Events:
The company released its three-quarter report for 2022, with operating income of 311 million yuan in the first three quarters, an increase of 20.61% over the same period last year, net profit of 54 million yuan, an increase of 9.87% over the same period last year, and net profit of 49 million yuan after deducting non-return, an increase of 23.97% over the same period last year.
Comments:
1. Q3 income growth accelerated and profits exceeded expectations
We previously judged that the company's Q2 was affected by the epidemic in both places, and the business development and product acceptance were affected to a certain extent. The revenue growth rate was only 1.47%, which was significantly lower than the company's quarterly revenue growth rate since 2021. Q3 with the recovery of the epidemic, the company's revenue growth accelerated significantly, Q3 alone achieved revenue of 141 million yuan, an increase of 34.78% over the same period last year.
At the profit level, the company Q3 achieved a net profit of 29 million yuan, an increase of 44.12% over the same period last year, and a net profit of 29 million yuan, an increase of 78.59% over the same period last year, and the profit growth exceeded market expectations. We believe that the higher-than-expected growth in corporate profits is mainly due to the increase in gross profit margin (Q3 gross profit margin increased by 2.92pct compared to the same period last year) and the lower growth rate of expenses (the combined year-on-year growth rates of 22Q3 and 21Q3 are 18% and 30%, respectively).
2. the product ability is blessed, and the profitability is stable.
The company's gross profit margin for the first three quarters of the company was 73.09% (the gross profit margin for the first three quarters of the year was 70.91% and 70.88% respectively), and the net profit margin was 17.38% (the net profit for the first three quarters of the year was 11.08% for the first three quarters of the year). 16.73%), both higher than the same period in the past two years. We believe that the enhancement of the company's gross profit margin and net profit margin reflects the product strategy that the company has always maintained, and the company's human efficiency has maintained an increasing trend in the past two years.
3. Forward-looking business indicators guide Q4 is expected to accelerate and improve.
As of 9: 30, the balance of inventory in the company's balance sheet was 118 million yuan, an increase of 46.36% over the same period last year, faster than the 20.61% year-on-year growth rate of revenue in the first three quarters. Considering that the company's inventory can reflect the equipment issued by the company, we believe that the company has plenty of orders and business opportunities, and Q4 is expected to continue to accelerate growth.
Taking into account the good growth trend of the company, we maintain the original revenue forecast and estimate that the company's revenue for 22-24 is 685 million RMB 873 plus 1.112 billion yuan, and the net profit attributable to the parent is 1.92 million 233,000,000 yuan, maintaining the "buy" rating.
Risk hints: 1) repeated epidemic situation has led to the unexpected expansion and acceptance of the company's projects; 2) the implementation of financial innovation is not as strong as expected; 3) product innovation can not keep pace with the changing progress of external demand; 4) intensified competition in the industry.