\u3000\u3 Guocheng Mining Co.Ltd(000688) 188 Shanghai Friendess Electronic Technology Corporation Limited(688188) )
Event: the company released the annual report of 2021.
Bus system & intelligent cutting head has a fast and large volume. The revenue increased rapidly in 2021. In 2021, the company achieved a revenue of 913 million yuan, a year-on-year increase of + 60.02%, mainly due to the high prosperity of the laser industry in 2021 and the continuous growth of the demand for laser cutting control system. In addition, the new products of intelligent cutting head have a fast and large volume. In terms of specific products: ① the servo system achieved a revenue of 300 million yuan, a year-on-year increase of 36.13%, and achieved a sales volume of 36600 sets, A year-on-year increase of 34.79%; ② The board system achieved a revenue of 290 million yuan, a year-on-year increase of 37.66%, and achieved a sales volume of 39600 sets, a year-on-year increase of 34.00%; ③ The market share of high-power products continued to increase, the revenue of bus control system was 140 million yuan, a year-on-year increase of 98.78%, and the sales volume was 3900 sets, a year-on-year increase of 97.81%; ③ Other businesses realized RMB 183 million, with a year-on-year increase of 164.09%. Among them, the intelligent cutting head business entered the rapid volume period, and the revenue of wave thorn in 2021 was RMB 82 million, exceeding the market expectation. In addition, we expect the revenue of nesting software to increase significantly.
The gross profit margin continued to perform well, and the decrease in investment income affected the level of net profit margin in 2021
In 2021, the company realized a net profit attributable to the parent company of 550 million yuan, a year-on-year increase of 48.46%, and a net profit attributable to the parent company after deducting non-profit of 544 million yuan, a year-on-year increase of 78.77%. The net profit margin in 2021 was 60.09%, with a year-on-year decrease of -4.66 PCT, and the profit level declined to a certain extent: ① at the gross profit margin end, the overall gross profit margin of the company in 2021 was 80.29%, with a year-on-year decrease of 0.44 PCT, maintaining an excellent level. Among them, the gross profit margins of servo system, board system, bus system and other businesses were 86.11%, 79.80%, 74.77% and 75.78% respectively, with a year-on-year decrease of + 0.13 / + 0.67 / + 0.29 / + 0.49 PCT respectively, The decline of overall gross profit margin is related to the increase in the proportion of bus system and other business income with low gross profit margin; ② On the expense side, the expense rate during 2021 was 22.81%, with a year-on-year increase of -3.02pct, of which the sales / management / financial expense rate changed by -0.09 / + 0.25 / – 3.18pct year-on-year. The financial expense rate was the main reason for the decrease of the expense rate during the period, and the decrease of the financial expense rate was mainly due to the increase of interest income in the current period. ③ We note that the company’s net investment income decreased to 33 million yuan in 2021 and 61 million yuan in 2020, which is the biggest factor leading to the decline of net interest rate in 2021. From the perspective of deducting non-profit, the company’s profitability has improved to a certain extent compared with that in 2020.
Fixed increment landing, intelligent cutting head & intelligent welding Siasun Robot&Automation Co.Ltd(300024) opens up the growth space of the company
In April 2022, the company’s fixed increase was implemented, with a total raised capital of 977 million yuan and an issue price of 266.68 yuan / share. It raised funds to invest in intelligent cutting head, welding Siasun Robot&Automation Co.Ltd(300024) and other projects to open up the company’s growth space: ① we expect that the scale of China’s intelligent cutting head market will exceed 3 billion yuan in 2025, and will continue to contribute rapidly to the performance with the increase of the production capacity of raised projects. ② We expect that the potential market scale of China’s intelligent welding Siasun Robot&Automation Co.Ltd(300024) will exceed 20 billion yuan in 2021; The company has developed the software and hardware prototype of weld tracking sensor, Siasun Robot&Automation Co.Ltd(300024) offline programming software demo and basic Siasun Robot&Automation Co.Ltd(300024) control system, and formed small-scale intention orders with customers, which will completely open the growth space of the company in the future. ③ The ultra-high precision drive control integrated R & D project helps to make up for the vacancy in the company’s relevant technical fields and lay the foundation for the company’s future industrial layout.
Profit forecast and investment rating: considering the impact of the epidemic on the manufacturing industry, we predict that the company’s net profit attributable to the parent company from 2022 to 2023 is expected to be 732 (former value of 7.52) and 974 (former value of 1.001) million yuan respectively, and the net profit attributable to the parent company in 2024 is expected to be 1.311 billion yuan. The corresponding dynamic PE of the current stock price is 37, 28 and 21 times respectively. Maintain the “buy” rating based on the company’s excellent profitability and growth.
Risk tip: the investment in manufacturing industry is less than expected, the profitability is declining, and the volume of new products is less than expected.
