\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 100 Jiangsu Hengli Hydraulic Co.Ltd(601100) )
Events
The company announced the announcement of 2021 annual performance express, and the whole year of 2021: 1) the revenue in 21 years was 9.309 billion yuan, yoy + 18.51%; 2) The net profit attributable to the parent company was 2.694 billion yuan, yoy + 19.52%; 3) Deduct the net profit not attributable to the parent company of RMB 2.559 billion, yoy + 16.79%; 4) Net interest rate 28.94%, yoy + 0.24pct; 5) Deduct non net interest rate of 27.49%, yoy-0.41pct.
2021q4:1) achieved a revenue of 1.926 billion, a year-on-year increase of – 23.93% and a month on month increase of – 1.53%; 2) The net profit attributable to the parent company was 708 million, with a year-on-year increase of – 9.46% and a month on month increase of + 22.70%; 3) Net profit deducted from non parent company was 637 million, with a year-on-year increase of – 10.91% and a month on month increase of + 17.10%; 4) The net interest rate was 36.76%, year-on-year + 5.88pct, month on month + 7.26pct; 5) Deducting non net interest rate of 33.07%, yoy + 4.84%, mom + 5.26pct.
Comments
The market share of oil cylinder, pump and valve continues to increase, non-standard products continue to make efforts, and the anti cycle ability continues to be verified: the annual excavator sales volume in 2021 is + 4.6% year-on-year, of which the company achieved a year-on-year increase of 12% (estimated to be about 3.5 billion), a year-on-year increase of 24% (estimated to be about 1.7 billion), and a year-on-year increase of 38% (estimated to be about 3.2 billion) in the revenue of hydraulic pump and valve products, While the growth rate of excavator sales has narrowed, the company’s products still maintain a high growth rate. From the perspective of output, the market share of excavator cylinder has increased by 7.27pct, and we expect to continue to maintain stable growth.
Focusing on cost reduction and efficiency increase, the net profit rate in the fourth quarter increased significantly: under the guidance of the principle of cost reduction and efficiency increase, the company improved the process, reasonably allocated the production tasks of the product production line, improved the qualified rate of products, and the comprehensive product defect rate continued to decline; In the fourth quarter of last year, the net interest rate and non net interest rate increased by 5.88% and 4.84% year-on-year, with a greater increase month on month; The company strengthened internal management, accelerated technological innovation and product structure adjustment, ensured the stable supply of products by improving the existing production capacity, and spared no effort to meet the needs of downstream customers for high performance, high quality, high reliability and diversification of hydraulic parts.
The subsidiaries made concerted efforts to boost performance growth: affected by the continuous high growth of downstream excavator sales and the improvement of their own market share, all production lines were overloaded, and the sales of pump and valve products increased significantly; The products independently developed by hydraulic technology have been widely used in many fields, the share of small and medium-sized excavation and large excavation has been further improved, and the competitiveness in the field of excavator has been significantly enhanced; In addition to strengthening R & D and innovation and expanding the external market, we pay attention to internal management and steadily promote the process of informatization and intelligence, which provides a guarantee for maintaining good profitability and full competition in the future.
Profit forecast and investment rating: considering the downward fluctuation of construction machinery cycle and the fundamentals of the company, we lowered the profit forecast. It is estimated that the net profit of the company in 22-23 years will be 2.76 billion (the former value is 3.06 billion) and 3.06 billion (the former value is 3.6 billion) respectively, and the corresponding PE will be 27.67x and 25.04x respectively, maintaining the buy rating.
Risk tips: industry development policy risks; Market competition risk; exchange-rate risks; Price fluctuation risk of raw materials; The performance express is the preliminary calculation result, and the specific financial data shall be subject to the annual report disclosed by the company.
