\u3000\u3 Shengda Resources Co.Ltd(000603) 901 Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) )
Event: Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) released the 2021 annual report, and achieved an operating revenue of 2.707 billion yuan in 2021, a year-on-year increase of + 34.03%; The net profit attributable to the parent company was 261 million yuan, a year-on-year increase of + 53.05%; Deduct the net profit not attributable to the parent company of 222 million yuan, a year-on-year increase of + 54.85%. The demand for packaging equipment in downstream milk, snack food and other industries increased, and the market competitiveness of the company's core products improved, resulting in the increase of the company's revenue and profit margin.
The sales proportion of intelligent packaging production line was further increased: in 2021, the company's intelligent packaging production line achieved a revenue of 1.04 billion yuan, a year-on-year increase of 44.2%, accounting for 38.6% of the total revenue; The gross profit margin was 34.4%, an increase of 0.8 percentage points over the same period last year. The revenue of standard stand-alone equipment was 1.07 billion yuan, a year-on-year increase of 31.5%; The gross profit margin was 29.7%, an increase of 0.1 percentage points over the same period last year. The company has diversified downstream customer groups, stable and high-quality customer resources, forming a strong market influence and brand effect. The two business segments have achieved high growth in 2021. Thanks to the strong growth of liquid food consumption in China, the dependence on high-speed, intelligent and flexible packaging equipment has increased; At the same time, the company seized the opportunity of import substitution in China's high-end packaging equipment market, and the sales proportion of intelligent packaging production line increased year by year, resulting in the improvement of the overall profitability of the company.
Extension and endogenous, improve the product line of liquid packaging equipment: the company made multiple acquisitions in 2021 and continued to expand the product line of liquid packaging equipment. Acquire Zhejiang Longwen precision, and expand the products to the manufacturing equipment of metal packaging cans; The capital added holding Hunan Boya intelligence, and replenishment of automatic equipment in the brewing section of Baijiu intelligent packaging line. It is intended to acquire 70% equity of Langfang Baiguan packaging and expand the company's products in the intelligent packaging production line of beverages such as aerated drinks and water. At the same time, continue to invest in R & D and improve the aseptic filling system applied to different market segments such as dairy products and beverages; Optimize the application technology of industrial Siasun Robot&Automation Co.Ltd(300024) . In 2021, the R & D expenditure was 164 million yuan, with a year-on-year increase of 36.7%, and the R & D expenditure rate reached 6.1%. With the gradual improvement of the company's industrial layout of liquid packaging equipment, the revenue gap between the company and its Chinese counterparts has increased and narrowed compared with its foreign competitors.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 360 / 480 / 617 million respectively, and the corresponding PE of the current stock price is 18 / 13 / 10 times. The import substitution of high-end packaging equipment will release huge demand. The company is the leader of China's intelligent packaging equipment, the growth rate remains the industry leader, and the market share is expected to continue to expand and maintain the "overweight" rating.
Risk warning: the risk of sharp fluctuations in the price of raw materials; The risk of intensified market competition and decline in gross profit margin; The risk of overseas epidemic repeatedly affecting export business.
