\u3000\u30003 Shanxi Yongdong Chemistry Industry Co.Ltd(002753) 00275)
Performance summary: the company achieved an operating revenue of 310 million yuan in 2021, a year-on-year increase of 8.6%; The net profit attributable to the parent company was 30 million yuan, a year-on-year increase of 7.9%.
The company’s annual revenue and net profit attributable to the parent company maintained growth in 2021. 1) From the revenue side, the company’s revenue increased by 8.6% year-on-year in 2021, mainly due to the continuous improvement of the coal industry and the rising demand for coal intelligent construction and safety construction guided by national policies. The company complied with the trend, focused on its main business, optimized products and services and actively explored the market. 2) From the profit side, the net profit attributable to the parent company in 2021 increased by 50.9% year-on-year, mainly due to the increase of revenue and government subsidies over the same period last year. The gross profit margin of the company was 40.7%, down 2.8% from the same period last year. 3) From the cost side, the sales cost in 2021 increased by 47.1% year-on-year, mainly due to the company’s efforts to expand the main business market; In 2020, the national policy will reduce or exempt some social security, and there will be no reduction or exemption in 2021; And there was no epidemic in 2021, which affected the normal commencement, and the salary increased compared with that in 2020.
Policies promote the continuous growth of the demand for coal informatization construction. Relevant state departments have continuously issued policies related to the intelligent construction of coal mines to promote the increased demand of coal enterprises for safe production and information construction. The company actively grasped the development opportunities of the industry, accelerated the deep integration of new generation information technology and mining development technology, and vigorously developed businesses such as smart mine, comprehensive automation and precise positioning. In 2021, the company added 495 million yuan of orders, a year-on-year increase of 48.1%.
The core technology is independent and controllable, and the competitiveness of mining business is improved. In 2021, the company completed the localization and adaptation certification of xiao’an Yilian industrial Internet operating system, realizing the localization of core technology completely independent and controllable; Jointly launched the smart coal mine data intelligent system solution with Alibaba cloud, pointing out the direction for the construction of smart mines, and the company’s market share and brand influence in the mining business field will be further consolidated and strengthened; The company acquired 10% equity of Huayang communication and integrated its advantageous products such as coal mine AI video products into the company’s smart mine solutions, which helps to improve the competitiveness of the company’s smart mine solutions.
Profit forecast and investment suggestions. It is estimated that the EPS from 2022 to 2024 will be 0.42 yuan, 0.72 yuan and 1.03 yuan respectively, and the net profit attributable to the parent company will reach a compound growth rate of 87.9% in the next three years. Considering the high prosperity of downstream industries, the company continues to increase R & D and sales Investment and the rapid development of various businesses. It is expected that the order volume will usher in a significant growth in 2022. It will be covered for the first time and given a “hold” rating.
Risk tips: R & D projects are not as expected, customer development is not as expected and other risks.
