\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 100 Jiangsu Hengli Hydraulic Co.Ltd(601100) )
The performance grew steadily in 2021, and the performance of 2022q1 was greatly affected by the construction machinery industry
6011 Zoje Resources Investment Co.Ltd(002021) achieved an operating revenue of 9.31 billion yuan, with a year-on-year increase of 18.5%; The net profit attributable to the parent company was 2.69 billion yuan, a year-on-year increase of 19.5%; Earnings per share is 2.06 yuan. The gross profit margin was 44.0%, a year-on-year decrease of 0.1 percentage points; The net interest rate was 29.0%, with a year-on-year increase of 0.2 percentage points; Under the influence of negative factors such as the sharp rise in the price of raw materials, the continuation of the epidemic and the impact of exchange losses, the improvement of the company’s net interest rate is particularly valuable. The net inflow of operating cash was 2.8 billion yuan, a year-on-year increase of 41.2%.
Due to the downward cycle of the construction machinery industry and the decline in the demand for hydraulic products, the company realized an operating revenue of 2.2 billion yuan in 2022q1, a year-on-year decrease of 23.0%; The net profit attributable to the parent company was 530 million yuan, a year-on-year decrease of 32.6%.
The scale of the non excavation sector continued to expand, hedging the downside risk of the excavator business
In terms of business in 21 years: ① the revenue of hydraulic cylinder was 5.19 billion yuan, with a year-on-year increase of 15.3%; Among them, the revenue of excavator cylinder was 3.49 billion yuan, with a year-on-year increase of 11.7%, which was mainly affected by the downward growth of sales volume of excavator industry. ② The revenue of non-standard oil cylinders was 1.69 billion yuan, a year-on-year increase of 23.7%. The performance of non-standard oil cylinders of hoisting series and new energy was outstanding, and the annual revenue increased by 57.9% and 88.8% respectively year-on-year; The revenue of hydraulic pump and valve was 3.24 billion yuan, with a year-on-year increase of 38.4%, still maintaining a high-speed growth.
The company’s business scale in China in the field of high-altitude operation platform, cement pump truck and crane in non excavation sector continues to expand. In addition, v30g series industrial pumps suitable for marine engineering, shield, test bench and other fields, as well as proportional solenoid valves applied in many fields, have also been successfully mass produced. The business scale of the company’s non excavation sector continues to expand, which helps to hedge the fluctuation risk of the excavator sector.
Focus on R & D and innovation to enhance product competitiveness
In 2021, the company continued to increase R & D investment, with an annual R & D capital of 640 million yuan, a year-on-year increase of 106%; Participated in the key special project “Research on Key Technologies of excavator distributed independent electro-hydraulic control system” of the national key R & D plan “manufacturing basic technologies and key components”.
Maintain the “overweight” rating
Considering the downward growth of construction machinery market sales, we lowered the company’s net profit forecast for 22-23 years by 21.3% / 22.6% to 2.72/3.23 billion yuan, and introduced a 24-year net profit forecast of 3.73 billion yuan, corresponding to EPS of 2.08/2.47/2.86 yuan for 22-24 years respectively (the impact of diluting EPS in the fixed increase plan is not considered temporarily). The company broadened the growth boundary through non-standard and pump valve products, effectively reduced the impact of fluctuations in a single industry of construction machinery, had broad overseas market space, and maintained the “overweight” rating.
Risk warning: industry competition intensifies the risk; Risk of poor development of non-standard products; Overseas epidemic risk
