2023Q3 利润率同环比均下降，期间费用率小幅增加。2023 1-3Q 公司综合毛利率为19.96%，同减0.51pct；归母净利率6.04%，同减0.81pct。其中三季度公司综合毛利率为18.56%，同减2.42pct，环比下滑2.53pct；归母净利率4.45%，同减2.56pct，环比下滑2.97pct。期间费用方面，2023 1-3Q公司期间费用率为13.73%，同增1.41pct，其中销售/管理/研发/财务费用率同比分别变动0.72/0.38/0.31/-0.01pct 。三季度公司期间费用率为14.21%，同增1.22pct，其中销售/管理/研发/财务费用率同比分别变动0.76/0.42/0.10/-0.06pct。The company released its three-quarter report for 2023. The 2023 1-3Q achieved revenue of 2,768 billion yuan, a decrease of 9.48%; net profit of 167 million yuan, a decrease of 20.11%; and EPS of 0.24 yuan, a decrease of 17.24%. The company's additive and testing business has significant advantages. The Q3 operating cash flow improved markedly, maintaining the company's buying rating.
Key points to support ratings
Q3 Performance declined, and operating cash flow improved markedly. The revenue of 2023Q3 company was 953 million yuan, a decrease of 9.45%; net profit was 42 million yuan, a decrease of 42.49%. In the third quarter, the company's net profit to its mother declined significantly. In terms of cash flow, the company's net cash flow from operating activities in the first to third quarters of 2023 was 337 million yuan, a sharp increase of 108.59% over the previous year. Among them, the company's net cash flow from operating activities in the third quarter was 275 million yuan, a sharp increase of 1478.25% over the previous year. The company's cash flow performance improved markedly in the third quarter.
The profit margin for 2023Q3 declined from month to month, and the expense ratio increased slightly during the period. In 2023 1-3Q, the company's comprehensive gross margin was 19.96%, down 0.51pct; net profit margin was 6.04%, down 0.81 pct. Among them, the company's comprehensive gross margin for the third quarter was 18.56%, down 2.42 pct, down 2.53 pct from month to month; net profit margin was 4.45%, down 2.56 pct from month to month, down 2.97 pct from month to month. In terms of period expenses, the company's fee rate for the period from 2023 to 3Q was 13.73%, an increase of 1.41pct. Among them, the sales/management/R&D/financial expenses ratio changed by 0.72/0.38/0.31/-0.01pct, respectively. The company's expenses for the third quarter were 14.21%, an increase of 1.22 pct. Among them, the sales/management/R&D/financial expenses ratio changed by 0.76/0.42/0.10/-0.06 pct year-on-year, respectively.
The admixture and testing business has significant advantages, and the company can be expected to develop in the future. By the end of June 2023, the company's total domestic synthetic production capacity had reached 1,389 million tons. Kezhijie New Materials Group ranked first in the market share of Fujian, Guizhou, Chongqing, Hainan, Shaanxi and Shanghai. Among them, Fujian and Hainan had a market share of over 30% in the local market. In the field of testing business, Jianyan Testing Group Co., Ltd. has comprehensive testing and certification capabilities in multiple fields, and has a highly qualified and efficient technical service platform. It is the earliest inspection and certification agency in China to achieve “cross-regional and cross-field” development, with remarkable development advantages.
valuations
The company's performance declined in the third quarter, and we adjusted our profit forecast accordingly. In 2023-2025, the company's revenue is estimated to be 36.8 billion yuan, 40.7 billion yuan, and 4.63 billion yuan; net profit of net income is 250 million yuan, 320 million yuan, and 390 million yuan respectively; and EPS is 0.34, 0.45, and 0.55 yuan respectively. Maintain the company's buying rating.
The main risks faced by ratings
Production capacity investment fell short of expectations, raw material prices rose, and demand fell short of expectations.