\u3000\u30003 Guangxi Yuegui Guangye Holdings Co.Ltd(000833) 00083)
It is proposed to increase the shareholding by Tian Jin Bohai Chemical Co.Ltd(600800) million yuan for equity incentive and employee stock ownership plan. (1) The company announced on March 16, 2022: the company plans to use its own funds to repurchase part of the company’s social public shares in the form of centralized bidding transaction. The total repurchase amount is 200400 million yuan, and the repurchase price does not exceed 19.70 yuan / share (inclusive). All the repurchased shares will be used in the equity incentive plan or employee stock ownership plan. (2) On December 7, 2021, the company issued the first phase of employee stock ownership plan (Draft). The employee stock ownership plan sets priority shares and inferior shares according to the leverage ratio of 1:1, with a total amount of about 400 million yuan for the purchase of shares.
Set up investment companies, layout upstream and downstream, and further implement the extension expansion strategy. The company announced on March 11, 2022: in order to further ensure the safety of the supply chain, improve the industrial chain, integrate high-quality resources upstream and downstream of the industrial chain, give play to synergy, and improve the overall competitive strength and profitability of the company Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) invested RMB 50 million with its own capital to establish a wholly-owned subsidiary Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) investment (Shenzhen) Co., Ltd.
In 2022, there will be plenty of orders for machine tools on hand. The four factories of the company have been put into use. The existing production capacity is expected to support the output value of about 15 billion yuan. There is no new capital expenditure plan in the short term. The company sold about 25000 machine tools in 21 years. At the end of the 21st century, the company’s orders in hand (including intention) were about 7000 units; In the first quarter of 22, as of March 7, 22, the company added more than 4000 orders (signed contracts).
in Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) 21, China accounted for only 3% of the shipment volume of 25000 units, and the improvement of stock market and share is expected to support the rapid growth of the company. The stock replacement cycle of the industry has come. The service life of machine tools is 7-10 years. When the service life is approaching, the processing yield also decreases significantly. Therefore, the replacement of the stock market is rigid. From 2021 to 2024, the average renewal demand of metal cutting machine tools in China is about 800000, and the market scale is more than 100 billion.
The general field and new energy field are the main growth engines of the company’s future revenue. (1) Customers in the new energy automobile industry purchase CNC machine tool equipment, which is mainly used for the precision processing of batteries, chassis, shell, touch screen, motor, motor and other parts. In the future, the new energy vehicle industry will drive the rapid growth of lathes, wojia and Longmen. (2) In 2021, the company’s vertical machining center in the general field has nearly 10% of the market share, ranking first in the industry; In 2019, 2020 and 2021, the average monthly order production in the general field was 273 units, 395 units and 876 units respectively, and the revenue scale increased rapidly from 500, 1 to 2.2 billion yuan.
It is expected that the interest of non-financial institutions will have a small impact on the performance of non-financial institutions in 2022. The loan interest of non-financial institutions in 20192021 is RMB 11.85 million, 32.4 million and 92.4 million, which has a great impact on the operating performance in 19-21. With the completion of Guangdong Create Century Intelligent Equipment Group Corporation Limited(300083) M & A in Shenzhen, we expect to have a small impact on the operating performance in 2022.
Profit forecast, valuation and rating: we maintain the net profit attributable to the parent company from 2022 to 2024 as 929 million yuan, 1.313 billion yuan and 1.714 billion yuan respectively. At present, the PE corresponding to the market value of about 17.1 billion yuan is 18x / 13X / 10x respectively, maintaining the “buy” rating.
Risk tip: macroeconomic downturn risk, industry prosperity downside risk.
