力量钻石(301071)：22Q3实现归母净利1.11亿同增109% 市场需求持续+零售端布局把握全产业链机会

天风证券 · 11/04/2022

事件：公司发布2022 年度三季报。前三季度公司实现营收6.74 亿元，同增95.97%，实现归母净利润3.50 亿元，同增117.25%；其中2022Q3 公司实现营收2.27 亿元，同增80.09%，实现归母净利润1.11 亿元，同增108.85%。

收入端：公司2022 年前三季度实现营收6.74 亿元，同增95.97%，主要系产能持续增长，市场需求旺盛。分季度看，22Q1/Q2/Q3 分别实现营收1.92/2.56/2.27 亿元，分别同增126.88%/91.40%/80.09%。

毛利率：公司2022 前三季度毛利率为65.01%，同增1.96pct。分季度看，22Q1/Q2/Q3 毛利率分别为69.17%/67.50%/58.69%，分别同比+5.38/+1.39/-0.62pct。

费用端：公司2022 前三季度期间费用率为5.12%，同减4.23pct。其中①销售费用率为0.75%同减0.53pct；②管理费用率为1.63%，同减0.86pct；③研发费用率为4.59%，同减0.24pct；④财务费用率为-1.85%，同减2.60pct，主要由于利息收入和汇兑损益增长。

利润端：公司2022 前三季度实现归母净利润3.50 亿元，同增117.25%；归母净利率为51.89%，同增5.08pct。分季度看，22Q1/Q2/Q3 分别实现归母净利润1.01/1.38/1.11 亿元，分别同增147.81%/105.34%/108.85%，归母净利率分别为52.78%/53.89%/48.89%，分别同增4.46/3.66/6.73pct。

现金流端：公司2022 前三季度实现现金流量净额39.84 亿元，同增1485.27%。其中，经营活动产生的现金流量净额2.60 亿元，同增103.07%，主要因为收入增长，回款良好；投资活动产生的现金流量净额-3.60 亿元，同增76.66%，主要由于公司加大固定资产投资；筹资活动产生的现金流量净额40.83 亿元，同增1149.52%，主要由于发行新股所致。

投资建议：公司技术逐步突破，优品率、大颗粒占比逐步提升，生产效率及成本优势突出，同时已获批定增注册申请，2022 年正集中全力完成新厂区建设，迅速扩大产能规模，预计22 年底压机数量有望突破1000 台，凭借技术进步及产能拓张保持长期行业领先地位，同时公司正积极推进零售端布局，有望充分享受培育钻石行业全产业链红利。考虑到公司定增进展顺利，销售回款状态良好，我们上调公司22-24 归母净利润分别为5.0/9.1/13.6 亿元（前值为5.0/7.5/10.6 亿元），对应PE 分别为31x/17x/11x，持续推荐。

风险提示：产能扩张不及预期，价格波动风险，市场竞争加剧，疫情反复风险等

事件：公司发布2022 年度三季报。前三季度公司实现营收6.74 亿元，同增95.97%，实现归母净利润3.50 亿元，同增117.25%；其中2022Q3 公司实现营收2.27 亿元，同增80.09%，实现归母净利润1.11 亿元，同增108.85%。收入端：公司2022 年前三季度实现营收6.74 亿元，同增95.97%，主要系产能持续增长，市场需求旺盛。分季度看，22Q1/Q2/Q3 分别实现营收1.92/2.56/2.27 亿元，分别同增126.88%/91.40%/80.09%。毛利率：公司2022 前三季度毛利率为65.01%，同增1.96pct。分季度看，22Q1/Q2/Q3 毛利率分别为69.17%/67.50%/58.69%，分别同比+5.38/+1.39/-0.62pct。费用端：公司2022 前三季度期间费用率为5.12%，同减4.23pct。其中①销售费用率为0.75%同减0.53pct；②管理费用率为1.63%，同减0.86pct；③研发费用率为4.59%，同减0.24pct；④财务费用率为-1.85%，同减2.60pct，主要由于利息收入和汇兑损益增长。利润端：公司2022 前三季度实现归母净利润3.50 亿元，同增117.25%；归母净利率为51.89%，同增5.08pct。分季度看，22Q1/Q2/Q3 分别实现归母净利润1.01/1.38/1.11 亿元，分别同增147.81%/105.34%/108.85%，归母净利率分别为52.78%/53.89%/48.89%，分别同增4.46/3.66/6.73pct。现金流端：公司2022 前三季度实现现金流量净额39.84 亿元，同增1485.27%。其中，经营活动产生的现金流量净额2.60 亿元，同增103.07%，主要因为收入增长，回款良好；投资活动产生的现金流量净额-3.60 亿元，同增76.66%，主要由于公司加大固定资产投资；筹资活动产生的现金流量净额40.83 亿元，同增1149.52%，主要由于发行新股所致。投资建议：公司技术逐步突破，优品率、大颗粒占比逐步提升，生产效率及成本优势突出，同时已获批定增注册申请，2022 年正集中全力完成新厂区建设，迅速扩大产能规模，预计22 年底压机数量有望突破1000 台，凭借技术进步及产能拓张保持长期行业领先地位，同时公司正积极推进零售端布局，有望充分享受培育钻石行业全产业链红利。考虑到公司定增进展顺利，销售回款状态良好，我们上调公司22-24 归母净利润分别为5.0/9.1/13.6 亿元（前值为5.0/7.5/10.6 亿元），对应PE 分别为31x/17x/11x，持续推荐。风险提示：产能扩张不及预期，价格波动风险，市场竞争加剧，疫情反复风险等

