3Q22 deducted non-home net profit increased by 122.7%, maintaining strong growth and "buying".
The company released the third quarter report of 22 years, 1-3Q22 realized operating income / net profit of returning to home / deducting non-return net profit of 462.86 million yuan, up 97.2% and 101.6% respectively over the same period last year, and profit growth slightly exceeded the upper limit of performance forecast (forecast net profit range of 679 to 681 million yuan). The company's online commodity trading business income is growing rapidly, and the excellent performance of the October e-commerce festival is also expected to contribute to the continuation of the follow-up growth, cloud factories and other industries Internet innovation business continues to promote. We maintain the profit forecast and expect to achieve a net profit of 10.68 million yuan in 22-24, corresponding to a compound growth rate of 61.4% in 22-24, which is comparable to the average PEG 0.95X expected by the company's Wind in 22 years. Considering the high growth of the company's multi-industry vertical and horizontal development, we give 22e PEG 1.2x, corresponding to the target price of 157.74 yuan, and maintain the "buy" rating.
With the sustained development of various platforms, the high growth of GMV in double Ten E-commerce Day is expected to continue to help Q4 growth 1-3Q e-commerce deeply implement the strategy of "platform, science and technology, data", continue to implement active and efficient upstream and downstream strategies, and maintain healthy and rapid growth. In the first three quarters of 22, the revenue share of paint chemical / sanitary products / grain and oil / glass / chemical fertilizer / paper / other industries was 57.5% 16.4% 8.4% 8.6% 6.9% 1.6% 0.5%, respectively, and the revenue structure continued to be optimized. In a single quarter, the company achieved an income of 18.392 billion yuan, an increase of 94.8%. In addition, the company held the Seventh double Ten Industry E-commerce Festival on October 10, 22, when the scale of collected orders reached a new record high, with the overall order increasing by 90.21% to 17.228 billion yuan, which may contribute to the growth of 4Q22 performance.
The optimization of expense rate helped increase the net interest rate, and the year-on-year growth rate of net profit exceeded the revenue growth rate of 3Q22 by 2.85%. Compared with the previous month, the gross profit margin of the 3Q22 paint chemical industry / sanitary products / grain and oil / glass / chemical fertilizer / paper industry was 2.79% 2.98% 1.85% 2.59% 1.92% 2.62% respectively. During the period of the company, the expense rate continues to be optimized. The sales / management / R & D / financial expense rate of 3Q22 Company is 0.38%, 0.13%, 0.25%, 0.25%, 0.02%, respectively, compared with the same period last year-0.05/+0.05/-0.01/-0.02pct, 0.78%, and-0.03pct, respectively. 3Q's net profit of returning home and deducting non-return net profit in a single quarter grew by 108.4% and 122.7% respectively over the same period last year, exceeding the income growth rate of the same period for the first time this year. Focus on the increasing trend of the company's profitability and the upward inflection point of profit margin.
The high prosperity of the track contributes to the growth, the industrial Internet construction is promoted, and the "buy" is maintained.
The high prosperity of the industrial Internet platform may continue. According to the annual report, the penetration rate of the online transaction amount of the League of Nations in 2021 is 1.02% in the industry chain, and the penetration rate is still low. At the same time, the company's cloud factory construction, digital services and other industrial Internet strategic innovation business continues to advance, which is expected to become the company's second growth curve. We estimate that the company's 22-24 net profit to the mother is 10.68 billion yuan, giving 22e PEG 1.2X, maintaining the target price of 157.74 yuan, and maintaining the "buy" rating.
Risk tips: vertical platform expansion is not as expected, customer transformation is not as expected, epidemic-related risks, and so on.