Kodak automatic control (831832)
Company event: the company released the latest financial report: in 2021, the company achieved a revenue of 263 million yuan, a year-on-year increase of 30.78%; The net profit attributable to the parent company was 396414 million yuan, a year-on-year increase of 36.41%. In the first quarter of 2022, the company realized an operating revenue of 535784 million yuan, a year-on-year increase of 46.79%; The net profit was 6.8132 million yuan, a year-on-year increase of 170778%.
The investment growth of coal mine intelligence + the gradual improvement of the industrial chain, and the high growth of income and profit in 2021 and 2022q1: the company is mainly engaged in three sectors: smart mine, smart municipal and Internet of things + service. With the policy, fund and project support provided by the national ministries and commissions in the process of coal mine intelligent construction, the coal mine intelligent system with multi industrial chain and multi system integration has been gradually established. In 2021, the company's business continued to develop well and benefited from the development trend of China's smart mine construction. On the basis of stabilizing the business in the province, the company vigorously expanded the business outside the province and obtained more orders. In 2021, the company achieved a revenue of 263 million yuan, a year-on-year increase of 30.78%, a gross profit margin of 44.78% (an increase of 4.63 PCTs), a net profit attributable to the parent company of 396414 million yuan, a year-on-year increase of 36%, and a deduction of non net profit of 341629 million yuan, a year-on-year increase of 70%. At the beginning of 2022, the company continued to maintain a good momentum, won large orders outside the province, and maintained rapid growth in revenue and profit. In 2022q1, the revenue was 535784 million yuan, a year-on-year increase of 46.79%; The net profit attributable to the parent company reached 6.8132 million yuan, a year-on-year increase of 170778%.
In 2021, the company's revenue in the field of smart mines was 210 million yuan, with a year-on-year increase of 46%, and the gross profit margin increased to 49%. There are a large number of coal production enterprises in China, and the production technology is gradually moving towards the forefront of the world. Among them, smart mines are an important link in the Internet of coal industry. In 2020, the national development and Reform Commission and other eight ministries and commissions issued the guiding opinions on accelerating the intelligent development of coal mines, and all coal producing provinces also successively issued coal mine intelligent construction policies to help the intelligent development of coal mines. In 2021, the smart mine construction industry has a good growth momentum. The company makes full use of the advantages of the business model of "one body and two wings", optimizes and upgrades the overall solution of smart mine, improves the implementation efficiency, and realizes the rapid growth of business income and profit of smart mine. In 2021, the revenue of mine data monitoring and automatic control system reached 210 million yuan, accounting for 80% of the total revenue, and the gross profit margin increased to 49% (increased by 6.7 PCTs), becoming the main source of performance growth of the company. Meanwhile, the company's fund-raising project m-cps smart mine R & D project has been steadily promoted and the industrial layout has been improved.
5g. Accelerating the construction of smart city and increasing the demand for smart municipal services: since 2015, the smart city industry has entered the stage of promoting the implementation in China. As one of the areas most closely related to the daily life of residents in the process of smart city construction, smart municipal services has achieved sustainable and stable development. The company mainly serves the intelligent management field of urban public facilities such as water supply, heating and sewage treatment, and provides value-added services to customers through a new generation of information technology. In 2021, the company continued to conduct in-depth research and market expansion around the intelligent management of urban public facilities, and realized the revenue of municipal data remote monitoring system of 3.2885 million yuan, accounting for 1.25% of the total revenue.
Internet of things related industries are facing rapid development, and new achievements have been made in research and development in the field of new energy: the national 14th five year plan clearly lists the Internet of things as a new infrastructure content. In 2021, eight ministries and commissions jointly issued the three-year action plan for the construction of new infrastructure of the Internet of things (20212023), and Internet of things related industries ushered in a period of rapid development. According to the data of toubao Research Institute, the scale of China's Internet of things market has increased from 750 billion yuan in 2015 to 2 trillion yuan in 2021, with a compound growth rate of about 20%. In 2021, with "Internet of things +" as the core, the company newly developed and launched the "three-dimensional charging system" of urban new energy vehicles, completed the preliminary acceptance of the "mining equipment safety supervision and management system", and further widened the company's business field. In 2021, the company realized 365 in-service (line) automation technology revenue of 242023 million yuan and automatic control product revenue of 261764 million yuan, and the overall business was steadily promoted.
Investment suggestion: the company recently won the bid for the vehicle operation technology security system project of Inner Mongolia Pingzhuang Coal open pit mine, which is a major strategic achievement for the company to expand the smart mine business outside the province. The bid winning amount of the project is 43.354 million yuan, which is expected to have a positive impact on the company's performance in 2022. In addition, the company plans to distribute a cash dividend of 1.5 yuan (including tax) for every 10 shares to all shareholders with undistributed profits, and is expected to distribute a cash dividend of 10.917 million yuan. At present, the latest market value of the company is 940 million yuan, pettm20x. It is recommended to pay attention.
Risk tips: the risk of loss of core technicians and the risk of changes in preferential tax policies
