\u3000\u3000 Chongqing Mas Sci.& Tech.Co.Ltd(300275) (300275)
Event: the State Council printed and distributed the national emergency system plan for the 14th five year plan. On February 14, 2022, the State Council printed and distributed the plan to the people’s governments of all provinces, autonomous regions and municipalities directly under the central government, ministries and commissions and institutions directly under the State Council. It is clear that during the 14th Five Year Plan period, improvements will be made in three aspects: still prominent potential risks, increasing difficulty in prevention and control and weak foundation of emergency management.
Take the safety guardian of mine production as the mission of Chongqing Mas Sci.& Tech.Co.Ltd(300275) . The company has been deeply engaged in the industry for more than 20 years. In the early stage of its establishment, taking safety detection as the starting point, the company has gradually formed a whole product system with the vision of “safety production Guardian” as the high standard and continuously and efficiently providing safety early warning and protection for the coal mining industry. At present, in the field of mining, the company takes coal mine personnel management, comprehensive management and control platform, all-in-one card Various monitoring and safety detection systems constitute the protection system of the whole production link.
The “troika” of “high downstream demand + Huawei entry + policy promotion” continues to strengthen the company’s core logic. Short term catalysis: coal supply is under pressure, which reflects the high demand of reducing manpower and improving efficiency in the coal mining industry. At present, coal prices are polarized in China and abroad. Affected by the epidemic and other aspects, as of February 14, the price of foreign single ton coal has increased to about 1600 yuan / ton, while China is controlled by the state, and price stabilization is the long-term main line. The difference between the two is mapped to the pressure on the supply side, which leads to the need for the mine to focus on fine management and control, and the demand for intelligent transformation increases rapidly.
Medium term promotion: Huawei’s entry drives the customer group to break the threshold. In 2021, Huawei established the coal corps and subsequently set up the “Kuang Hong” operating system. Combined with Huawei’s own strategic policy of “holding high and fighting high”, it will form a “smart mine ecosystem” with companies in the industry to form a two-way connection from top to bottom and from bottom to top. The company has launched a number of products suitable for “Kuang Hong” in recent two years, and the ecological partnership has been preliminarily established.
Long term policy promotion: eight ministries and commissions issued documents as “face”, coal mine electronic seals, “14th five year plan” emergency management planning and other policies as “point”, which are fully covered from “point” to “face”. Since the issuance of documents by eight ministries and commissions in 2020, a number of subdivision regulations have been continuously implemented, including the comprehensive promotion and construction of “electronic seals” in coal mines and the national emergency system plan for the 14th five year plan, so as to promote the intellectualization of coal mines to the important position of national security from point to area. We have sorted out the relevant intelligent mine policies in recent five years, and it is obvious that the strength of the policy is gradually increasing and subdivided, and mine safety is determined as the primary program. Recently Chongqing Mas Sci.& Tech.Co.Ltd(300275) signed electronic seal contracts with more than 10 coal mining units in Guizhou, Shandong, Xinjiang, Inner Mongolia and other places; At the same time, its own product system with safety detection as the core is very consistent with the corresponding requirements of emergency system planning. On the premise that the policy defines safety as the main line, it is expected to quickly implement the corresponding projects.
Investment suggestion: the company has multi-dimensional integrated R & D, sales and product forms, which can effectively form a first mover advantage in the new track. With the further promotion of policies and the high outlook of the industry, we slightly adjust the profit forecast. It is estimated that the company’s revenue from 2021 to 2023 will reach 321 million yuan, 533 million yuan and 975 million yuan respectively, and the net profit attributable to the parent company will be 38 million yuan, 83 million yuan and 158 million yuan, Maintain the “recommended” rating corresponding to PE multiples of 66x, 30x and 16x.
Risk warning: the promotion of intelligent mine is not as expected; Repeated outbreaks pose the risk of delivery delays.
