The company released a third-quarter report that revenue in the first three quarters was 494 million yuan, an increase of 8.01% over the same period last year. Among them, Q1/Q2/Q3 realized revenue of 1.56 million yuan and 1.71 million yuan respectively, and 9.54% of revenue in the first three quarters was-4.86%, 21.29% and 9.54%, respectively. In the first three quarters, the company realized a net profit of 79 million yuan, an increase of 51.04% over the same period last year, of which Q1/Q2/Q3 achieved 0.14%, 0.33%, 0.31 million yuan, respectively,-17.75%, 119.12%, 60.29%, respectively. Realized deduction of non-return net profit of 69 million yuan, an increase of 51.18% over the same period last year, of which Q1/Q2/Q3 achieved 0.14, 0.31, 0.24 and-15.46%, respectively, 213.96% and 24.34% respectively. The reasons for the substantial increase in Q3 revenue and net profit are as follows: 1) by strengthening the collaborative management of the subsidiaries, the production efficiency is improved and the cost is effectively controlled; 2) the company continues to open up new customers and tap the potential of existing customers. improve product market share.
The gross profit margin has risen steadily on the whole, and the net profit margin continues to remain at a high level. In terms of profitability, the company's gross profit margin in the first three quarters was 33.50%, an increase of 1.78pct over the same period last year, of which Q1/Q2/Q3 gross profit margin was 30.17%, 36.84%, 33.19%, respectively, changing-0.86pct/+4.40pct/+1.40pct over the same period last year. In the first three quarters, the company's homing net interest rate was 15.90%, an increase of 4.53pct over the same period last year, of which the Q1/Q2/Q3 homing net interest rate was 9.22%, 19.20%, 18.75%, respectively, and the year-on-year change-1.45pctpic8.57pctpicpic5.93pctPowerQ2 net homing profit continued to maintain a stable profit level.
The overall expense rate is relatively stable, while the management expense rate is decreasing. In the first three quarters, the company's sales expense rate was 6.59%, which was higher than the same period last year. The sales expense rate fluctuated little in one quarter and was stable as a whole. In the first three quarters, the company's management expense rate was 7.44%, a decrease of 2.33pct over the same period last year, of which the Q1/Q2/Q3 management expense rate was 8.41%, 6.12%, 7.90%, respectively, and the year-on-year change-1.38pct/-3.05pct/-2.41pct, the management expense rate was effectively controlled. In the first three quarters, the company's R & D expenditure rate was 3.08%, a year-on-year decline in 0.70pct, with Q1/Q2/Q3 year-on-year change + 0.93pct/-3.51pct/+0.06pct, and the overall R & D expenditure rate decreased slightly. In the first three quarters of the company, the financial expense rate was 2.14%, an increase of 0.62pct over the same period last year, of which the Q1/Q2/Q3 financial expense rate was 1.95%, 2.03% and 2.43%, respectively, an increase of 0.31pct/0.50pct/1.05pct over the same period last year. The increase in the financial expense rate is mainly due to the increase in interest expenses on bank liquidity loans.
It is proposed to raise 602 million yuan through a fixed increase to invest in an annual production line of 18000 tons of high barrier composites. The company intends to issue no more than 46.9589 million shares to no more than 35 investors and raise no more than 602 million yuan to build a new high barrier composite production line with an annual output of 18000 tons. The project will help to enhance the company's core technological advantages in the field of high-performance composite materials, shorten the gap with foreign drug packaging products, help the company establish differentiation advantages, and further consolidate the company's position in the industry.
Profit forecast and valuation: we expect the company's net profit in 2020, 2021, and 2022, respectively, to be about 1.10, 155, and 197 million respectively, corresponding to PE, 36, 26, and 20X, maintaining a "buy" rating.
Risk tips: raw material price fluctuation risk, exchange rate fluctuation risk, intensified competition in the industry, new product expansion is not as expected, etc.
