\u3000\u3 Shengda Resources Co.Ltd(000603) Leon Technology Co.Ltd(300603) 300)
The aerial work platform sector developed strongly, with orders and revenue reaching a record high in the same period. By the end of 2021, the scale of the company’s aerial work platform equipment had exceeded 47000, double the growth compared with 2020, with more than 150 business outlets in China, the high and stable rental rate, and the rental price had increased compared with last year. From January to February 2022, the overall revenue was 341 million yuan, with a year-on-year increase of more than 60%. Among them, the core business aerial work platform sector maintained a strong growth momentum, the revenue of the sector was about 138 million yuan, with a year-on-year increase of more than 119%, the revenue accounted for 40.47%, and the rental rate increased steadily compared with the same period. The sustained and rapid development of high-tech aircraft leasing business is inseparable from the high-tech industry, and the sales of high-tech aircraft also maintained a high growth. According to the statistics of 11 lifting platform manufacturers by China Construction Machinery Industry Association, 16702 lifting platforms were sold from January to February 2022, with a year-on-year increase of 84.7%; Among them, there were 8003 sets in China, with a year-on-year increase of 72.7%; 8699 sets were exported, a year-on-year increase of 97.2%.
Ants should work together to upgrade the digital asset chain and promote the growth of digital asset chain. The company continues to explore the “asset light” mode, reduce capital expenditure by means of sublease, entrusted management or joint venture, and further improve the company’s future growth. In December 2021, the company introduced Peng Jiezhong, the former director of the shared travel business department of ant technology group, as the general manager of the company to accelerate the digital transformation strategy and effectively improve the company’s organizational structure. Subsequently, the company signed an agreement with ant chain to jointly explore the asset light operation mode and realize the data chaining of the whole process of leasing asset circulation. It is expected that the annual cooperation will be further promoted, and the functions of component life cycle management will be added and refined, which is expected to build an engineering equipment chain platform and help the digital upgrading of the industry.
The non-public fixed increase has been accepted by the CSRC, and the potential increase funds have been deposited. On March 18, the company announced that the submitted non-public offering of shares was accepted by the CSRC, which will promote the long-term development of Lido Gaoji leasing business. At the end of 2021, the company acquired the minority shareholders’ equity of Zhejiang YueShun / Hubei rentai / Zhejiang Jitong with its own and self raised funds. After receiving the transfer money, the acquiree promised to use 50% / 40% / 40% of the transfer money to purchase the company’s shares respectively. According to our statistics, the total amount reached 265 million yuan. At present, the industrial and commercial change registration of Zhejiang YueShun and Zhejiang Jitong has been completed.
Profit forecast and investment suggestions
As the company disclosed the performance express in early March, we adjusted the profit forecast, mainly raising the revenue of the construction support equipment leasing sector. The EPS from 2021 to 2023 were 0.54/0.85/1.17 yuan (original value: 0.53/0.83/1.06 yuan) respectively. Due to the high prosperity of the aerial work platform leasing industry is expected to continue, the company is the leader in the operation industry, has high brand recognition, and has a good growth expectation in 22 years. It maintains an average of 20 times PE of the comparable company in 22 years, and the corresponding target price is 17 yuan, maintaining the “buy” rating.
Risk warning: the rental price of high-end machinery is higher than the expected decline risk, the procurement is lower than the expected risk, and the equipment rental rate is lower than the expected risk
