Event description
On October 28, the company announced the third quarter report of 2022. According to the announcement, the company achieved sales revenue of 1.3 billion yuan in the first three quarters of 2022, an increase of 6.24 percent over the same period last year, and the net profit belonging to shareholders of listed companies was 175 million yuan, an increase of 38.77 percent over the same period last year.
Operating steadily, changes in business structure and product structure led to an increase in gross profit margin in the first three quarters of 2022. In the first three quarters of 2022, the company achieved a sales income of 1.3 billion yuan and a net profit of 175 million yuan belonging to shareholders of listed companies. In the current period, the company's product sales increased significantly compared with the same period last year, while changes in business structure and product structure led to a 3.72% increase in gross profit margin over the same period last year. Among them, the revenue of catalytic application technology in the current period increased by 9.16 million over the same period last year, and the revenue increased by 457.49%, leading to a 6.17% increase in net profit; the processing business with a higher gross profit margin increased by 17.63% over the same period last year; the gross margin of new products with higher average gross profit margin accounted for 18.76% of the total gross profit increase, which led to the improvement of the company's overall gross profit margin.
The list of national intellectual property advantage enterprises and demonstration enterprises to be identified in 2022 is based on the news of Kaili Xincai Wechat on September 27, 2022, and the State intellectual property Office on September 23, in accordance with the notice of the Office of the State intellectual property Office on carrying out the demonstration work of intellectual property Power Construction for Enterprises (State intellectual property Office letter No. 2022). Through the procedures of enterprise evaluation, recommendation and reporting, examination and confirmation, the list of 482 enterprises to be identified as national intellectual property demonstration enterprises and 2513 enterprises as national intellectual property advantage enterprises have been publicized.
Among them, five Shaanxi enterprises, including Kaili New Materials, were shortlisted in the list of national intellectual property demonstration enterprises.
The approval of the national postdoctoral research workstation will inject more connotation into the high-quality development driven by scientific and technological innovation.
According to the news on the company's official Wechat account on October 25, the Shaanxi Provincial Department of people and Society (Shaanxi letter (2022) No. 486) released the list of the first batch of newly established postdoctoral research stations in 2022, and Kaili new materials were approved.
Kaili Xincai owns National Local Joint Engineering Research Center of New Precious Metal Catalyst Research Technology, Shaanxi key Laboratory of Catalytic Materials and Technology, Shaanxi Precious Metal Catalyst Engineering Research Center, Shaanxi Academician expert Workstation, Shaanxi Enterprise Technology Center, Shaanxi Industrial (rare and Precious Metal Catalyst) Product quality Control and Technology Evaluation Laboratory, Shaanxi small and medium-sized Enterprises Innovation R & D Center, Xi'an postdoctoral innovation base and other platforms. The addition of the "national brand" platform marks a major breakthrough in the introduction and training of Kaili new materials, and will inject more connotation and power into the company's scientific and technological innovation-driven high-quality development.
Continue to invest in research and development, the core technology patent reserve continues to increase the company's R & D investment of 38 million yuan in the first three quarters of 2022, through the China knowledge Network patent retrieval platform search shows that a total of 19 patents can be retrieved in the third quarter.
Investment suggestion
It is estimated that the company's net profit from 2022 to 2024 will be 2.33,3.13 and 411 million yuan respectively, an increase of 43.1%, 34.6% and 31.3% over the same period last year. The corresponding PE were 48.05,35.68,27.17 times respectively. Maintain a "buy" rating.
Risk hint
Technical risk; risk of price fluctuation of precious metals; risk of concentration in downstream customer areas.