What happened: the company released its third quarterly report for 2022. 1) revenue side: in the first three quarters of 2022, the company achieved revenue of 30.649 billion yuan, year-on-year-43.69%. 2) profit end: net profit of 2.169 billion yuan, year-on-year-62.29%; deduction of non-return net profit of 1.563 billion yuan, year-on-year-70.51%; cost side: the company realized gross profit of 20.97%, year-on-year-3.39pct; net profit rate of 7.23%, year-on-year-3.45pct. Where:
The sales / management / R & D / financial expense rates are 6.15%, 3.62%, 5.84%, 1.79%, respectively, compared with the same period last year + 0.98pct/+1.35pct/+0.44pct/-1.70pct.
2022Q3: the company achieved revenue of 9.349 billion yuan, year-on-year-21.94%, compared with Q2 month-17.17%; return to the mother net profit 453 million yuan, year-on-year-49.72%, month-on-month-44.06%; deduction of non-return net profit 360 million yuan, year-on-year-52.60%, month-on-month + 11.78%. The company's profitability has declined, with a gross profit margin of 21.41%, year-on-year-0.64pct, and net profit rate of 4.89%, year-on-year-2.58pct.
The downward adjustment of the industry affects performance, and the growth momentum of the three major sectors continues to increase over a long period of time: under the guidance of the concept of "making enterprises with Internet thinking and making products with extreme thinking", the company closely revolves around the goal of high-quality development. speed up the transformation and upgrading of digitization, intelligence and greening, speed up the layout of emerging plates, deepen the expansion of overseas markets, and continuously enhance the resilience and vividness of development, so as to achieve better business quality than that of the industry. Under the framework of the overall strategy of "equipment manufacturing + Internet" and "industry + finance", the development and layout of construction machinery, agricultural machinery + intelligent agriculture and Zoomlion new materials have been accelerated, and the growth momentum has been continuously strengthened. smooth the impact of periodic fluctuations in performance.
The repurchase shares are used in the employee stock ownership plan to strengthen long-term development confidence: the company intends to use its own funds to buy back part of the company's shares to implement the employee stock ownership plan at a repurchase price of no more than 9.19 yuan per share. The number of repurchased shares is not less than 2.5% of the total share capital of the company and not more than 5% of the total share capital; it is progressing smoothly, and as of September 30, 2022, the repurchased shares account for 2.74% of the total share capital of the company.
This buyback reflects the firm confidence of the company in the long-term intrinsic value and enhances investors' confidence in the company's long-term investment; the implementation of the employee stock ownership plan will further mobilize the enthusiasm of the team and effectively combine the interests of shareholders, the company and employees to promote the long-term and healthy development of the company.
Profit forecast: considering the dual effects of lower-than-expected business, domestic epidemic and macro-control, we downgrade the profit forecast. It is estimated that the company's net profit from 2022 to 2024 will be 3.671 billion yuan (3.678 billion yuan), 3.966 billion yuan (3.98 billion yuan) and 5.381 billion yuan (5.395 million yuan), respectively, with PE 12.98,12.01 and 8.85X respectively. Maintain a "buy" rating.
Risk tips: new business development is not as expected, rising raw material costs, exchange rate fluctuations, recurrent COVID-19 epidemic and macroeconomic situation uncertainty and other risks.