\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 882 Ningbo Haitian Precision Machinery Co.Ltd(601882) )
Core view
Event: the company released the first quarterly report of 2022, realizing an operating revenue of 706 million yuan, a year-on-year increase of 30.87%, a month on month decrease of 2.2%, and a net profit attributable to the parent company of 110 million yuan, a year-on-year increase of 77.5% and a month on month increase of 1.9%.
The net profit returned to the parent company in the off-season hit a record high. The first quarter was a traditional off-season due to the influence of the Spring Festival. Under this background, the company's net profit attributable to the parent company in a single quarter hit a record high, highlighting the strong downstream demand. As of the first quarter of 2022, the company's contract liabilities were 896 million yuan, an increase of 4.7% month on month, and the orders were full.
1 billion investment opens up room for growth. The company plans to sign a project investment agreement with Ningbo Economic and Technological Development Zone, with a total investment of 1 billion yuan (including fixed asset investment of no less than 825 million yuan) for the construction of high-end CNC machine tool intelligent production base project, including high-end CNC machine tool intelligent production base, key parts intelligent production base and Innovation Center (test center). With the development of new energy industry and the upgrading of domestic machine tools to form effective import substitution, the demand of Chinese machine tool enterprises is growing steadily. The investment plan of 1 billion yuan will open up the future growth space of the company.
Overseas market expansion results will be further presented. In 2021, under the harsh environment of repeated outbreaks of overseas epidemics, the company overcame difficulties and actively explored foreign customers. The overseas market achieved an operating revenue of 190 million yuan, an increase of 38.2% year-on-year, and completed the establishment and registration of Turkish subsidiaries and Malaysian subsidiaries. With the gradual reduction of the impact of overseas epidemics on production and life, the company's overseas market expansion results will be further reflected.
Profit forecast and investment rating. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 442 million yuan, 586 million yuan and 747 million yuan respectively, and the PE corresponding to the current share price will be 19.9 times, 15.0 times and 11.8 times respectively, maintaining the "overweight" rating of the company.
Risk tip: the risk of repeated outbreaks in China; The risk of rising prices of raw materials; The risk of macroeconomic downturn; The risk of intensified industry competition.
