\u3000\u3 Guocheng Mining Co.Ltd(000688) 060 Jiangsu Yunyong Electronics And Technology Co.Ltd(688060) )
The industry continued to boom and maintained the "buy" rating
Due to the repeated impact of the epidemic, the net profit of China's leading shares is 1.05 billion yuan / 2022, which is expected to be 1.05 billion yuan / 2023-2.2 billion yuan, compared with the original forecast of 1.05 billion yuan / 2023-2.2 billion yuan, which is 1.05 billion yuan / 2023-2.2 billion yuan, and the current net profit of China's leading shares is expected to be 1.05 billion yuan / 2023-2.2 million yuan, Maintain the "buy" rating.
Event: the company released its 2021 annual report, and its revenue increased rapidly in the fourth quarter
The company released its 2021 annual report. In 2021, the company achieved an operating revenue of 309 million yuan, a year-on-year increase of 17.58%; The net profit attributable to the parent company was 52 million yuan, a year-on-year decrease of 29.23%. The company's revenue accelerated in the fourth quarter, achieving an operating revenue of 163 million yuan, a year-on-year increase of 37.61%, the highest growth rate in a single quarter since 2020. The company's profit growth rate is lower than the revenue growth rate, mainly due to (1) the increase in operating costs caused by the rise in the price of chips and other components; (2) The share based payment fee generated from the implementation of equity incentive is about 8.82 million yuan; (3) The company expanded its team size, increased investment in R & D, sales and production, and increased its expenses by 33.95 million yuan year-on-year after deducting the impact of equity incentive.
The power grid investment is booming, and the power information construction is worth looking forward to
During the 14th Five Year Plan period, the State Grid and China Southern Power Grid increased investment in the field of smart grid, and the national power grid investment is expected to be 3 trillion yuan. The State Grid plans to invest 350 billion US dollars to break through the key core technologies of building a new power system, support the full development of power grid intelligence and informatization, and plan to basically build a smart grid by 2025. China Southern Power Grid plans to invest about 670 billion yuan to speed up the construction of digital power grid and modern power grid, focus on strengthening the construction of intelligence, digitization, power distribution and other fields, and plan to fully complete the digital power grid in 2025.
The company continues to increase its research and development, which is expected to benefit from the high prosperity of "double carbon"
The company increased R & D investment in edge computing, Internet of things, zero trust, trusted computing and other directions. In 2021, the company invested 503376 million yuan in R & D expenses, a year-on-year increase of 133.55%; The company has 112 R & D personnel, with a year-on-year increase of 77.78%. On the one hand, the company continues to dig deep into new scenes and new projects by using mature products and technology platforms, and on the other hand, it continues to carry out forward-looking technology research and development, which is expected to benefit from the "double carbon" high boom for a long time.
Risk warning: smart grid investment is less than expected; The company's R & D was less than expected.
