The impact of the epidemic is gradually reduced, and profitability is repaired in the third quarter.
In the first three quarters of 2022, the company achieved operating income of 1.789 billion yuan, an increase of 7.55 percent over the same period last year, and a net profit of 110 million yuan, down 5.02 percent from the same period last year, mainly due to the epidemic in Shanghai in the second quarter. Among them, the operating income in the third quarter was 792 million yuan, an increase of 19.88% over the same period last year, and the net profit was 58 million yuan, an increase of 9.08% over the same period last year. The gross profit margin of sales was 17.79%, the month-on-month growth 3.15pcts, the net profit rate was 7.64%, the month-on-month growth 2.66pcts, the profitability improved, and the impact of the epidemic gradually faded.
Deeply ploughing the elevator field, occupies a leading position in the industry
The company is deeply engaged in elevator business, and the operating income of 2022H1 escalator parts, elevator parts and elevator metal materials is 978 million yuan, accounting for 98.09% of the total business income. The company's products cover most categories of elevator metal supporting products, and it is one of the enterprises with the richest product lines in the industry. The company's customers include Schindler, Otis, Tisheng, Kone, Hitachi, Theo and other domestic and foreign well-known elevator manufacturers. The products have strong market competitiveness and are in a leading position in the field of elevator supporting products.
The acquisition of Tianqi Hongyuan cut into the energy storage track, and equity incentives demonstrated confidence that the company completed the acquisition of 51% of the shares in Beijing Tianqi Hongyuan New Energy Technology Co., Ltd. in May 2022, and announced in June to implement equity incentives for the management and core personnel of Tianqi Hongyuan. The net profit assessment target for the three years from 2022 to 2024 is 0.8 billion RMB, 150 million RMB. It is significantly higher than the performance target of RMB 1.71 million at the time of acquisition, which demonstrates the company's confidence in the development of energy storage and new energy business.
Tianqi Hongyuan Company focuses on the integration of electrochemical energy storage systems and the development of new energy power stations, and most of the management teams have the background of leading enterprises in the industry, such as Zhongguang Nuclear and North Control Clean Energy. In terms of energy storage system integration, Tianqi Hongyuan has independently mastered the technical capabilities of EMS, PCS, BMS and other core components, and its unique "apocalypse AI intelligent module" scheme, the overall efficiency of lithium electricity system is more than 90%, and the technical level is in the forefront of the same industry. In terms of new energy power plant business, Tianqi Hongyuan has the full life cycle service capacity for the development, design, construction, operation and maintenance of new energy power plants, and can achieve revenue through construction, transfer or holding of power stations.
The projects obtained by Tianqi Hongyuan and its subsidiaries mainly include Zaoyang 47.8MW distributed wind power project, State Power Investment Group Guangdong Zhanjiang Baosteel roof distributed photovoltaic project, Kenya photovoltaic microgrid project, Hebei Chengde 300MW wind hydrogen storage integration project (wind power 300MW, energy storage 45MW/90MWh) and so on.
Profit forecast
The forecast company's income from 2022 to 2024 is 33.6,72.2 and 10.97 billion yuan respectively, and the EPS is 1.16,2.18,3.23 yuan respectively. The current stock price corresponding to PE is 42,22,15 times respectively, covering for the first time and giving "buy" investment rating.
Risk hint
Tianqi Hongyuan performance is lower than expected risk, epidemic repeated risk, downstream demand for energy storage is less than expected risk.