\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 882 Ningbo Haitian Precision Machinery Co.Ltd(601882) )
The annual net profit of the parent company was RMB 12.83 billion, a year-on-year increase of RMB 12.73 billion, of which the net profit of the parent company was RMB 12.73 billion, a year-on-year increase of RMB 12.73 billion, a year-on-year increase of RMB 2.71 billion.
Strong downstream demand led to a substantial increase in the company's machine tool sales. On the one hand, benefiting from the effective control of the epidemic in China and the impact of the overseas epidemic on the overseas supply chain, the demand of the export industrial chain in 2021 continued the high momentum since the second half of 2020. On the other hand, the sharp increase in the demand for equipment investment in aerospace and new energy industries in 2021 also boosted the demand for machine tools. Benefiting from this, the sales volume of CNC gantry center, horizontal machining center and vertical machining center of the company increased by 41%, 119% and 97% respectively year-on-year in 2021.
The trend of domestic substitution has accelerated. Affected by the overseas epidemic, China's machine tool industry has ushered in an excellent window for domestic substitution. China's leading enterprises seize the opportunity, continuously improve the comprehensive performance of products, highlight the advantages of cost performance and supply chain security, and accelerate the trend of domestic substitution. In 2021, the company continued to develop and verify functional components, and the core components of high-speed motorized spindle and five axle head were delivered in batches, further improving the comprehensive performance of products.
Overseas market expansion has achieved remarkable results. In 2021, under the harsh environment of repeated outbreaks of overseas epidemics, the company overcame difficulties and actively explored foreign customers. The overseas market achieved an operating revenue of 190 million yuan, an increase of 38.2% year-on-year, and completed the establishment and registration of Turkish subsidiaries and Malaysian subsidiaries.
Profit forecast and investment rating. At present, the company has sufficient orders on hand, and the contract liabilities reached 856 million yuan, a year-on-year increase of 36%. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 442 million yuan, 586 million yuan and 747 million yuan respectively, and the PE corresponding to the current share price will be 22.7 times, 17.2 times and 13.4 times respectively, giving the company a "overweight" rating.
Risk tip: the risk of repeated outbreaks in China; The risk of rising prices of raw materials; The risk of macroeconomic downturn; The risk of intensified industry competition.
