\u3000\u3 Guocheng Mining Co.Ltd(000688) 017 Leader Harmonious Drive Systems Co.Ltd(688017) )
Event: the company released its 2021 annual report. In 21 years, the company achieved a revenue of 443 million yuan, 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%. Among them, Q4 achieved revenue of 124 million yuan in a single quarter, with a year-on-year increase of 82.95%; The net profit attributable to the parent company was 47.24 million yuan, a year-on-year increase of 154.36%.
The company also announced that it plans to distribute a cash dividend of 6.5 yuan (including tax) for every 10 shares to all shareholders and convert the capital reserve into 4 shares.
Harmonic reducer continues to expand production, and the demand is expected to remain strong in 22 years. According to the data of the Bureau of statistics, China's industrial Siasun Robot&Automation Co.Ltd(300024) output was 366000 units in 21 years, with a year-on-year increase of 44.9%. The performance of the company's harmonic reducer ranks at the forefront of the industry and the downstream demand is strong. At the same time, the company has steadily promoted the expansion of production, achieving an output of 267400 units in 21 years, with a year-on-year increase of 138.34%. Looking forward to the next 22 years, we predict that the domestic industry Siasun Robot&Automation Co.Ltd(300024) will further maintain rapid growth and benefit the company's orders in combination with the recent research. Maintaining a high gross profit margin, R & D expenses increased significantly. In Q4, the gross profit margin of the company was 52.41%, with a year-on-year increase of + 9.33pct and a month on month increase of -1.61pct, maintaining a high gross profit margin. During Q4, the company's expense rate in a single quarter was 18.5%, up + 7.76pct year-on-year, mainly due to 1) a slight increase in the management fee for equity incentive share based payment; 2) The increase of R & D personnel salary and direct R & D investment increased the R & D expenses by 2.85pct.
Harmonic reducer has broad application prospects, and new products open up room for growth. In the 21st year, the company launched a new series e series, which is very suitable for semiconductor equipment industry, medical Siasun Robot&Automation Co.Ltd(300024) and assembly Siasun Robot&Automation Co.Ltd(300024) and other industries with high requirements on vibration. In recent years, through the development of new series products such as y and E and the design of mechatronics products, the company has continuously promoted the application of harmonic reducer in more industries and opened up the space for future growth.
Profit forecast and investment suggestions: it is estimated that the operating revenue of the company from 2022 to 2024 will be 654 million yuan, 858 million yuan and 1.206 billion yuan respectively, and the net profit attributable to the parent company will be 263 million yuan, 360 million yuan and 483 million yuan respectively, with corresponding EPS of 219 million yuan, 299 yuan and 401 yuan respectively, maintaining the "buy" rating.
Risk tip: the investment in manufacturing industry is less than expected, and the industry competition intensifies.
