\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 845 Shanghai Baosight Software Co.Ltd(600845) )
Intelligent manufacturing has a high boom and maintains the "buy" rating
As a leading enterprise in the field of intelligent manufacturing and IDC in China, the company is expected to continue to benefit from the high prosperity of the intelligent manufacturing industry. We maintain the original profit forecast and add the profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 2.312, 2.904 and 3.655 billion yuan, and the EPS will be 1.52, 1.91 and 2.40 yuan / share. The current share price corresponds to 31.0, 24.7 and 19.6 times of PE, maintaining the "buy" rating.
Event: the company released its 2021 annual report, with high growth in annual performance
The company released its 2021 annual report. In 2021, it achieved an operating revenue of 11.759 billion yuan, a year-on-year increase of 15.01%; The net profit attributable to the parent company was 1.819 billion yuan, a year-on-year increase of 35.92%. The high growth of the company's annual performance is mainly due to: (1) the acceleration of merger and reorganization of Baowu group, the acceleration of superimposed intelligent upgrading and transformation, and the substantial increase of the company's software development income; (2) The application of industrial Internet platform and the climbing of IDC raised the company's comprehensive gross profit margin.
Software development: new products and new customers bring high growth
New products, PLC products developed by the company based on Baoxin industrial Internet platform, are expected to break through the current situation of "neck" that the metallurgical production line control system has long relied on imports, and continue to benefit from localization opportunities. For new customers, the merger and reorganization of Baowu group accelerated, driving the intelligent transformation and upgrading of the iron and steel industry. The company announced that the revenue of related parties in 2022 is expected to be about 9.1 billion yuan, a year-on-year increase of 38.61%. We believe that relying on the solid support of Baowu group and its own strong technical accumulation, the company is expected to continue to benefit from the high growth opportunities brought by new products and new customers.
IDC: backed by Baowu, with leading technology, it is expected to expand rapidly at low cost
The company's IDC business volume accelerated, and the listing rate of baozhiyun IDC phase V project increased steadily. Baozhiyun Luojing "supercomputing hub" project was included in the list of new data center projects supported by Shanghai Municipal Commission of economy and information technology in 2021. Hebei Baoxuan company was established, and the market expansion of bases such as Nanjing, Wuhan and Ma'anshan continued to advance. IDC's gross profit margin continued to rise. In September 2021, Shanghai Baoxin Energy Technology Co., Ltd. was established to focus on energy consumption technology research, which is expected to further reduce pue and raise gross profit margin. We believe that relying on the resource endowment of Baowu group and its own internationally leading operation and maintenance experience, the company is expected to boost the rapid expansion of IDC business.
Risk warning: the epidemic situation repeatedly affects the project delivery; The promotion of "counting from the east to the west" was less than expected.
