\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 78 Digiwin Software Co.Ltd(300378) )
Maintain prosperity and "smart buy" rating
The company is a leading manufacturer of intelligent manufacturing solutions in China and is expected to continue to benefit from the high prosperity of the industry. We maintain the original profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 140, 176 and 221 million yuan, and the EPS will be 0.53, 0.66 and 0.83 yuan / share. The current share price corresponds to 29.3, 23.4 and 18.6 times of PE, maintaining the "buy" rating.
Event: the company released the first quarterly report of 2022, and the revenue increased steadily
The company released the first quarterly report of 2022, and the company achieved an operating revenue of 326 million yuan, a year-on-year increase of 13.88%; The net profit attributable to the parent company was -17 million yuan, a year-on-year increase of 1.93%.
The penetration space of intelligent manufacturing is expected, and the policy catalyzes the high boom of industrial Internet
According to the intelligent manufacturing development index report (2021) issued by China Institute of electronic technology standardization, as of December 2021, 69% of China's manufacturing enterprises are at or below the level of intelligent manufacturing capability maturity, 15% and 7% of the manufacturing enterprises at the level of level II and level III respectively, and only 9% of the manufacturing enterprises at level IV and above. Most manufacturing enterprises are still in the early stage of intelligent transformation, and there is room to improve the penetration of intelligent manufacturing. Industrial Internet is an important starting point to lead and drive the digital transformation of enterprises. In April 2022, the Ministry of industry and information technology issued the 2022 work plan of the special working group on industrial Internet, which proposed the strengthening of the foundation of the network system, the enhancement of identification analysis, the expansion of the platform system, the empowerment of data aggregation, the cultivation of new models, from the aspects of consolidating infrastructure, deepening integrated application, strengthening technological innovation, cultivating industrial ecology, improving security guarantee and improving factor guarantee There are 83 specific measures for 15 categories of tasks, including "hand in hand" of financing and empowerment. We believe that the industrial Internet has great potential under the catalysis of policies.
The company has been deeply engaged in the industry for 40 years and is expected to continue to benefit from the digital transformation of discrete industry
The company has been deeply engaged in the industry for 40 years, deeply engaged in more than 80 sub industries such as equipment manufacturing, auto parts and electronic semiconductors, and has a stable and sensitive dual state industrial Internet platform. It has been listed as the "top 100 industrial Internet solution provider in 2021" selected by the Internet weekly of the Chinese Academy of Sciences for four consecutive years. Its comprehensive strength and brand influence have been highly recognized by the industry and is expected to continue to benefit from the wave of discrete industrial intelligent manufacturing.
Risk warning: the promotion of intelligent manufacturing is not as expected; The company's R & D was less than expected.
