\u3000\u3 Guocheng Mining Co.Ltd(000688) 557 Bluesword Intelligent Technology Co.Ltd(688557) )
Events
Annual report of the company in 2021: the operating revenue was 604 million yuan, with a year-on-year increase of 33.7%; The net profit attributable to the parent company was 81 million yuan, a year-on-year decrease of 3.87%.
Key investment points
The number of newly signed orders exceeded 1 billion, and there were many breakthroughs in new and old industries
In 2021, the company achieved an operating revenue of 604 million yuan, a year-on-year increase of 33.7%; The newly signed orders totaled 1.028 billion yuan, achieving key breakthroughs in new energy / communication equipment / agriculture and animal husbandry, and the cumulative orders signed with Contemporary Amperex Technology Co.Limited(300750) / Muyuan Foods Co.Ltd(002714) leaders of relevant industries reached 215 million yuan and 143 million yuan respectively. The company’s general equipment manufacturing business achieved a revenue of 532 million yuan in 2021, a year-on-year increase of + 34.9%. The sales volume of main products such as warehousing / handling / shuttle Siasun Robot&Automation Co.Ltd(300024) and so on achieved an order of magnitude breakthrough in 2021. In 2021, the company continued to obtain orders from the Japanese market, and has successfully realized product application in the overseas service center of third-party logistics, and the product strength has been internationally recognized. By the end of 2021, the company’s orders on hand were 984 million yuan, and the orders on hand were full or laid the foundation for the company’s growth.
The price of raw materials is rising, and the profitability is under pressure in the short term
In 2021, the net profit attributable to the parent company was 81 million yuan, a year-on-year decrease of 3.87%; The gross profit margin was 34.5%, with a year-on-year decrease of 9.11 PCT, mainly due to the rise in the price of raw materials and the year-on-year increase of 55.3% in operating costs due to the impact of the epidemic and the “power restriction” of energy conservation and emission reduction; The net interest rate was 13.3%, with a year-on-year decrease of 5.21 PCT, of which the company received 32 million yuan of software tax rebate income and scientific and technological innovation subsidies / rewards in 2021, which were included in other income; During the period, the expenses changed slightly. The sales expenses accounted for 8.3% of the operating revenue, with a year-on-year increase of 0.17pct, and the management / financial expenses accounted for 15.5% / – 0.07% of the operating revenue, with a year-on-year decrease of 0.02/0.16pct.
The proportion of R & D expenses increased, and the advantages of software and hardware technology laid the foundation for long-term development
In 2021, the company invested 62 million yuan in R & D, accounting for 10.2% of operating revenue, with a year-on-year increase of 1.4pct; The company has 311 R & D personnel, accounting for 31.1% of the total number of employees, with a year-on-year increase of 22.9%, laying the foundation for continuous innovation. The company continues to promote the research and development of software and hardware. In terms of hardware, the company develops new technologies on traditional products, optimizes AGV models, improves product added value and application efficiency, and develops new products such as air Siasun Robot&Automation Co.Ltd(300024) , production line logistics Siasun Robot&Automation Co.Ltd(300024) and so on to broaden product application scenarios; In terms of software, the company independently developed the digital twin system, which is a full process 3D logistics platform integrating dynamic modeling, virtual simulation, offline debugging, 3D monitoring, predictive maintenance and intelligent optimization, so as to further improve the company’s system integration ability.
The industry is in a period of rapid growth, and the company’s performance is flexible
In recent years, the total cost of logistics in China has increased year by year, while the cost of traditional warehousing personnel has increased and the number of personnel has decreased. China’s overall logistics operation efficiency is still at a low level compared with developed countries. The intelligent logistics system can reduce costs and increase efficiency, which meets the needs of the development trend of intelligent manufacturing. The industry is in a period of rapid growth. The company has competitive advantages in system integration and software development capabilities and independent research and development of core logistics equipment. The product power has been recognized by the international market, or is expected to benefit from the rapid growth of the industry and greater performance flexibility.
Profit forecast
It is estimated that the company’s revenue from 2022 to 2024 will be 842 million yuan, 1136 million yuan and 1486 million yuan respectively; The net profit attributable to the parent company is 123 million yuan, 166 million yuan and 217 million yuan respectively, and the corresponding dynamic PE of the current stock price is 20, 15 and 12 times respectively. Give a “recommended” rating.
Risk tips
Risk that customer orders cannot be sustained; Risk of rising raw material prices; Risk of new orders falling short of expectations; Risk of loss of core technical personnel, etc.
