\u3000\u3 Guocheng Mining Co.Ltd(000688) 339 Beijing Sinohytec Co.Ltd(688339) )
Key elements of the report:
The Paralympic Games officially ended on February 13, 2023. In the one month Winter Olympic Games and winter Paralympic Games, hydrogen elements such as hydrogen fuel torch, hydrogen energy vehicle, hydrogen fuel cell electric vehicle and hydrogen energy UAV appear. The company plays an important role in the field of hydrogen energy passenger cars in the Winter Olympic Games.
Key investment points:
The Winter Olympics ended smoothly, and the low-temperature operation ability of the company’s products was verified: by the end of December 2021, Beijing Sinohytec Co.Ltd(688339) ‘s system has provided power for more than 1800 fuel cell vehicles in use in China, with an average driving mileage of 40000 kilometers. More than 1000 fuel cell vehicles will be put into operation in 2022 Beijing Zhangjiakou Winter Olympic Games, of which more than 700 are equipped with Beijing Sinohytec Co.Ltd(688339) hydrogen fuel system, accounting for nearly 70%. Based on the Foton model of BAIC, the company carries the fuel cell engine system of the company, and adopts the fuel cell stack and its auxiliary parts provided by Toyota to jointly develop two fuel cell bus models with a length of 9 meters and 12 meters for the needs of the Winter Olympics. Downstream, there are 465 supporting Beiqi Futian OUHUI buses, 85 Yutong buses, 80 Geely interstellar buses and Zhongtong Bus Co.Ltd(000957) 40 buses, mostly distributed in Zhangjiakou and Chongli competition area. The low-temperature operation ability of the company’s products has been widely verified.
Affected by the provision of bad debts, the losses in 21 years have expanded: the company issued a performance express announcement on February 26, realizing an operating revenue of 629 million yuan in 2021, a year-on-year increase of 9.97%; The net profits attributable to parent company and deducted from non parent company were -148 / – 164 million respectively, with a year-on-year decrease of 558% / 307%. The increase in loss was mainly due to the bad debt loss of accounts receivable. Considering the operation and collection of Shenlong bus and Zhongzhi automobile, the provision proportion of bad debt loss of accounts receivable increased from 40% in 20 years to 90%, resulting in a significant increase in bad debt loss of the company. In addition, the landing time of the demonstration city cluster is half a year behind expectations, and the industry competition has intensified in 21 years. The general price reduction of products also has a certain impact on the company’s profitability.
Continuous R & D iterations and building a technological moat: the company has always adhered to independent R & D, and released two new generation high-power products G120 and g80pro of 120kw and 80kW in 21 years, which achieved important breakthroughs in a number of core parameters while improving the rated power. As the new national subsidy scheme sets 50KW as the subsidy starting point, and the subsidy conditions for high-power heavy trucks are favorable, with the implementation of the demonstration urban agglomeration, the high-power products developed by the company are expected to improve the profitability of the company and create core technical barriers in the future, and the long-term fundamentals of the company are still good.
Profit forecast and investment suggestions: it is estimated that the operating revenue of the company in the 21st to 23rd years will be RMB 629 million, RMB 1714 million and RMB 2255 million respectively; Net profit attributable to parent company -148 / 172 / 228 million yuan; Maintain the company’s “buy” rating.
Risk factors: product iteration risk; Import dependence risk; Policy subsidy risk; Sales collection risk.
