Event: the company released the three-quarter report of 2022, the company achieved operating income of 150 million yuan in the first three quarters of 2022, down 37.30% from the same period last year, and the net profit returned to the mother was-43.82 million yuan, down 211.54% from the same period last year; deducting the non-return net profit of-67.34 million yuan, down 491.76% from the same period last year. In the third quarter of 2022, the company achieved operating income of 41.5 million yuan, down 63.13% from the same period last year. The net profit returned to the mother was-26.83 million yuan, down 209.37% from the same period last year. The non-return net profit was 36.16 million yuan, down 331.68% from the same period last year.
Comments:
The company's income fluctuated due to the impact of the epidemic, and the market scale expanded and increased expenditure: in the first three quarters of 2022, the company realized operating income of 150 million yuan, down 37.30% from the same period last year, mainly due to the impact of the epidemic. The company's orders were delayed and operating income decreased compared with the same period last year. The homing net profit was-43.82 million yuan, down 211.54% from the same period last year, mainly due to the decline in profits caused by the decrease in operating income, in order to enrich the product line, increase investment in new products, increase R & D expenditure, and in order to open up the market scale, increase the input of market resources, as a result of the increase in sales expenses over the same period last year. Given that the company is still in a period of expansion, R & D and sales spending is expected to drive the release of new products in the future.
High R & D investment has achieved remarkable results, and the company's product standards have been repeatedly recognized: in the first three quarters of 2022, the company's R & D investment totaled 52.48 million yuan, an increase of 60.73% over the same period last year, accounting for 34.77% of the company's R & D investment in the third quarter of 2022. The company's R & D investment totaled 21.26 million yuan in the third quarter of 2022, an increase of 71.04% over the same period last year, accounting for 51.22% of business income.
The company pays attention to its own technology research and development and upgrading, in order to enrich the product line, continue to increase investment in new products. During the reporting period, the company's distributed multi-channel VOCs online detection and traceability system won the first prize of measurement control and instrumentation science and technology in Guangdong Province. in the food field, the company cooperated with China Food fermentation Industry Research Institute to carry out international leading liquor analysis technology based on full two-dimensional gas chromatography-mass spectrometry (GGT 0620), and launched liquor flavor components analysis and detection solutions. In the field of environmental monitoring, the company launched the water quality heavy metal on-line monitoring system ICP-MS1000 OW. The company's R & D investment has achieved remarkable results and has been repeatedly recognized.
Discount loans support the purchase and renewal of equipment, and the company is expected to increase the penetration rate of university customers: in September 2022, in order to further speed up the construction of scientific and technological innovation system in colleges and universities, the state needs new loans for the purchase and renewal of major instruments and equipment and the construction of supporting facilities for scientific research institutes in colleges and universities, and implement phased encouragement policies. The company focuses on innovation and research and development in the field of mass spectrometry, and has a variety of laboratory solutions, including organic mass spectrometry, inorganic mass spectrometry, clinical mass spectrometry, liquid chromatography and so on. To meet the diversified needs of mass spectrometry instruments in the scientific research and teaching fields of colleges and universities, with the support of the tax reduction policy, the company is expected to increase the customer penetration of universities and scientific research places and promote the volume of instruments.
Profit forecast, valuation and rating: we maintain the forecast of the company's homing net profit for 2022-2024 as 0.44max 0.64max 0.94 million yuan, EPS 0.63max 0.91max 1.35 yuan, the current price corresponding to 22-24 PE is 70-48-33 times, considering that the company is one of the few domestic enterprises that have fully mastered the core technology of mass spectrometry and built technical and product barriers, we are optimistic about the long-term development of the company. Maintain the "overweight" rating.
Risk tips: new product research and development failure or market promotion is not as expected; industrialization failure; intellectual property risk and so on.