Event: the company announced the mid-2022 report that the company realized operating income of about 730 million yuan in the first half of 2022, an increase of about 51.10% over the same period last year, and a net profit of about 88.84 million yuan, an increase of 68.28% over the same period last year. The net profit of non-return was about 78.56 million yuan, an increase of about 62.51%, an increase of about 62.51%, an increase of about 52.02%, and a single quarter net profit of about 53.91 million yuan, an increase of about 82.46% over the same period last year.
Comments:
Strong demand from major customers, depreciation of RMB against the US dollar, a big increase in income and a rise in gross profit margin.
1) due to the strong demand from major customers and the depreciation of RMB against the US dollar, the company's 2022H1 revenue increased by 51% compared with the same period last year, of which export revenue increased by 67%, and the share increased to 70.6%. In 2021, the profit income of the subsidiary was 150 million yuan and the net profit was 18.37 million yuan. 2022H1 realized an income of 120 million yuan and a net profit of 13.48 million yuan, reflecting the strong demand of Ikea. In terms of products, revenue from color glaze ceramics of leading products increased by 57% to 690 million yuan compared with the same period last year, revenue from new ceramic materials increased by 37%, and underglaze colorful porcelain and electric porcelain declined year on year.
2) due to the depreciation of RMB against the US dollar, the company's exports accounted for a high proportion, the gross profit margin of 2022H1 glazed ceramics increased by 5.78pct to 33.39% year on year, and the export gross profit margin increased by 6.34pct to 30.65% compared with the same period last year.
Increase in the number of people after listing, increase promotion efforts, increase depreciation and amortization, and increase the rate of sales management expenses. The company was successfully listed in 2021 and entered the rapid development channel. the number of employees at the end of 2021 was 5338, up from 4433 at the end of 2020. 2022H1's sales expense rate increased by 1.79pct to 7.82% compared with the same period last year, mainly due to a large increase in employee compensation and promotion expenses; 2022H1 management + R & D expense rate increased to 11.19% year-on-year, mainly due to a large increase in employee compensation, office expenses, depreciation and amortization. As the funds raised have not yet been used up, the interest income increases the superimposed exchange earnings, and the financial expenses of the company's 2022H1 are-5.47 million yuan, which is significantly lower than the 1.37 million yuan of 2021H1. The 2022H1 income tax rate increased by 1.76pct to 10.47% compared with the same period last year. Due to the large increase in gross profit margin, 2022H1 net profit margin increased by 1.16pct to 12.46%.
The development momentum of the company is good, the market share of daily ceramics is still low, horizontally expand the new materials of electric porcelain and ceramics. The company's financial health, high income, good momentum of development, according to the 250 billion market size calculation, the company's market share of less than 1%, there is a lot of room for development. Horizontal expansion of electric porcelain, ceramic new materials, the company has the production of 1000KV ultra-high voltage electric porcelain technology, optimistic about the company's horizontal expansion of business development.
Give a rating of "better than the market". The company has a large space to enhance the market share in the daily ceramic industry, horizontally expand the business of electric porcelain and ceramic new materials, and is optimistic about the company's medium-and long-term growth potential. We estimate that the company's income from 2022 to 2024 will be 17.1 yuan, 22.1 yuan and 2.85 billion yuan respectively, and the EPS will be about 0.92,1.17,1.52 yuan respectively. The company will be given a 2022 PE20-25 times, with a reasonable value range of 18.40 yuan and 23.00 yuan, with a "better than the market" rating for the first time.
Risk hint. Downstream demand slows sharply, RMB appreciates sharply against the US dollar, and new business expansion is slow.