Event: the company released its three-quarter report for 2022, with revenue of 10.32 billion yuan in the first three quarters, an increase of 25.40% over the same period last year; net profit of 907 million yuan, an increase of 35.61% over the same period last year; and non-net profit of 926 million yuan, an increase of 49.59% over the same period last year.
Benefiting from the policies of the agricultural machinery industry, the performance of Q3 has improved significantly compared with the previous month. From a quarterly point of view, Q3 achieved revenue of 3.69 billion yuan in the single quarter, an increase of 42.03% over the same period last year, an increase of 54.98% over the same period last year, and a net profit of 326 million yuan, an increase of 106.33% over the same period last year and 226.00% over the same period last year.
The performance in the third quarter increased significantly compared with the previous quarter, mainly due to the fact that the state attached great importance to the work of agriculture, rural areas and farmers, as well as the policy of three switching countries and four non-road machinery countries, resulting in a sharp increase in the sales of the company's main products. Among them: 26000 sets of large and medium drag products were sold in the third quarter, an increase of 35% over the same period last year. A total of 79700 units were sold in the first three quarters, an increase of 23.32% over the same period last year, which was higher than the growth rate of the industry, and the market share further increased. Sales of diesel engine products reached 39300 units in the third quarter, up 19% from the same period last year, and a total of 119400 units were sold in the first three quarters, up 9.95% from the same period last year.
Multi-factor support, optimistic about the company's core competitiveness. On the one hand, because the grain price is high, it will enhance the enthusiasm of farmers to grow grain, and then boost the sales of agricultural machinery. On the other hand, affected by the implementation of non-road machinery standards at the end of this year, it will drive user demand forward and market inventory clearance in the short term. Agricultural machinery sales in the fourth quarter are expected to maintain a growth trend. In the medium to long term, the implementation of the fourth standard will have more stringent requirements on ex-factory equipment. As the leader of the agricultural machinery industry, the company is in a dominant position in product design and research and development. More conducive to grabbing market share Finally, the company is laying out its international business, continuously ploughing key markets such as Russian-speaking and Asian regions, speeding up the expansion of blank markets such as Eastern Europe, Africa and America, and improving the operational efficiency and influence of the international market. we are optimistic about the company's core competitiveness for a long time.
Profit forecast and investment advice: from 2022 to 2024, the company's operating income is expected to be 11.509 billion yuan, 10.676 billion yuan and 12.654 billion yuan respectively, and the net profit is 752 million yuan, 780 million yuan and 951 million yuan respectively, corresponding to an EPS of 0.67 yuan, 0.69 yuan and 0.85 yuan respectively.
Risk tips: the growth of agricultural machinery demand is not as expected, the user acceptance of China four products is not as expected, the industry competition is intensified, and so on.