\u3000\u3 Shengda Resources Co.Ltd(000603) Leon Technology Co.Ltd(300603) 300)
Event: the company released the first quarterly report of 2022. During the reporting period, the company realized an operating revenue of 640 million yuan, an increase of 55% at the same time; The net profit attributable to the parent company was 107 million yuan, an increase of 41% (35% in the preliminary notice); The net inflow of operating cash flow was 248 million yuan, an increase of – 25% at the same time; The asset liability ratio was 61%, unchanged month on month.
Comments:
Changes in business structure affect the profit margin periodically: during the reporting period, the company’s comprehensive gross profit margin was 43.6%, with an increase of -7pct; The net profit margin is 16.7%, with a decrease of 1.6pct; Mainly due to the change of its business structure, the proportion of high-speed machine revenue has increased: Q1 is usually the off-season of high-speed machine leasing, the rental rate is low, and the costs such as depreciation are relatively rigid; In addition, the categories of the company’s support business are gradually diversified, and the profit margin of aluminum mold, climbing frame and other support products is slightly lower than that of subway steel support products. Net operating cash flow decreased slightly, but still 2.3 times of net profit; The main reasons for the year-on-year decrease of operating cash flow are as follows: 1) there is a certain pressure on downstream funds, and the superposition of epidemic situation has a certain impact on Dunning and collection; 2) Due to the impact of deferred tax expenditure in the early stage, various taxes paid in 22q1 reached 100 million yuan and 21q1 was 22 million yuan.
The high-speed aircraft leasing maintained a high boom and had the impact of the epidemic in the short term: during the reporting period, the company’s high-speed aircraft leasing achieved a revenue of 300 million yuan, an increase of 114% at the same time; The scale of management equipment reached 54000 units, with an increase of 122% and an increase of about 8000 units; Customers steadily expanded to 66000, an increase of 129% at the same time. The lease term of high-speed aircraft is usually short, and the equipment needs to be transferred among multiple customers in the region. The epidemic factors led to the delay of equipment circulation in some regions (from late March to now), which had a negative impact on the high aircraft rental rate and profit margin in the region. As China’s high-tech industry is still in the stage of accelerated penetration, after judging the impact of the epidemic, the rental rate and profitability will rise significantly.
Strategic cooperation with XCMG Glodon Company Limited(002410) Cheng light assets, with a scale of 500 million yuan: the light assets cooperation mode with XCMG Guanglian includes but is not limited to entrusted operation management, sublease and other modes. XCMG Guanglian will rely on XCMG’s high-quality supply chain system and strong equipment R & D system to empower the cooperation; Huatie will take this opportunity to further improve its operation efficiency and service level. The significance of this cooperation lies in: 1) XCMG, as the leader of engineering equipment manufacturing, recognizes the channel resources and management service ability of China Railway; 2) Reduce the subsequent capital expenditure pressure of Huatie, improve the certainty of medium-term performance growth, and help it transform and upgrade to equipment management service platform; 3) The attempt of Huatie trusted uplink T-box products outside the enterprise improves the transparency of leasing business through digital empowerment.
Profit forecast, valuation and rating: under the background of weak total demand for infrastructure and real estate, the company’s businesses maintain a high growth momentum. The core lies in: 1) the equipment leasing business represented by aerial work platform, aluminum formwork and civil steel support is still in the stage of accelerating penetration; 2) The equipment leasing industry has obvious scale effect and network effect, and the top enterprises are always strong with high probability. Continue to be optimistic about the development trend of equipment leasing industry and the company’s exploration of “asset light” mode; With the acceleration of the company’s management iteration and the continuous promotion of the digital strategy, its competitive advantage will gradually appear. Maintain the forecast of net profit attributable to the parent company from 2022 to 2024 of 688 million yuan, 878 million yuan and 1.133 billion yuan. Maintain the “buy” rating.
Risk tip: the rental return rate is lower than expected, the asset impairment risk, and the channel layout is lower than expected.
