\u3000\u3 Guocheng Mining Co.Ltd(000688) 078 Beijing Longruan Technologies Inc(688078) )
Event:
The company issued the announcement of 2021 annual performance express after the closing on February 24, 2022.
Comments:
The intelligent construction of coal mine has been strengthened, and the operating income of the company has achieved high growth
In 2021, the development momentum of the coal industry was good, the intelligent construction of coal mines was strengthened, and the company’s business grew steadily, realizing an operating revenue of 290 million yuan, a year-on-year increase of 46.74%. The total annual profit was 69 million yuan, the net profit attributable to the owner of the parent company was 62 million yuan, and the net profit excluding non recurring profits and losses attributable to the owner of the parent company was 59 million yuan, an increase of 21.38%, 22.76% and 20.01% respectively. The company continues to increase R & D investment and improve the construction of sales system, so as to lay the foundation for the sustainable growth of the company. In 2021, the company recognized the share based payment fee of 7.8045 million yuan due to the restricted stock incentive plan, which is included in the recurring profit and loss, which has a certain impact on the net profit. If the impact of this event is excluded, the net profit attributable to the owner of the parent company in 2021 was 70 million yuan, an increase of 38.14% year-on-year.
Revenue growth accelerated in the fourth quarter of 2021, and the coal mine intelligent industry was in a high boom cycle
In the fourth quarter of 2021, the company achieved an operating revenue of 119 million yuan, a year-on-year increase of 56.61%, which was significantly higher than the revenue growth in the first three quarters, verifying the judgment that the coal mine intelligent industry is in a high business cycle. According to the data disclosed by WeChat official account in January 19, 2022, as of the end of December 2021, 46 of the 71 first batch of intelligent demonstration mines have been used by the company, and the company has undertaken the “intelligent management and control platform and intelligent geological support system”, which is the first place in the country. In 2021, the company’s intelligent management and control platform, intelligent geological support system and other products successively assisted madiliang coal mine (Inner Mongolia) of Northern Anhui coal and electricity, Zhangshuanglou Coal Mine of Xuzhou Mining Group, Gengcun Coal Mine of Henan energy Yimei, Shuangxin mining industry of Inner Mongolia, Zhongtian hechuang menkeqing coal mine, Zuoquan Fusheng Coal Industry Co., Ltd. of Shanxi Lu’an Group Shanxi Puxian Hongyuan Group fujiaao coal mine (private enterprise) and other mines completed the acceptance of intelligent mines. The construction of intelligent coal mine in Zhangshuanglou mine of Xuzhou Mining Group is one of the “100 key tasks of ten key projects in 2021” undertaken by Jiangsu provincial government. The mine follows the “1 + 3 + n” model, that is, one map (“GIS”), one network (10000 megahertz ring network + 5g) and one cloud (private cloud), as well as “n” control systems such as intelligent coal mining, excavation and anti scour, The intelligent top-level design scheme of comprehensive perception, real-time interconnection, analysis and decision-making, autonomous learning, dynamic prediction and collaborative control of various subsystems above and below the well has been formed, and the preliminary results of “reducing personnel and improving efficiency and security” have been achieved.
Profit forecast and investment suggestions
The company has the independently developed longruangis platform, which is expected to fully benefit from the intelligent construction of coal mine. Referring to the announcement of 2021 annual performance express, the company’s operating revenue forecast from 2021 to 2023 is adjusted to 290, 402 and 541 million yuan, the net profit attributable to the parent is adjusted to 62, 103 and 150 million yuan, and the EPS is 0.88, 1.46 and 2.12 yuan / share, corresponding to 57.14, 34.53 and 23.78 times of PE. At present, the pettm of the computer (Shenwan) index is 48.4 times. Since the listing, the PE of the company mainly operates between 30-100 times. It is expected that the CAGR of the net profit attributable to the parent company in the next three years will be 43.40%. Considering the recent valuation level, the target PE of the company in 2022 will be adjusted to 50 times, and the corresponding target price will be 73.00 yuan. Maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; The company’s business scale is small and its bargaining power is weak; The intelligent construction of coal mine is not advancing as expected; The prosperity of the coal industry is down.
