Summary of events: on October 20, the company released its three-quarter report of 2022, with operating income of 262 million yuan in the first three quarters, an increase of 19.62% over the same period last year, a net profit of 45 million yuan, an increase of 15.53% over the same period last year, and a net profit of 37 million yuan after deduction, an increase of 23.22% over the same period last year. From the perspective of Q3 single quarter, the operating income was 94 million yuan, up 11.09% from the same period last year, 4.35% from the previous month, and the net profit from the home was 18 million yuan, up 11.34% from the same period last year, and 9.09% from the previous year.
The overall performance is in line with expectations, and revenue has maintained steady growth: the epidemic in the first half of 2022 has a great impact on the demand in the downstream optical fiber laser field. Since the second half of the year, with the marginal improvement of demand in the downstream optical fiber laser field, the optical communication field remains high, and the company's performance has ushered in a slight improvement. Q3 operating revenue has increased by 11.09% year-on-year and 4.35% month-on-month. At the same time, the gross profit margin has improved. Q3 comprehensive gross profit margin is 31.85%, which is higher than 22H1's 0.63pct. At present, the company is actively exploring the market of optical communications and fiber laser downstream applications. We believe that with the further recovery of downstream fiber laser demand, the company's performance has more room for improvement.
Continue to increase R & D investment, strengthen the layout of emerging areas and technological advantages: in recent years, the company's R & D expenditure rate has continued to increase, from 2018 to 2021, the R & D expenditure rate was 5.7% 6.5%, 7.4%, 8.2%, 22Q3, respectively, to 8.4%. At present, the company continues to expand optoelectronic components products and enrich related technology reserves in biomedical, consumer optics and other fields. In the field of AR, precision optical elements such as prism combinations, molded glass aspheric lenses and optical waveguide lenses developed by the company can be used in emerging consumer electronic products such as AR, biomedical field, and the company's precision optical components such as filters, polarization beam splitters, lenses, molded glass aspheric lenses, etc. have been used in endoscope systems, flow cytometry, DNA sequencing instrument, Raman spectrometer and other biomedical devices and equipment. "large field of view two-dimensional waveguide plate project", "holographic diffraction grating project", "array FAC Lens manufacturing process project", "vehicle lens project", "3D filter localization batch manufacturing process project" and other research projects continue to strengthen the company's technological advantages in emerging fields.
Lidar business is accelerated, helping to open up the company's future growth space: lidar companies can provide lenses, window slices, filters, prisms, mirrors and other precision optical elements, mainly used in lidar optical transmission systems. The company has passed the IATF16949 car specification certification in 2021, and currently continues to promote the adaptation certification with downstream mainstream customers, and the overall progress is expected. In the future, with the demand for downstream lidar, the lidar business is expected to fully open up the growth space for the company.
Investment suggestion: we estimate that the homing net profit of the company from 2022 to 2024 will be 0.90 plus 1.37 billion yuan respectively, corresponding to the PE multiple of 39X/25X/19X. As a technology-leading manufacturer in the field of precision optical components and optical fiber devices, the company will continue to promote the domestic substitution process of high-end products based on its own technology platform. On this basis, the company continues to expand the downstream application scenarios of its own products, and in the future, with the volume of downstream demand, it will further give the company performance flexibility and broad space for growth. Maintain the recommended rating.
Risk hint: downstream fiber laser field and optical communication field demand is not as expected, the new field expansion is not as expected.