\u3000\u3 Guocheng Mining Co.Ltd(000688) 017 Leader Harmonious Drive Systems Co.Ltd(688017) )
Core view
In 2021, the revenue increased by 104.77% year-on-year, and the net profit attributable to the parent company increased by 130.56% year-on-year. The company achieved a revenue of 443 million yuan in 2021, with a year-on-year increase of 104.77%; The net profit attributable to the parent company was 189 million yuan, a year-on-year increase of 130.56%; Net profit deducted from non parent company was 147 million yuan, with a year-on-year increase of 214.47%. In a single quarter, 2021q4 achieved a revenue of 124 million yuan, a year-on-year increase of 82.95%; The net profit attributable to the parent company was 47 million yuan, a year-on-year increase of 154.36%; Net profit deducted from non parent company was 38 million yuan, with a year-on-year increase of 203.97%. The substantial increase in revenue performance is mainly due to the rapid development of the industrial Siasun Robot&Automation Co.Ltd(300024) industry, strong demand in the downstream market and steady progress in the company's capacity expansion plan. The gross profit margin / net profit margin of the company in 2021 was 52.52% / 42.87%, with a year-on-year change of + 5.33 / + 5.34 PCT. The profitability increased steadily and the scale effect was obvious. The expense side decreased as a whole. In 2021, the company's sales / management / R & D / financial expense ratio was 1.96% / 3.93% / 9.28% / - 4.11%, with a year-on-year change of -0.23 / - 1.96 / - 1.81 / - 1.27 PCT. The net operating cash flow of the company was 46 million yuan, a year-on-year decrease of 63.81%, mainly due to the expansion of business scale and the increase of cash flow expenses related to production and R & D.
Deeply benefiting from the rapid development of the Siasun Robot&Automation Co.Ltd(300024) industry, equity incentive shows confidence in long-term development. By product: 1) harmonic reducer and metal parts: in 2021, the revenue was 416 million yuan, with a year-on-year increase of 104.34%, and the gross profit margin was 53.18%, with a year-on-year increase of 5.60 PCT. Among them, in 2021, the output of harmonic reducer was 267400 units, with a year-on-year increase of 138.34%, and the sales volume was 256600 units, with a year-on-year increase of 131.47%. The company has steadily promoted the capacity expansion of harmonic reducer and maintained a high level of capacity utilization. 2) Mechatronics products: in 2021, the revenue was 22 million yuan, with a year-on-year increase of 176.15%, and the gross profit margin was 37.51%, with a year-on-year increase of 3.02 PCT. The company continues to expand the industrial chain horizontally, and actively develops the precision components required by the mechatronics deceleration module, servo transmission system, Siasun Robot&Automation Co.Ltd(300024) joint and other bodies, so as to open up greater growth space. According to the statistics of the National Bureau of statistics, in 2021, China's industrial Siasun Robot&Automation Co.Ltd(300024) output was 366000 units, with a year-on-year increase of 44.90%. From January to March 2022, the output was 102500 units, with a year-on-year increase of 10.20%. The industrial Siasun Robot&Automation Co.Ltd(300024) industry continues to enjoy a high boom. As the leader of domestic harmonic reducer, the company has strong market competitiveness and is expected to deeply benefit from the rapid development of industrial Siasun Robot&Automation Co.Ltd(300024) industry and the general trend of import substitution. In September 2021, the company launched the restricted stock incentive plan, which plans to grant 225000 restricted shares (accounting for 0.19% of the total share capital) to 166 people (accounting for 25.15% of the total number), covering a wide range and fully motivating grass-roots employees, contributing to the long-term stable development of the team and demonstrating the development confidence of the company.
Risk warning: industry competition intensifies; Customer breakthrough is less than expected; The expansion of new products was less than expected.
Investment advice: maintain the "buy" rating.
The company is an upstream core parts company, with strong industry demand, benefiting from the development of industrial Siasun Robot&Automation Co.Ltd(300024) industry and import substitution. We maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 276 / 381 / 492 million yuan, and the EPS will be 2.29/3.16/4.08 yuan, corresponding to 36 / 26 / 20 times of PE, maintaining the "buy" rating
