration of MPCVD technology lies in the stable operation of high power, the improvement of deposition rate and so on. According to Tianxuan semi-guide official account, there is already equipment input, which will bring the second curve for the company's performance. The company's advantage lies in its complete machine manufacturing capacity, flexible capacity expansion and strong coordination effect with the main superhard composite materials.
Profit forecast and investment advice. It is estimated that the net profit of homing from 2022 to 2024 is 1.52 PE 2.36 / 309 million yuan respectively, and the EPS is 0.31 Company0.49max 0.63 yuan per share. With reference to the valuation level of the comparable company in 2022, the company will be given a 50-fold PE in 2022, corresponding to a reasonable value of 15.57 yuan per share and given a "buy" rating.
Risk hint. The risk of CVD capacity expansion falling short of expectations; domestic demand for nurtured diamonds growing less than expected; and orders from major customers of oil composites falling short of expectations.