\u3000\u3 Guocheng Mining Co.Ltd(000688) 339 Beijing Sinohytec Co.Ltd(688339) )
Key points
Event: Beijing Sinohytec Co.Ltd(688339) released the annual report for 2021, and achieved an operating revenue of 629 million yuan in 2021, with a year-on-year increase of 9.97%; The net loss attributable to shareholders of listed companies was 162 million yuan, and the net loss attributable to shareholders of listed companies after deducting non recurring profits and losses was 178 million yuan, with a year-on-year increase in losses.
The increase in the proportion of bad debt provision led to the expansion of losses. The net loss of the company in the past 21 years increased year-on-year, mainly due to the increased provision for bad debt losses of accounts receivable of Shenlong bus and Zhongzhi automobile (Chun'an). The provision proportion of bad debt increased from 40% in 2020 to 90%, and some inventory falling price losses were accrued at the same time. The 21-year revenue of the company's main product fuel cell system was 518 million yuan, with a year-on-year increase of 3.63% and a gross profit margin of 40.4%, with a year-on-year decrease of 4.69pcts, mainly due to the decline of the company's sales pricing with the development of industry market competition.
Breakthrough in new product technology research and development, leading the market share of the industry. The company has completed the R & D of two new generation high-power fuel cell system products G120 and g80pro, and released fuel cell system products with rated power of 240kw at the end of 2021, with leading R & D capacity and technology. According to the company's annual report and the "road motor vehicle manufacturers and products" issued by the Ministry of industry and information technology, by the end of 2021, there were 499 hydrogen fuel cell models (excluding chassis) announced in the country, including 81 vehicle announcements equipped with the company's fuel cell system, accounting for 16.23%, ranking in the forefront of the industry.
Winter Olympics & Policy catalysis of demonstration urban agglomeration, Beijing Sinohytec Co.Ltd(688339) as the leader of system integration, will give priority to benefits. In the context of carbon neutralization, the hydrogen energy and fuel cell industry is one of the important starting points. The cost reduction process of fuel cells is advancing rapidly. The declaration of urban agglomerations is completed, the Winter Olympics will focus on demonstration, and the financing of local supporting and industry leading companies is also accelerating. More than 700 vehicles equipped with the company's fuel cell system were put into the winter (Paralympic) Olympic Games for traffic support, further promoting the commercialization and marketization of fuel cell vehicles. Fuel cell vehicles equipped with the company's products have been put into operation in Beijing, Zhangjiakou, Shanghai, Chengdu, Zhengzhou, Zibo and other cities.
The leading advantages of foreign-funded & industry recognized companies are prominent, and they plan to go to Hong Kong for listing and broaden financing channels. In August 2021, the company planned to issue 850991 shares to four specific objects including UBS, BAIC new kinetic energy, JPMorgan and Morgan Stanley through simple procedures, and the total amount of funds raised was no more than 200 million yuan. In order to further broaden the financing channels, the company is applying for an initial public offering of overseas listed foreign shares (H shares) and listing on the main board of the stock exchange of Hong Kong, and the relevant work is being carried out in an orderly manner.
Profit forecast, valuation and rating: affected by the epidemic, the rise in raw material prices and the intensification of competition with the industrialization process, we reduced the company's performance in 22 / 23 years and added 24 years. It is expected that the company's net profit attributable to the parent company in 22-24 years will be RMB 117 / 191 / 340 million (down 41% / 34%), and the corresponding PE of the current stock price is 80 / 49 / 27 times. Considering the high growth of the industry, the company's strong supporting ability and market expansion ability, self-produced power stack and large-scale, and there is a large room to improve its profitability, the company, as the first share of science and innovation board fuel cell, is expected to benefit from the high growth of the industry, be optimistic about the growth trend of the company and maintain the "buy in" rating.
Risk warning: competition intensifies, orders are less than expected, customer concentration is high, and the collection of accounts receivable is less than expected
