Event: the company released its three-quarter report in 2022. During the reporting period, the company realized operating income of 2.789 billion yuan, year-on-year + 11.22%; net profit of 103 million yuan,-49.99%; and non-return net profit of 92 million yuan,-45.71% of the same period last year. In the third quarter alone, the operating income was 1.039 billion yuan, + 18.38% over the same period last year; the net profit was 42 million yuan, + 53.68%; and the non-return net profit was 40 million yuan, an increase of 50 million yuan over the same period last year.
Comments:
Benefiting from the commissioning of the new production line, the operating situation improved significantly in the third quarter.
Business improved quarter by quarter. In the third quarter, the company's gross profit margin was 13.83%, year-on-year-1.5pct, month-on-month + 1.16pct; net profit rate was 4.86%, year-on-year + 1.58pct, month-on-month + 0.22pct. During the reporting period, the period expense rate (excluding R & D expenses) was 6.56%, year-on-year-0.21pct, in which the sales / management / financial expense rate was 0.65%, 5.07% and 0.84% respectively, compared with the same period last year-0.37pct/+1.04pct/-0.87pct.
During the reporting period, mainly benefited from the successful completion and commissioning of Jiaozuo Ancai and Xuchang Ancai photovoltaic glass projects, the company's photovoltaic glass production capacity tripled compared with the same period last year, and the company's total daily melting capacity of photovoltaic glass expanded from about 900t/d to 2600t/d. In the future, it is expected that: 1) with the divestiture of some LNG and CNG businesses, the photovoltaic glass will further increase its revenue share, drive the gross profit margin and further optimize the business structure. 2) after the production line was completed and put into production in the third quarter, the production capacity was nearly doubled, and the year-on-year revenue growth in the third quarter was only + 18% compared with the same period last year. It will take time to turn production into output value. It is expected that the company's photovoltaic glass production and sales rate will continue to increase in the future. Considerable growth may be achieved in the fourth quarter.
Set up an Cai Glass Research Institute to continuously promote the development of one nuclear quadrupole.
Ancai Hi-Tech plans to set up Henan Ancai Glass Research Institute Co., Ltd. to carry out glass-related technology research and development, with a registered capital of 50 million yuan, in the form of cash and equipment assets. The company has established the industrial development pattern of "one nuclear and four poles". Adhere to glass manufacturing as the core, expand the photovoltaic industry, strengthen the photothermal industry, do refined gas industry, and cultivate high-end glass industry. The company has more than 20 years of electronic glass and more than 10 years of photovoltaic glass, high-end float glass manufacturing experience and technical development process, and has certain talent and technical advantages in the field of glass research and development and manufacturing. The establishment of Ancai Glass Research Institute will, on the basis of integrating internal technical personnel and R & D resources, implement the introduction of talents, strengthen independent research and development and industry-university-research cooperation, realize the transformation of scientific and technological achievements, and enhance the company's core competitiveness.
Profit forecast, valuation and rating: we are optimistic about the profound technical strength and background of Ancai Tech, and that the company has the advantage of self-supply of natural gas, maintaining the EPS forecast of 0.27,0.44,0.64 yuan in 22-24, and maintaining the "overweight" rating.
Risk hint: downstream demand is lower than expected, photothermal glass, medicinal glass business development risk.