\u3000\u3000 Zhejiang Supcon Technology Co.Ltd(688777) (688777)
Performance maintained high growth, and industrial software and intelligent manufacturing solutions increased significantly
In 2021, the company realized a revenue of 4.519 billion yuan (+ 43.08%), a net profit attributable to the parent company of 578 million yuan (+ 36.54%), and a net profit deducted from non attributable to the parent company of 452 million yuan (+ 39.10%), maintaining a high growth rate throughout the year. In Q4 alone, the company achieved a revenue of 1.597 billion yuan (+ 46.51%) and a net profit attributable to the parent company of 245 million yuan (+ 34.62%). In the compound 20-21 years, the profit growth rate was 25.85%, maintaining a stable performance growth. The company achieved rapid growth, mainly due to the continuous improvement of market share of automatic control system DCS and higher growth of orders; At the same time, industrial software and intelligent manufacturing solutions have also achieved significant growth.
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) the new service model is effective and continues to release new intelligent manufacturing products
In recent years, the company has promoted 5S automatic housekeeper and S2B platform to realize Wuxi Online Offline Communication Information Technology Co.Ltd(300959) new service mode, driving the high growth of the company’s overall revenue. Under this mode, the company achieved an increase in the customer coverage of the process industry, broke through multiple top major customers, and further consolidated and improved its position in the Chinese market. At the same time, the company launched a new generation of control system, a new generation of real-time database, intelligent factory platform software and other products in 2021, and continuously increased the application scenarios of downstream intelligent factories.
Strategic stake in 22% of PCCW to strengthen intelligent manufacturing collaboration
The company acquired 22% equity of petrochemical Yingke with 561 million yuan. Based on industrial software, petrochemical Yingke has been deeply engaged in the informatization of energy and chemical industry for many years. PCCW has established cooperation with Sinopec engineering and more than a dozen design institutes, with 4 hardware, 33 platform products and 107 software products, totaling 144. Both central control and Sinopec Yingke have strong advantages in the field of petrochemical industry. The accumulation of know-how has great imagination and complementarity. Central control prefers automation and Sinopec Yingke prefers informatization. PCCW has accumulated a large number of expert talents in petrochemical system. The two sides can achieve a lot of cooperation in ERP and 5T technology to further promote the systematic implementation of intelligent factory.
Risk tip: investment in petrochemical and other industries declined, and the landing of industrial software was less than expected.
Investment advice: maintain the “buy” rating.
Based on the performance express, it is predicted that the revenue from 2021 to 2023 will be RMB 4.521/60.60/7.939 billion, with growth rates of 43% / 34% / 31% respectively, and the net profit attributable to the parent company will be RMB 578 / 741 / 956 million, corresponding to 62 / 48 / 38 times of PE, maintaining the “buy” rating.
