\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 582 Tiandi Science & Technology Co.Ltd(600582) )
Matters:
The company released its annual report for 2021, realizing an operating revenue of 23.571 billion yuan, a year-on-year increase of 14.69%; The net profit attributable to shareholders of listed companies was 1.62 billion yuan, a year-on-year increase of 18.73%; It is proposed to send 1.8 yuan for 10.
Ping An View:
The company achieved double-digit growth in revenue and profit. In 2021, the company achieved an operating revenue of 23.571 billion yuan, a year-on-year increase of 14.69%; The total profit was 2.332 billion yuan, a year-on-year increase of 22.32%; The net profit attributable to the parent company was 1.62 billion yuan, a year-on-year increase of 18.73%, and the net profit attributable to the parent company after deduction was 1.483 billion yuan, a year-on-year increase of 15.58%; The net cash flow from operating activities was 4.25 billion yuan, a year-on-year increase of 66.24%; The weighted average return on net assets was 8.76%, with a year-on-year increase of 0.96 percentage points; The weighted average return on net assets after deduction was 8.02%, with a year-on-year increase of 0.69 percentage points.
The revenue of all businesses increased, and the gross profit margin of coal machinery, coal and other businesses increased. In terms of sections, the company’s coal machinery manufacturing achieved 9.713 billion yuan, a year-on-year increase of 11.27%; The revenue of safety equipment was 3.709 billion yuan, a year-on-year increase of 4.98%; Coal production and sales reached 2.499 billion yuan, a year-on-year increase of 14.72%; Technology projects reached 3.572 billion yuan, a year-on-year increase of 23.79%; The engineering business reached 3.083 billion yuan, a year-on-year increase of 34.98%. The gross profit margin of coal machinery manufacturing, safety, coal and other businesses increased by 0.66, 5.92 and 6.34 percentage points respectively.
The performance of Tianma intelligent control, a professional subsidiary of the company’s coal mine intelligence, has increased rapidly. Tianma Zhikong is specialized in the R & D, production, sales and service of intelligent unmanned mining control technology and equipment in fully mechanized coal mining face, so as to improve the safety level and production efficiency of coal mining. In 2021, Tianma Zhikong achieved a net profit of 371 million yuan, a year-on-year increase of 21.13%, achieving rapid growth.
The company increased investment in scientific research and led the development of intelligence. In 2021, the company’s investment in scientific research reached 1.490 billion yuan, a year-on-year increase of 303 million yuan. The company has concentrated advantageous scientific and technological resources to tackle key core technologies, cutting-edge leading technologies, strategic emerging technologies and major industrial technologies, and has formed a number of advanced scientific and technological achievements leading the progress of the industry in the fields of intelligent coal mine construction, coal mine disaster prevention and control and clean utilization of coal. It has broken through more than 30 core technical equipment in the fields of intelligent design, geological support, intelligent tunneling, intelligent mining, intelligent washing, coal mine Siasun Robot&Automation Co.Ltd(300024) , underground 5g and promoted the continuous improvement of the supply capacity of high-end technical equipment
The construction of coal production capacity is tight or the supply and demand cycle is too short. Affected by the resumption of work after the festival and the decline of imported coal, the supply and demand of coal is still relatively tight. Recently, due to geopolitical factors, overseas coal prices have risen rapidly, and some Chinese companies using imported coal may switch to Chinese coal. New production capacity and intelligent construction will support the capital expenditure of the industry, and the release of output and production capacity is the fundamental way to alleviate the high coal price. In the first quarter of 2022, the growth rate of fixed asset investment in coal mining and washing industry reached 50.8%. On April 20, the executive meeting of the State Council proposed to “determine measures to ensure and increase energy supply, improve the guarantee capacity of energy for economic and social development, give full play to the role of coal as the main energy, and increase production capacity by 300 million tons this year through nuclear capacity increase and new production”. According to the investment of 1000 yuan per ton of coal, the investment will increase by about 300 billion yuan.
Investment suggestion: from the perspective of the coal industry, the coal price is at a high level, the investment in fixed assets continues to grow, the demand for coal machinery is relatively strong, and the production capacity construction cycle may come Tiandi Science & Technology Co.Ltd(600582) is an industry university research integration company serving the whole life cycle of coal, with complete business and high-quality products; Intelligent mining is in a leading position in China and is expected to further open up growth space in the future. Considering the volatility of coal business and other factors, we adjusted the company’s EPS from 2022 to 2023 to 0.49 and 0.60 yuan respectively (the previous value was 0.53 and 0.63 yuan), and increased the forecast of EPS in 2024 to 0.67, corresponding to the closing price on April 20, PE was 9.1, 7.5 and 6.7 times respectively. Maintain the company’s “recommended” rating.
Risk tips: 1) affected by macro situation factors, there may be a downturn in coal consumption, resulting in a sharp decline in coal consumption, resulting in a slowdown in fixed asset investment; 2) The decline of overseas coal prices and the increase of imported coal have led to excess coal supply in China, affecting the income of coal machinery and safety equipment of the company; 3) If safety accidents occur in the company’s machinery manufacturing, coal production and technical services, it may affect the normal development of business; 4) After the withdrawal of some backward production capacity, the company may have the problem of difficult recovery of some accounts receivable, or the risk of new accounts receivable problems caused by the decline of profits in the coal industry.