Event: the company released its third quarterly report for 2022. In the first three quarters, the company realized revenue of 674 million yuan, an increase of 95.97%, and a net profit of 350 million yuan, an increase of 117.25%. Of this total, 2022Q3 achieved a revenue of 227 million yuan, an increase of 80.09%, and a net profit of 111 million yuan, an increase of 108.85%. Revenue side: the company achieved revenue of 674 million yuan in the first three quarters of 2022, an increase of 95.97%, mainly due to the continuous growth of production capacity and strong market demand. On a quarter-by-quarter basis, 22Q1/Q2/Q3 achieved revenue of 1.92 million yuan, respectively, with an increase of 126.88%, 91.40% and 80.09% respectively. Gross profit margin: the company's gross profit margin in the first three quarters of 2022 was 65.01%, with an increase of 1.96pct. From a quarterly point of view, the gross profit margin of 22Q1/Q2/Q3 is 69.17%, 67.50%, 58.69%, respectively, compared with the same period last year + 5.38/+1.39/-0.62pct. Expense side: the expense rate during the first three quarters of 2022 is 5.12%, which is the same as minus 4.23pct. Among them, the ① sales expense rate is 0.75% and minus 0.53pct; the ② management expense rate is 1.63%, minus 0.86pct; the ③ R & D expense rate is 4.59%, minus 0.24pct; and the ④ financial expense rate is-1.85%, with the same minus 2.60pct, mainly due to the increase in interest income and exchange gains and losses. Profit side: the company achieved a net profit of 350 million yuan in the first three quarters of 2022, an increase of 117.25%; the net interest rate was 51.89%, with an increase of 5.08pct. From a quarterly point of view, 22Q1/Q2/Q3 achieved a net profit of RMB 1.01 billion, respectively, an increase of 147.81%, 105.34%, and 48.89%, respectively, and an increase of 4.46/3.66/6.73pct, respectively. Cash flow side: the company realized net cash flow of 3.984 billion yuan in the first three quarters of 2022, an increase of 1485.27%. Of this total, the net cash flow from operating activities was 260 million yuan, an increase of 103.07%, mainly due to income growth and good payback; the net cash flow from investment activities was-360 million yuan, an increase of 76.66%, mainly due to the company's increased investment in fixed assets; the net cash flow from fund-raising activities was 4.083 billion yuan, an increase of 1149.52%, mainly due to the issuance of new shares. Investment suggestion: the company has gradually made breakthroughs in technology, gradually improved the rate of superior products and the proportion of large particles, and has outstanding production efficiency and cost advantages. at the same time, it has been approved to increase the registration application, and it is concentrating on completing the construction of the new plant in 2022, rapidly expanding the scale of production capacity. it is expected that the number of presses will exceed 1000 by the end of the 22nd, and it will maintain a long-term leading position in the industry by virtue of technological progress and capacity expansion. At the same time, the company is actively promoting the layout of the retail end. It is expected to fully enjoy the dividend of the whole industry chain of the diamond industry. Taking into account the smooth progress of the company's fixed growth and the good state of sales payback, we have raised the company's 22-24 net profit to 9.1 billion yuan respectively (the previous value is 7.5 trillion yuan), and the corresponding PE is 31x/17x/11x, which is continuously recommended. Risk hints: capacity expansion is less than expected, risk of price fluctuation, intensified market competition, recurrent risk of epidemic, etc.

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