\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 126 Beijing Sifang Automation Co.Ltd(601126) )
Performance: in 21 years, the company achieved a revenue of 4.298 billion yuan, a year-on-year increase of + 11.26%; The net profit attributable to the parent company was 452 million yuan, a year-on-year increase of + 31.38%. Among them, 21q4 company achieved a revenue of 1.195 billion yuan, a year-on-year increase of + 5.17% and a month on month increase of + 4.95%; The net profit attributable to the parent company was 67 million yuan, with a year-on-year increase of - 32.89% and a month on month increase of - 49.76%.
The profitability remained stable and the expenses during the period continued to be optimized. In 21 years, the gross profit margin and net profit margin of the company were 36.03% / 10.53% respectively, with a year-on-year ratio of -0.63 / + 1.80pct, and the profitability remained stable. The company continued to promote cost reduction and efficiency increase, and the rate of sales, management, finance and R & D expenses decreased in 21 years.
The relay insurance business grew steadily and its profitability improved slightly. In 21 years, the company's relay insurance business income was 1.964 billion yuan, with a year-on-year increase of + 0.93%, and the gross profit margin was 47.68%, with a year-on-year increase of + 2.22pct. The technical strength of the company's intelligent transportation inspection products is leading in the industry, and the market promotion has been smooth in 21 years.
The business of power generation enterprises and power system grew rapidly, and the number of new energy contracts continued to increase. In 21 years, the revenue of power generation and enterprise power system of the company was 1.379 billion yuan, with a year-on-year increase of 53.70%, and the gross profit margin was 29.34%, with a year-on-year increase of -9.95pct. The gross profit margin was mainly affected by the change of product structure. Benefiting from the continuous strong demand for downstream wind power and photovoltaic, the business related to new energy power generation has achieved rapid growth. The newly signed contract amount in 21 years has increased by more than 40% year-on-year, which is expected to continue to contribute to the performance.
The research and development of new power distribution products and market expansion continued to advance, and power electronics grew steadily. In the 21st year, the company's power distribution and power electronics business realized revenue of 507 / 394 million yuan respectively, with a year-on-year increase of - 20.37% / + 8.83%. In the past 21 years, the company has actively promoted the research and development of new products and market expansion of power distribution business, further improved the market share in the field of power distribution, and actively expanded the overseas market in the field of power consumption. In the power electronics business, SVG products have successively won multiple large-scale frame bidding projects.
Investment suggestion: the company's net profit attributable to the parent company in 22-24 years is expected to be 538 / 652 / 794 million yuan, yoy + 19.0% / 21.2% / 21.9%, EPS is 0.66/0.80/0.98 yuan, maintaining the "buy" rating.
Risk tips: macroeconomic risks, the growth rate of power grid investment is lower than expected, and the new installed capacity of new energy is lower than expected
