\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 100 Jiangsu Hengli Hydraulic Co.Ltd(601100) )
Event: 1) the company released the annual report of 2021, which realized an annual revenue of 9.309 billion yuan, a year-on-year increase of 18.51%, and a net profit attributable to the parent company of 2.694 billion yuan, a year-on-year increase of 19.51%. At the same time, the company issued the 2021 profit distribution plan, which plans to distribute a cash dividend of 7.30 yuan (including tax) for every 10 shares.
2) the company released the first quarterly report of 2022. In 2022q1, the revenue was 2.200 billion yuan, a year-on-year decrease of 22.97%, and the net profit attributable to the parent was 528 million yuan, a year-on-year decrease of 32.56%.
The annual income and performance increased in 21 years, and Q1 was under pressure in 22 years. In 2021, the company achieved an annual revenue of 9.309 billion yuan, a year-on-year increase of 18.51%, and the net profit attributable to the parent company was 2.694 billion yuan, a year-on-year increase of 19.51%. In terms of business, 1) the revenue of excavator oil cylinder products was about 3.5 billion yuan, a year-on-year increase of 12%, and the sales volume was 855300, a year-on-year increase of 21.13%; 2) The revenue of non-standard oil cylinder products was about 1.7 billion yuan, with a year-on-year increase of 24%, and the sales volume was 168400, with a year-on-year increase of 36.23%. Among them, the non-standard oil cylinders of hoisting series and new energy showed outstanding performance, and the annual revenue increased by 57.94% and 88.84% respectively year-on-year; 3) The revenue of hydraulic pump and valve products was about 3.2 billion yuan, with a year-on-year increase of 38%. The market share of excavator was further improved, and the motor and non excavation fields were also in continuous volume. The company's Q1 revenue and performance declined in 2022, mainly due to the high base in the same period last year and the serious impact of the epidemic in March this year.
Globalization has accelerated the layout, from import substitution to global equipment. The company not only realized the substitution of imported products in China, but also exported to Europe, America, Japan and other developed countries and regions, and accumulated a number of high-quality customers in the industry. In 2021, the company's overseas revenue was 1.235 billion yuan, an increase of 33.37% year-on-year. In the future, with the expansion of overseas customers and the gradual release of production capacity, the company's market share in the global hydraulic industry will continue to grow.
The company closely follows the industry trend and actively distributes electric products. In the context of the "double carbon" goal, the electrification of construction machinery has become the general trend. At present, the mainstream main engine plants have laid out electrification equipment. As a core parts enterprise, the company is actively developing products to cope with the electrification trend of construction machinery industry. Previously, the company issued a fixed increase and will vigorously layout new products such as electric cylinders to further open up new growth space.
Profit forecast and investment suggestions: it is estimated that the operating revenue of the company from 2022 to 2024 will be 9.668 billion yuan, 10.974 billion yuan and 13.552 billion yuan respectively, and the net profit attributable to the parent company will be 2.818 billion yuan, 3.410 billion yuan and 4.182 billion yuan respectively, with corresponding EPS of 2.16 yuan, 2.61 yuan and 3.20 yuan respectively, maintaining the "buy" rating.
Risk tip: China's excavator industry has fallen sharply, and the development of new products is less than expected.
