\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 582 Tiandi Science & Technology Co.Ltd(600582) )
Event: on April 20, the company released its annual report for 2021. In 2021, the company achieved an operating revenue of 23.571 billion yuan, a year-on-year increase of 14.69%, and the net profit attributable to the parent company was 1.62 billion yuan, a year-on-year increase of 18.73%. The performance was in line with expectations.
The gross profit margin of coal and safety equipment sector increased, the company reduced costs and increased efficiency, and increased R & D investment. In 21 years, the gross profit margin of the company increased by 1.07 PCT to 29.91% year on year, and the net profit margin of sales increased by 0.29 PCT to 8.35%, mainly due to the increase of 6.45 PCT in the gross profit margin of coal production business and 4.98 PCT in the gross profit margin of safety equipment under the high coal price, and the profitability of equipment business remained basically stable.
Reduce costs and increase efficiency, increase R & D investment, and accelerate the upgrading of coal equipment and technology. In 2021, the company insisted on reducing costs and increasing efficiency, reducing expenses, maintaining a stable sales expense ratio compared with 2020, reducing the management expense ratio by 0.71 PCT to 8.38%, and the financial expense ratio by 0.16 PCT to – 0.31%. In addition, the company increased investment in R & D projects. In 2021, the R & D cost was 1.488 billion yuan, an increase of 25.67% year-on-year, and the R & D cost rate increased by 0.55 PCT to 6.32%. In 2021, the 10m super high fully mechanized mining face led by the Mining Research Institute promoted the coal mining technology to a new height. The complete set of rapid tunneling equipment developed by Shanxi coal mining machinery has created a world record of 3088m per month of coal roadway footage, increased the tunneling speed by about three times and reduced the number of operators by two-thirds.
With the construction of marketing integration, the newly signed contract amount has made a breakthrough. At present, a huge operation service market in the coal industry, such as equipment maintenance, system upgrading and maintenance, parts replacement and operation and maintenance, and operation status analysis, is gradually taking shape. Taking this opportunity, the company seizes the growth period of high-tech equipment and the dividend period of equipment manufacturing service market, promotes the transformation of traditional manufacturing industry to service-oriented manufacturing, and establishes the development idea of “advanced technology + high-end equipment + all-round service”. The company consolidated and deepened its strategic cooperation with key customers such as national energy, China Coal Group and Shandong energy, and continued to strengthen internal cooperation. In 2021, the amount of new contracts signed by the company exceeded 27.8 billion yuan, a year-on-year increase of 9.2%.
The profit of Tianma Zhikong, a subsidiary, has reached a new high, and the listing work has been started. Tianma Zhikong, a subsidiary of the company, focuses on the R & D and production of coal mine intelligent mining control technology and equipment. In 2021, Tianma Zhikong achieved a revenue of 1.55 billion, a year-on-year increase of 33.6%, and a net profit of 371 million, a year-on-year increase of 21%. According to securities daily.com, after more than 20 years of development, Tianma Zhikong’s main products are sac hydraulic support electro-hydraulic control system, SAP intelligent integrated liquid supply system and Sam fully mechanized mining automation control system, with an average market share of 40%. According to the company’s annual report, Tianma Zhikong has completed the joint-stock system transformation in 2021 and started the listing of science and innovation board. Tiandi Marco belongs to the field of high-end equipment manufacturing industry and remains independent from Tiandi Science & Technology Co.Ltd(600582) other business segments. After the spin off and listing, Tianma Zhikong will further improve its governance structure, improve its financing capacity and operating efficiency, and its parent company Tiandi Science & Technology Co.Ltd(600582) valuation system is also expected to be reshaped to enhance the overall value of the company.
Investment suggestion: it is expected that the company will realize a net profit attributable to the parent company of RMB 2.18/2.603/2.986 billion from 2022 to 2024, corresponding to EPS of RMB 0.53/0.63/0.72/share, pe8 / 7 / 6 times, and maintain the “recommended” rating.
Risk tip: the risk of technology advancement is less than expected, the risk of coal price fluctuation and the risk of raw material price rise.
