\u3000\u3 Guocheng Mining Co.Ltd(000688) 187 Zhuzhou Crrc Times Electric Co.Ltd(688187) )
Event: on March 29, the company released its annual report for 2021. In 2021, the company achieved a total operating revenue of 15.121 billion yuan; The net profit attributable to the shareholders of the listed company is RMB 2.018 billion; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses is 1.525 billion yuan; The basic earnings per share is 1.63 yuan / share.
Due to the repeated slowdown of the epidemic situation outside China, the revenue of Beijing Emerging Eastern Aviation Equipment Co.Ltd(002933) business has increased significantly: due to the repeated impact of the epidemic situation outside China, the traffic volume and railway construction in China have slowed down, and the investment of China Railway Group has decreased year-on-year, which has a certain impact on the company’s rail transit sector. As a leading traction converter system supplier in China’s rail transit industry, the company still leads the industry in the market share of urban rail traction system in China for 10 consecutive years. Relying on its profound technical experience in the field of rail transit, the company actively explored the Beijing Emerging Eastern Aviation Equipment Co.Ltd(002933) market. The annual report disclosed that in 2021, the company’s Beijing Emerging Eastern Aviation Equipment Co.Ltd(002933) products achieved an operating revenue of RMB 2.572 billion, a year-on-year increase of 35.31%. The revenue of semiconductor devices increased by RMB 171.4 billion year-on-year, with a year-on-year increase of RMB 1.068 billion, of which the revenue of new energy devices increased by RMB 1.06 billion.
The high prosperity of new energy vehicle market brings new development opportunities for the company: according to the data of China Automobile Association, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles will reach 3521000 in 2021, with a year-on-year increase of 1.6 times. IVI Economic Research Institute predicts that the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles is expected to reach 5.2 million in 2022. The huge market opportunities contained in the new energy vehicle market will drive the demand of the company’s vehicle specification power devices and new energy vehicle electric drive system products. According to the company’s 2021 annual report, the company’s IGBT delivery volume in the field of new energy vehicles increased significantly in 2021. The annual delivery of electric drive systems of new energy vehicles exceeded 85000 sets, with a year-on-year increase of 171.32%. It was rated as the “independent head enterprise of electric drive systems” in the industry by NE era. In 2022, the company’s IGBT products are expected to further achieve rapid growth in the field of new energy vehicles.
Solidly invest in technology research and development to drive new growth in new energy vehicles, new energy power generation and other fields: the company’s 2021 annual report disclosed that in the field of power semiconductor technology, the company has a number of core technologies of IGBT, silicon carbide, advanced packaging and components and other related products, and completed 3.5% in the reporting period Development and certification of xmw outdoor photovoltaic inverter and booster all-in-one machine, formation and delivery, and completion of batch grid connection. In 2021, the company invested 1.785 billion yuan in R & D, accounting for 11.81% of operating revenue, with a year-on-year increase of 0.25%, and the proportion of R & D personnel increased to 35.28%. During the reporting period, 515 newly authorized patents were added, and 3145 patents are currently authorized and valid, of which invention patents account for 50%. It has undertaken 40 research projects supported by national, provincial and ministerial government agencies and industry competent units, and 26 national and industry standards.
Investment suggestion: we estimate that the company’s revenue from 2022 to 2024 will be 16.069 billion yuan, 17.011 billion yuan and 18.814 billion yuan respectively, and the net profit attributable to the parent company will be 2.104 billion yuan, 2.217 billion yuan and 2.386 billion yuan respectively, maintaining the “Buy-A” investment rating.
Risk tip: the prosperity of the industry is lower than expected; The production expansion progress is less than expected; Market development is less than expected.
