Main points of investment
Announcement: the company released the three-quarter report of 2022, with operating income of 480 million yuan in the first three quarters of 2022, an increase of 40.35% over the same period last year, and net profit of 58 million yuan, an increase of 14.59% over the same period last year. Of this total, the operating income in the third quarter was 201 million yuan, an increase of 61.51% over the same period last year, and the net profit of returning home was 27 million yuan, an increase of 60.44% over the same period last year.
The prosperity of new energy vehicles and semiconductor industries is high, and their performance is growing at a high speed. The company achieved operating income of 480 million yuan in the first three quarters, an increase of 40.35% over the same period last year, and 201 million yuan in the third quarter, an increase of 61.51% over the same period last year. Mainly because of the high prosperity of downstream new energy vehicles, semiconductors and other related industries, strong customer demand, a substantial increase in sales revenue such as DC contactors, AC contactors, capacitors and so on.
The product structure has been adjusted and the gross profit margin has increased compared with the previous month. The company's gross profit margin in the first three quarters was 39.10%, down 4.35% from the same period last year; the gross profit margin in the third quarter was 40.42%, down 2.19% from the same period last year, and improved by 2.63% compared with the same period last year. We judge that it is mainly due to the increase in the proportion of products with higher gross profit margin. At the same time, with the rapid growth of sales, the scale effect appears.
In terms of expenses, in the first three quarters, the company's sales and management fees decreased by 0.21% and 1.55% respectively compared with the same period last year, and the R & D rate increased by 0.83% year-on-year, because the company increased the intensity of technological R & D innovation. In the third quarter, sales and management rates decreased by 0.23% and 2.96% respectively compared with the same period last year, while R & D rates increased by 0.50% year-on-year.
There is huge room for growth around new energy, semiconductors and military industry. The company's core products ceramic high voltage DC contactors, vacuum relays, vacuum AC contactors and vacuum capacitors have huge room for growth around the three high-prosperity applications of new energy vehicles, aerospace, aviation and military industry, and semiconductors. the company Q3 single-quarter capital expenditure of 41 million yuan, greatly expand production capacity, to cope with the rapid growth of downstream demand, is expected to accelerate the volume in the future.
At the same time, the company is actively launching new products, expanding scenery storage and other fields, constantly opening up the space for growth. Due to the impact of the Kunshan epidemic in the first half of the year, we slightly lowered our previous profit forecast. The company's 2022-2024 net profit is expected to be 96 million yuan, 163 million yuan and 246 million yuan respectively, corresponding to the previous share price (closing price on October 25, 2022) PE is 63.1,37.1 and 24.7 times, maintaining the "prudent overweight" rating.
Risk hint: the prosperity of the new energy industry is less than expected, the overcapacity of electronic vacuum devices, and the price of raw materials continues to rise sharply.