This report is read as follows:
In the first three quarters, revenue increased by 4%, net profit decreased by 28%, and newly signed increased by 32%. The implementation of "General contract Project + No. 1 Project"
Twin-engine development strategy to promote the integrated development of advanced manufacturing and modern service industry, and accelerate the development of distributed photovoltaic market.
Main points of investment:
Maintain the increase. Dragged down by the chemical fiber business, the results in the first three quarters were lower than expected, and the forecast for 2022-24 EPS was 0.40, 0.49, 0.58 (formerly 0.52, 0.62, 0.73), with a growth rate of-622, 22, 20%. Due to the downward valuation of the plate, the target price was lowered to 9.45 yuan, corresponding to 24 times PE in 2022.
Revenue increased by 4% in the first three quarters, while net profit fell by 28%. 1) the revenue of 8.7 billion yuan in the first three quarters increased by 4% (21Q1-22Q3's net profit decreased by 28%) and the net profit decreased by 28% (21Q1-22Q3's net profit decreased by 28%). 2) the gross margin was 11.80% (- 2.19pct) and the net profit was 4.33% (- 1.95pct). 3) operating cash flow-700 million yuan (the same as the same period in 21 years), accounts receivable 4.7 billion yuan (+ 22%), debt ratio 63.8% (- 1.92pct).
In the first three quarters, the number of new signings increased by 32%, and the number of new signings on Q3 increased by 108%. 1) 13.5 billion newly signed in the first three quarters, an increase of 32%, and a compound growth rate of 23% in two years. 22Q3 newly signed 6.4 billion, an increase of 108% over the same period last year and 60% month-on-month. 2) in the first three quarters, the output of POY/FDY/ slices was 20.89x563xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx; In the third quarter, the output of POY/FDY/ slices was 5.15 million tons, the sales volume was 673 million tons, and the revenue was 4.81 million tons.
We will implement the twin-engine development strategy of "General contract Project + No. 1 Project" and propose to set up a joint venture company to develop the distributed photovoltaic market. 1) sign agreements with the people's Government of Yaqian Town, Xiaoshan District, Hangzhou City, Hangzhou Xiaoshan Economic and technological Development Zone, and Shanxi Yuncheng Economic and technological Development Zone to develop the distributed photovoltaic market. 2) it is proposed to increase capital by 500 million to Southeast Green Construction, a wholly-owned subsidiary, to speed up the development of the company's digital factory and assembly construction industry. 3) sign a "strategic cooperation agreement" with daycare photovoltaic to invest in a joint venture to jointly develop and produce high-end photovoltaic modules, including flexible components, and further develop the distributed photovoltaic market.
Risk tips: higher-than-expected tightening of macro policies, repeated epidemic situation, and so on.
