\u3000\u3 Guocheng Mining Co.Ltd(000688) 015 Traffic Control Technology Co.Ltd(688015) )
Key points
The performance maintained steady growth, and the revenue and net profit reached a new high
Traffic Control Technology Co.Ltd(688015) in 2021, the operating revenue reached 2.58 billion yuan, with a year-on-year increase of 27.4%; The net profit attributable to the parent company was 290 million yuan, a year-on-year increase of 22.9%. The comprehensive gross profit margin was 35.6%, up 3.3 percentage points year-on-year, mainly due to the increase in the proportion of FAO system, urban rail transformation and other businesses with high gross profit margin; The net interest rate was 11.5%, down 0.3 percentage points year-on-year. The company plans to pay a dividend of 0.47 yuan per share and maintain the dividend rate at about 30%.
FAO system leads revenue growth
In the general contracting business of the company’s signal system in 2021, the operating revenue of CBTC / i-cbtc / FAO three systems was 140 / 81 / 1.18 billion yuan respectively, with a year-on-year change of – 6.8% / – 31.3% / + 190.8% respectively. In the past 21 years, the income of FAO system accounted for the highest proportion and increased significantly, from 19.9% to 45.5%; The gross profit margin of FAO system was 37.4%, up 2.6 percentage points year-on-year. FAO system is the mainstream trend of future product development. In the general contracting business of the company’s signal system, CBTC system will gradually transition to i-cbtc and FAO system; By the end of 2021, the company’s fully functional FAO line has reached 160 kilometers, which is in a leading position in the industry. The delivery capacity of the company’s key projects reached a new high. In 2021, the company helped 13 cities outside China to open a total of 18 lines in sections / whole lines, with an opening mileage of 318 kilometers, and four FAO lines were fully functional.
Increase R & D investment and maintain technical advantages
The company’s R & D expenditure in 2021 was 270 million yuan, with a year-on-year increase of 56.8%, and the R & D expenditure rate increased from 8.6% to 10.5%, so as to ensure its technological leading edge in the urban rail signal system market. In 2021, while upgrading i-cbtc and FAO technologies, the company continued to invest in the R & D and engineering of the next generation of train operation control system, and achieved breakthroughs based on core systems such as vehicle communication train control system (vbtc) and autonomous virtual marshalling operation system (avcos).
Sufficient orders on hand to ensure future growth
According to the annual report, the company won the bid for 6 new lines in 2021, with a new bid amount of 1.8 billion yuan for the signal system project; The total amount of newly signed contracts in 2021 is 1.87 billion yuan, of which the total amount of newly signed contracts for signal system engineering project is 1.44 billion yuan. The company has sufficient orders in hand and full orders to ensure long-term development.
It is recommended to pay active attention for a long time
According to the change of orders, we lowered the company’s net profit forecast for 22-23 years by 10.1% / 8.4% to 3.2/360 billion yuan, and introduced a net profit forecast for 24 years of 420 million yuan, corresponding to EPS of 22-24 years of 1.69/1.95/2.24 yuan respectively. The company is the leader in the autonomy of rail transit signal system, and it is suggested to pay active attention to it for a long time.
Risk tips: risk of changes in industrial policies, risk of product price reduction, and risk of unfavorable new business development
