What happened: the company released its third quarterly report for 2022.
1) revenue side: in the first three quarters of 2022, the company achieved revenue of 2.919 billion, + 1.15% year-on-year.
2) profit end: the net profit of return to home is 169 million,-36.30% compared with the same period last year; the net profit of non-return to home is 162 million, which is-31.31% compared with the same period last year.
3) cost side: the company achieves a gross profit margin of 21.00%, year-on-year-3.23pct, and homing net profit rate of 5.79%, year-on-year-3.39pct. Among them: the sales / management / R & D / financial expense rate is 2.04%, 6.62%, 4.49%, 1.13%, respectively, compared with the same period last year-0.34pct/+0.93pct/+0.29pct/+0.02pct.
2022Q3: the company achieved revenue of 1.239 billion yuan, year-on-year + 24.30%, compared with Q2 month-on-month + 58.44%; return to the mother net profit of 46 million, year-on-year-23.53%, month-on-month-37.11%. Deducting non-return net profit of 47 million, year-on-year-9.36%, month-on-month-34.16%. The company's profitability was further strengthened, with a gross profit margin of 19.59% for single Q3,-3.23pct for the same period last year, and a net profit rate of 3.71% for home ownership, compared with the same period last year-2.31pct.
Comments:
1) Haifeng pile foundation ushered in an opportunity to open the European market: domestic raw material prices continued to decline, and the prices of medium and heavy plate and cast pig iron fell by-18.89% and-12.64% respectively compared with the beginning of the year; by contrast, European steel prices remained high. In this context, the company's Haifeng pile foundation products are expected to usher in the opportunity to go to sea. at present, Runbang shares have established sales and after-sales service outlets in Southeast Asia, South America, India, South Africa, Germany and other countries and regions, and overseas sales channels are relatively perfect. Is expected to usher in the European market order volume.
2) Guangzhou Industrial Control has completed its ownership and fully empowered to support the development of the company: the former controlling shareholder Nantong prestige completed the transfer of the controlling shares of the company, and Guangzhou Industrial Control entered the master company. It will provide the company with all-round empowerment support, including capital operation, market, capital and resources, and vigorously support the company in expanding Guangdong-Hong Kong-Macau Greater Bay Area's offshore wind power equipment, material handling equipment and environmental protection business related markets. Further expand the production and marketing scale of the company and enhance the overall profitability of the company.
3) the high-end equipment business continues to develop, and the company's performance is expected to pick up: the company continues to maintain rapid development in the high-end equipment business, and the business scale and profitability continue to improve; in the first half of the year, Runbang heavy Machinery also won nearly 6.6 billion yuan of bulk equipment contract orders from customers in the United Arab Emirates, and successively won the bid for marine cranes, bulk equipment and other material handling equipment orders. Runbang Ocean has successively won the bid for offshore wind power foundation piles, pipe racks, multi-function deck carriers, offshore engineering crane ships and other offshore wind power equipment orders; Runbang Industry has won the bid for 6 automatic tire container crane projects; the company has sufficient orders on hand, which is expected to play a strong supporting role in the rebound of the company's performance.
4) profit forecast: taking into account the impact of the epidemic on delivery, we adjust the profit forecast. It is estimated that the net profit from 2022 to 2024 is 2.05,3.29 and 414 million yuan respectively (the previous value is 3.77,4.95 and 616 million yuan), and the corresponding PE is 26.86 PE 16.78max 13.30X respectively, maintaining the "buy" rating.
Risk hints: the risk of deterioration of the macroeconomic environment, the risk of market competition, the risk of contract performance, the risk of non-compliance with performance commitments, the risk of business integration, etc.