Event: on October 25, the company released its third-quarter report of 2022. In the first three quarters of 2022, the company achieved operating income of 2.23 billion yuan, an increase of 9.11% over the same period last year, a net profit of 442 million yuan, an increase of 21787.78% over the same period last year, and a non-net profit of 81 million yuan, up 200.93% over the same period last year. In a single quarter, 2022Q3 achieved an operating income of 770 million yuan, an increase of 9.21% over the same period last year, a net profit of 44 million yuan, an increase of 247.92%, and a non-net profit of 31 million yuan, an increase of 186.62% over the same period last year. In terms of breakdown, in the first three quarters of 2022, the company's industrial digitization, financial digitization, pan-ERP business and IT outsourcing business achieved operating income of 5.47,5.16,7.86 and 366 million yuan respectively, up 38.62%, 22.59%, 6.55% and 0.05% respectively over the same period last year.
Gross profit margin continues to rise and profitability is enhanced. In the third quarter, the company achieved a gross profit margin of 30.85%, an increase of 6.87pct over the same period last year. In the first three quarters of 2022, the company achieved a gross profit margin of 30.01%, an increase of 3.77pct over the same period last year. Among them, industrial digitization, financial digitization, pan-ERP and IT outsourcing realized gross profit margins of 35.18%, 29.58%, 33.31% and 16.44% respectively, representing year-on-year changes of 9.79,4.83,1.44 and-0.23pct respectively. In the first three quarters, the company's overall expense rate was 22.01%, a decrease of 2.57pct over the same period last year, in which the sales expense rate, management expense rate and R & D expense rate changed respectively-0.24,1.04 and-0.59pct compared with the same period last year. The substantial increase in the company's deducted non-net profit is mainly due to the increase in the gross profit margin of the main business, followed by the improvement in exchange gains and losses and the reduction in transmission losses of associated enterprises.
Emerging businesses continue to grow rapidly, opening up room for growth. After years of development and reform, the company has changed from a simple ERP implementation service provider to a digital integrated service provider more in line with the needs of the large enterprise market. On the basis of consolidating the competitiveness of the original traditional service business, the company takes industrial digitization + financial digitization as the main growth direction. In the first three quarters of 2022, the revenue of emerging businesses (industrial digitization + financial digitization) reached 1.063 billion yuan, an increase of 30.34% over the same period last year, and the proportion of revenue also increased to 47.65% from 39.88% in the same period last year. Among them, industrial digitization has achieved a more prominent growth rate, due to the company's focus on the development of the new energy industry in recent years, and seized the industry opportunities this year, and smart manufacturing and supply chain business orders have increased significantly.
The reform of the delivery mode will help to improve the per capita efficiency, and the profit level is expected to increase. With the gradual maturity of the company's technology platform and product applications and the expansion of the number and scale of delivery projects, the company clearly carried out the reform of the delivery model in 2021: strive to change to service industrialization and gradually increase the intensity of centralized delivery. improve the degree of fine management of projects in each work link, deploy personnel according to professional division of labor, and achieve standardization and automation in delivery. The reform of the delivery mode can effectively reduce the per capita cost, and the overall profit level of the company is expected to improve in the future.
Investment advice: due to the impact of the epidemic, we correspondingly reduce the company's revenue growth forecast for this year. It is estimated that the company's revenue from 2022 to 2024 will be 31.10,37.35 and 4.558 billion yuan respectively, with year-on-year growth rates of 10.65%, 20.11% and 22.01% respectively, and the return net profit will be 4.83,2.85 and 452 million yuan respectively, with year-on-year growth rates of 144.88%,-40.86% and 58.41% respectively. The EPS in 2022-2024 is 0.55,0.32 and 0.51 respectively, and the corresponding PE is 15,25 and 16 respectively. Maintain a "buy" rating.
Risk hints: the emerging business is not advancing as expected, the recurrent epidemic of COVID-19, and the risk of macroeconomic decline.