[investment points]
The net interest rate of sales increased significantly, and the company's net profit rose sharply compared with the same period last year. In the third quarter of 2022, the company achieved revenue of 459 million yuan, an increase of 15.37% over the same period last year, a net profit of 53 million yuan, an increase of 73.09% over the same period last year, and a net profit of 55 million yuan, an increase of 124.73% over the same period last year. The gross profit margin and net profit margin were 24.74% and 13.02% respectively, up 0.74% and 2.54% respectively over the same period last year.
The company actively distributes wooden activated carbon with low penetration in the fields of medicine and environmental protection, with high certainty of production and sales growth. Company bio-based activated carbon leader, the company's current activated carbon production capacity of about 120000 tons.
The market share of the company's activated carbon products in the food sector is more than 30%, and it is possible to continue to improve in the future. In the field of pharmaceutical activated carbon, the company is the only activated carbon enterprise with license and batch supply capacity, which can fully benefit from the industrial application of activated carbon in the pharmaceutical field. In the field of environmental protection, the company makes great efforts to expand the application of gas phase adsorption and other environmental protection fields, and has a broad space for growth. In the field of energy storage, the company has laid out 300 tons of super capacitive carbon production capacity, and plans to realize the domestic replacement of super capacitive carbon market in the future. 2020pr 2021 and Nanping Yuanli activated carbon business, a wholly owned subsidiary of 2022H1 company, contributed 97 million, 112 million and 80 million net profit to the company respectively.
Sodium silicate business is operating steadily and has capacity expansion plans. Yuanhe Chemical is a 51% holding subsidiary of the company and the main body of the company's sodium silicate business. Yuanhe Chemical currently has a solid sodium silicate production capacity of 300000 tons, and is implementing fund-raising projects and annual production of 320000 tons of solid water glass project. The sodium silicate business of 2020, 2021 and 2022H1 was sound, contributing 28 million, 24 million and 13 million of the return net profit, respectively. Ternary cycle is not only a wholly-owned subsidiary of the company, but also the main body of the company's silica gel and thermal energy business. Ternary cycle currently has a silica gel production capacity of 25000 tons. In 2021 and 2022H1, the company's silicone and thermal businesses contributed 24 million and 27 million of net profit, respectively.
[investment advice]
The company's traditional business such as wooden activated carbon and sodium silicate has improved steadily, and new products such as super capacitive carbon have more room for growth. Based on the revenue, cost and capacity expansion of different business lines, we make the following profit forecasts.
It is estimated that the operating income of 2022Universe 2023Company2024 is 1,868,2158,2961 million yuan respectively; the estimated net profit of homing is 2.23Universe 279900,000,000; the EPS is 0.72; 0.89Compact 1.27; the corresponding PE is 37-29-21, covering for the first time, and given the "overweight" rating.
[risk Tip]
The shipment of wooden activated carbon products is not as expected.
The price of sodium silicate fluctuates greatly.
The shipment of super capacitive carbon products is not as expected.
