The company's performance continued to grow, with non-net profit margin reaching a record high in the third quarter. According to the company's three-quarter report, the company realized operating income of 698 million yuan in the first three quarters, an increase of 80.9 percent over the same period last year. 254.1%.22Q3 achieved a net profit of 98.5162 million yuan, an increase of 284 million yuan over the same period last year, an increase of 106.3 percent over the same period last year.

Sanlidu Company deducted the non-net interest rate to 14%, a significant improvement compared with the previous month. The overall performance is in line with expectations, and the TechnipFMC performance of downstream customers exceeds expectations, confirming once again the industry's high-profile demeanor. According to TechnipFMC's Q3 results, by the end of the third quarter, the company's 23-24 out-of-hand orders rose 164% year-on-year. In Q3, new orders received in Q3 rose 25.5% year-on-year to 13.0%, the highest since 2019. Benefiting from the rising prosperity of the offshore oil and gas production industry, the high orders of the company's downstream deep-sea oil service customers for 23-24 years confirm that the company has benefited from the recovery of the industry, and the high growth trend of orders and performance is expected to continue.

There is still room for improvement in the company's profitability and pay attention to the process of putting in new capacity. The sales expense rate and management expense rate of 22Q3 Company decreased by 1.6% and 4.2% respectively compared with the same period last year. During this period, the expense rate decreased, and the gross profit margin fell month-on-month due to the power outage in August. It is expected that there is still room for further improvement in profit margin after the return to normal operation. Focusing on the production process of the company's new capacity, the company has now completed the installation and commissioning of the 70MN free forging press, while the fund-raising project continues to advance, and it is expected that the company's deep-sea production capacity will increase significantly after reaching production, which is expected to lead the company to open a new round of growth space. Profit forecast and investment advice. It is estimated that the company's income from 2022 to 2024 will be 10.1 pound 14.7 / 1.93 billion yuan, and the return net profit will be 1.42 shock 2.36 / 330 million yuan respectively. Considering the sustained and rapid growth of the company's performance and the increase in the proportion of the deep-sea parts plate in the future, the profit margin is expected to continue to improve, with reference to comparable companies, we give the company 23 years of 40xPE, corresponding to a reasonable value of 48.53 yuan per share, to maintain the company's "buy" investment rating.

Risk hint. The risk of falling oil prices; the risk that domestic outbreaks repeatedly affect supply chain delivery; and the risk of improper product quality control.