Event
On January 31, 2023, the company issued an annual performance forecast for 2022, which is expected to achieve a net profit of RMB 7.80-880 million in 2022, an increase of 133.98%-163.98% over the same period last year, and a net profit of RMB 7.05-805 million, an increase of 259.19%-310.14% over the same period last year.
Core viewpoints
The net profit of homecoming in the fourth quarter of 2022 was 1.86-286 million yuan, an increase of 90.30% 192.52% over the same period last year. According to the company's performance forecast, the company realized a single-quarter net profit of 1.86-286 million yuan in the fourth quarter, an increase of 90.30% 192.52% over the same period last year, while deducting non-return net profit was 1.59-259 million yuan, an increase of 142.39% and 294.54% over the same period last year. The rapid increase in net profit in the fourth quarter compared with the same period last year benefited from the increase in production and sales, the optimization of the linkage mechanism of superimposed price settlement, and the improvement of profitability driven by cost reduction and efficiency improvement.
The impairment of goodwill is about 38 million yuan, and the net profit of returning home in the year after exclusion increased by 145.38%-175.38% compared with the same period last year. At the end of this report, the company calculated that the goodwill impairment of Shanghai Dacro coating Industry Co., Ltd. was about 38 million yuan. If the above goodwill impairment factors are excluded, the net profit is expected to be 8.18-918 million yuan, an increase of 145.38% and 175.38% over the same period last year.
Each business sector is operating steadily and its profitability continues to rise. The company has formed a "twin-engine" development pattern of automotive metal lightweight and navigable aircraft manufacturing, with leading technology and customer resources, continuous performance breakthroughs, the company's overall business production, sales and profits maintain a good growth trend in 2022. In terms of revenue growth, the company's automotive metal parts lightweight business gives full play to the application advantages of magnesium and aluminum alloy lightweight technology, and improves the customer matching quantity, especially the supply of new energy vehicle lightweight components; the navigable aircraft manufacturing business orders are good and the operation is sound. In terms of improving profitability, the company continues to strengthen product price control, optimize price settlement linkage mechanism; at the same time, promote bulk material procurement control, reduce cost and improve efficiency through process improvement and technological innovation, and enhance the overall business profitability.
Investment suggestion
We estimate that the operating income of the company in 2022-2024 will be 151.78Comp179.53Company21.366 billion respectively, and the net profit returned to its mother will be 1.337 billion RMB respectively, and the corresponding EPS for 2022-2024 will be 0.39max 0.49max 0.62 RMB / share respectively. Based on the closing price of 6.77 yuan on January 30, 2023, the corresponding PE is 17.16, 13.71 and 10.85 times, respectively, maintaining the "recommended" rating.
Risk hint
Macroeconomic fluctuations; raw material price fluctuations; international trade and exchange rate fluctuations; policy landing is not as expected.