\u3000\u3 China Vanke Co.Ltd(000002) 415 Hangzhou Hikvision Digital Technology Co.Ltd(002415) )
Event:
The company issued the 2021 annual performance express after the closing on February 22, 2022.
Comments:
Prudently cope with the uncertainty of the business environment outside China, and the company’s performance achieved steady growth in 2021
In 2021, the company carefully responded to the uncertainty of the business environment outside China, continued to take customer demand as the guide and technological innovation as the driving force, and maintained sustained and steady growth of performance. In 2021, the company achieved a total operating revenue of 81.301 billion yuan, a year-on-year increase of 28.03%; The operating profit was 18.471 billion yuan, a year-on-year increase of 21.55%; The total profit was 18.468 billion yuan, a year-on-year increase of 20.92%; The net profit attributable to the parent company was 16.784 billion yuan, a year-on-year increase of 25.39%; The net profit deducted from non parent company was 16.429 billion yuan, with a year-on-year increase of 28.29%. From the perspective of gross profit margin, the gross profit margin of the company in the first three quarters was 46.33%, which remained stable in the case of supply chain shortage and rising raw material prices in the whole industry, mainly due to the company’s further promotion of refined operation and management. According to the record of public investor relations, in the first three quarters, the company’s innovative business achieved an operating revenue of 9.24 billion yuan, a year-on-year increase of 88.6%.
Invest in the construction of Haikang Siasun Robot&Automation Co.Ltd(300024) intelligent manufacturing base and improve the production and delivery capacity of its own products
On January 19, the company issued the announcement on the investment and construction of Haikang Siasun Robot&Automation Co.Ltd(300024) intelligent manufacturing (Tonglu) base project by its holding subsidiary, announcing that Haikang Siasun Robot&Automation Co.Ltd(300024) intelligent manufacturing (Tonglu) base project will be built with self raised funds of 1.534 billion yuan, with a planned land area of 190 mu in Tonglu County, Hangzhou, The planned construction area is about 310000 square meters, which is used to build the intelligent manufacturing factory of Haikang Siasun Robot&Automation Co.Ltd(300024) . Investing in the construction of Haikang Siasun Robot&Automation Co.Ltd(300024) intelligent manufacturing (Tonglu) base is one of the important measures for Haikang Siasun Robot&Automation Co.Ltd(300024) to continuously cultivate the field of intelligent manufacturing and help the development of global intelligent manufacturing. The implementation of the project can further improve the customized production and delivery capacity and market competitiveness of Haikang Siasun Robot&Automation Co.Ltd(300024) own products, promote the development of Haikang Siasun Robot&Automation Co.Ltd(300024) business, and provide important support for the implementation of the company’s strategic plan.
Complete the grant of equity incentive plan in 2021 and bind core employees to escort long-term development
In October 2021, the company issued the restricted stock plan for 2021 (Draft), which set the unlocking conditions as that the compound growth rate of revenue is not less than 15% and the roe of the previous year is not less than 20%. We believe that this incentive plan covers a wide range, has many levels of performance assessment, and the assessment objectives are in line with the company’s steady business strategy. It is expected to bind the company’s core employees, fully mobilize the team’s enthusiasm and escort the company’s long-term development. In January 2022, the company completed the grant of restricted shares to 9738 people, with 97402600 shares actually granted, accounting for 1.04% of the total share capital of the company on the grant date.
Investment advice and profit forecast
The company provides global users with intelligent Internet of things solutions and big data services with video as the core. It has comprehensive advantages in technology, products and solutions, and has broad growth space in the future. Referring to the 2021 annual performance express, the company adjusted its operating revenue forecast from 2021 to 2023 to 81.301, 96.723 and 112494 billion yuan, adjusted its net profit attributable to the parent company to 16.784, 20.53and 23.842 billion yuan, and EPS to 1.78, 2.13 and 2.53 yuan / share, corresponding to 27.12, 22.70 and 19.09 times of PE. Considering: EBG business has a large industrial space and maintains rapid growth; Rapid development of innovative business; In the past five years, the PE of the company has mainly operated at 20-50 times. With reference to the recent PE valuation level of the company, the target PE of the company in 2022 is adjusted to 35 times, and the corresponding target price is 74.55 yuan. Maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; The demand release of enterprise digital transformation is less than expected; Overseas market expansion is less than expected; The development of innovative business is less than expected; Industry competition intensifies.
