\u3000\u3000 Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) (300083)
The company's revenue increased by 53.6% year-on-year in 21 years, and its net profit turned loss into profit
In 21 years, the company's revenue was 5.262 billion yuan (YoY: 53.60%), and the net profit attributable to the parent company was 500 million yuan (20-year loss of 697 million yuan), which turned losses into profits, slightly higher than the median value of the previous performance forecast; The corresponding 4q21 revenue is 1.143 billion yuan (YoY: 20.57%), and the net profit attributable to the parent company is 90.6119 million yuan (YoY: 110.74%). In 21 years, the gross profit margin of the company increased by 8.00pct to 30.03% year-on-year, and the expense rate during the period decreased by 4.59pct to 18.73% year-on-year. The driving force of the company's performance growth in the past 21 years comes from: 1) the steady growth of 3C product sales; 2) The business scale of general-purpose models increased multiple times.
3C products have consolidated their leading position in the industry, and the business scale of general-purpose models has increased multiple times
In terms of products: 1) 3C series products: the company has shipped more than 10000 drilling and tapping machines in 21 years, and the cumulative shipment of drilling and tapping machines has exceeded 80000 since its establishment. The company continues to consolidate the market share in 3C field and explore new applications in electronic cigarette, UAV, AR / VR and other new fields; 2) General series products: in the past 21 years, the company's shipments of vertical machining centers exceeded 10000 units, ranking first in China's industry. The shipments of horizontal machining centers, gantry, lathes and other products increased significantly year-on-year; 3) High end series products: in 21 years, the company's vertical five axis series machine tools began to go offline in batch, promoting the localization process of high-end equipment.
Adhering to the strategy of innovation driven development, breakthroughs have been made in the research and development of five axis and other high-end machine tools
In the past 21 years, the company's R & D expense was 221 million yuan (YoY: 35.85%), and the R & D expense rate was 4.20% (YoY: - 0.48pct); In addition, the company issued the report on issuing shares to purchase assets and raise supporting funds (Draft) (Revised), which plans to raise 1.3 billion yuan, of which 400 million yuan will be invested in the R & D project of high-end intelligent CNC machine tools and core functional components. In the past 21 years, the company applied for 86 intellectual property projects, with a year-on-year increase of 52.5%, and authorized 47, with a year-on-year increase of 161.11%; The company independently developed v-200u, v-400u, v-650u five axis machining centers and hmc-63 double exchange horizontal machining models, and launched 9 new models among drilling, horizontal machining, lathe and other series models.
The leading transformation of medium and high-end CNC machine tools has entered a new journey and maintained the "buy" rating
We maintain the expectation of revenue of 6.868/8.864 billion yuan in 22 / 23 years, and expect the revenue of 24 years to increase by 28.2% year-on-year to 11.363 billion yuan; Maintain the expectation that the net profit attributable to the parent company in 22 / 23 is 859 / 1140 million yuan. It is expected that the net profit attributable to the parent company in 24 years will increase by 29.8% year-on-year to 1.479 billion yuan, and the corresponding PE in 22 / 23 / 24 years will be 23.9 / 18.0 / 13.9 times respectively, maintaining the "buy" rating.
Risk warning: the demand is less than expected; New customer development and high-end product development were not as expected.
