\u3000\u3 Guocheng Mining Co.Ltd(000688) 078 Beijing Longruan Technologies Inc(688078) )
Event:
The company issued the 2021 annual report after the closing on March 28, 2022.
Comments:
In 2021, the operating performance of the company increased steadily, and the new orders increased by 141.36% year-on-year
In 2021, the company’s operating performance increased steadily, realizing an operating revenue of 291 million yuan, a year-on-year increase of 47.17%; The net profit attributable to the parent company was 630781 million yuan, a year-on-year increase of 24.30%; The net profit deducted from non parent company was 593712 million yuan, with a year-on-year increase of 19.77%; New orders reached 391 million yuan, a year-on-year increase of 141.36%. As for the same caliber, excluding the equity incentive expense of RMB 7.7692 million recognized in 2021, the net profit attributable to the parent company increased by 37.32% year-on-year. Among them, the income of intelligent mine industrial software was 238 million yuan, a year-on-year increase of 60.19%; The income of intelligent safety supervision and intelligent emergency system was 339429 million yuan, a year-on-year increase of 64.54%; Longruangis software and services realized a revenue of 136432 million yuan.
Pay attention to the accumulation of technology and the introduction of high-quality talents in the field of coal mine, and deepen the competitive advantage
In 2021, the company continued to make technological breakthroughs in the field of intelligent fully mechanized mining and intelligent control new technologies, with R & D investment of 361416 million yuan, a year-on-year increase of 75.60%, accounting for 12.43% of operating revenue. In June 2021, the National Energy Administration officially issued the guidelines for intelligent construction of coal mines (2021 version). Compared with the 12 key construction contents of intelligent coal mines in underground coal mines, the company’s products with independent technical system involve 7 contents. In addition, the company has strengthened the selection and introduction of high-quality compound talents, and actively absorbed college students and industry talents from China University of mining and technology, with a net increase of 67 throughout the year, which provides a strong guarantee for the company’s future business development and project implementation.
Continue to promote the application of intelligent mines, and the core products are applied to more than 40 pairs of demonstration mines
By the end of 2021, among the first 71 pairs of demonstration mines, the company’s core products have been successfully applied in more than 40 pairs of mines. 1) Intelligent integrated management and control platform: it was deeply promoted in Shaanxi coal group, coking coal group and Huainan group, and 36 pairs of intelligent management and control platforms for large and medium-sized mines were applied throughout the year; 2) Intelligent geological support system: complete the intelligent geological support projects of 6 pairs of Mines subordinate to China Coal Energy Company Limited(601898) , Shaanxi coal group, Shandong energy and other groups, with the contract amount ranging from one million to ten million; 3) Industrial Internet of things application system: the local general contracting mode of coal mine intelligent construction in Zhongling mining group of shuikuang group, Zuoquan Fusheng coal industry of Lu’an Group, Pansan mine of Huainan Mining (Group), Majiliang mine of Jinneng holdings, etc; 4) Intelligent mining ventilation system and service: successfully applied relevant technical achievements in the field of intelligent mining in Yujialiang coal mine of national energy group and Yangdong mine of Fengfeng Group, and won the bid for the project of “research and application of mine intelligent mining and safety management platform based on TGIS in Ningxia coal industry”.
Profit forecast and investment suggestions
The company has the independently developed longruangis platform, which is expected to fully benefit from the intelligent construction of coal mine. It is predicted that the operating revenue of the company from 2022 to 2024 will be 417, 586 and 814 million yuan, the net profit attributable to the parent company will be 97, 148 and 213 million yuan, the EPS will be 137, 2.08 and 3.01 yuan / share, and the corresponding PE will be 29.76, 19.61 and 13.57 times. At present, the pettm of the computer (Shenwan) index is 43.0 times, and the PE of the company has mainly operated between 30-100 times since its listing. It is expected that the CAGR of the net profit attributable to the parent company in the next three years will be 50.06%. Considering the current market conditions, the target PE of the company in 2022 will be adjusted to 45 times, and the corresponding target price will be 61.65 yuan. Maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; Market development is less than expected and industry competition intensifies; The intelligent construction of coal mine is not advancing as expected; The prosperity of the coal industry is down.
