\u3000\u3 Shengda Resources Co.Ltd(000603) Leon Technology Co.Ltd(300603) 300)
The three sectors go hand in hand, especially the high-tech leasing sector. In the 21st year, the net profit of income / scale was 2.61/498 billion yuan, yoy + 71% / 54%. The three sectors have achieved rapid growth, with high-speed aircraft leasing / building support equipment leasing / underground maintenance services of RMB 1.09/12.4/260 billion, yoy + 131% / 46.9% / 35.6%, and net profit of RMB 260269/70 million. The high machinery leasing sector benefited from the high prosperity of the industry and the increase of equipment ownership. The equipment support equipment leasing sector also accelerated its growth after completing the business integration of aluminum alloy formwork. The operating cash flow also continued to improve, with an operating cash flow of 1.1 billion yuan in 21 years, an increase of 570 million yuan year-on-year, and the profit quality has been verified.
The high-tech leasing sector continues to enjoy industry dividends. In 21 years, benefiting from the high average equipment rental rate (85.67%) and relatively stable rental price, the net interest rate of the high machinery leasing sector increased to 24%. By the end of the 21st century, the equipment management scale of high-tech platform had exceeded 47000 units, yoy + 125%, and the number of outlets exceeded 150, yoy + 150%. The operation of high-end aircraft leasing industry is in a secondary differentiation situation, that is, the head / tail lessors are relatively in good operation. The operating advantages of the head lessee come from many aspects, such as scale effect / information construction / brand effect / financing cost / business conditions, and the moat has been established. The end customers of high-end machines are mainly small b-end (subcontracting), and their brand recognition is expected to gradually increase.
The asset light mode was accelerated, and the information construction further built a moat. In the 21st year, the company promoted the "sublease" asset light mode in the high-tech sector, that is, the capital party / equipment idle party is responsible for the purchase of equipment, sublease it to the company at a certain price, and the company will lease it again, generating an income of more than 100 million yuan in the 21st year. At present, nearly 5000 sets of equipment are rented. Asset light reduces the pressure of capital expenditure to a certain extent, and the company obtains profit sharing by relying on management ability. In 22 years, the company will promote the landing of light assets. In the past 21 years, the high-tech platform has realized the functions of online procurement process, equipment life cycle management, business process management and financial management. In 22 years, the company will promote the transformation of digital system to intelligence, and simultaneously apply the high-tech digital experience to other business sectors to realize the digitization of the whole sector.
In the long run, multi sectoral coordination and multi category expansion will resist cyclical fluctuations and achieve long-term steady growth. The company's building support equipment / underground repair and maintenance / high machinery business covers the basic engineering / main structure / roof decoration / follow-up maintenance and other scenes in the process of building construction. There is synergy among various business segments and has the ability to cover the whole project cycle. We believe that digital construction will also promote the realization of collaboration. Based on the marketing network established by Gaoji, the company has introduced a small number of new equipment such as dishwasher / pile driver / spider cart / spider chandelier, which is also expected to achieve coordination in the construction machinery sector.
Forecast eps0 in 22-24 years 85 / 1.13/1.44 yuan (original value: 0.85/1.17 yuan in 22 / 23 years). In view of the high prosperity of high-speed aircraft leasing industry is expected to continue, the operation industry is the leader, has high brand recognition, and has good growth expectation in 22 years, maintains an average of 20 times PE of comparable companies in 22 years, the corresponding target price is 17 yuan, and maintains the "buy" rating.
Risk warning: the rental price of high-speed machines has fallen more than expected, the procurement risk is less than expected, and the equipment rental rate is lower than expected risk
