\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 100 Jiangsu Hengli Hydraulic Co.Ltd(601100) )
Event 1:
The company issued the annual report of 2021. The revenue was 9.309 billion yuan, a year-on-year increase of + 18.51%; The net profit attributable to the parent company was 2.694 billion yuan, a year-on-year increase of + 19.51%; Deduction of net profit not attributable to the parent company was 2.558 billion yuan, a year-on-year increase of + 16.72%. Gross profit margin of sales is 44.01%, yoy-0.09pct; Net profit margin of sales: 28.99%, yoy + 0.20pct; In 2021, under the influence of many negative factors such as the sharp rise in the price of raw materials, the depreciation of foreign currencies and the disturbance of the supply chain caused by the epidemic, the company’s net profit margin still increased year-on-year. First, due to the growth of downstream industries and the continuous improvement of the global market share of the company’s products, the company’s operating income maintained a rapid growth, and the comprehensive gross profit margin of products was basically the same year-on-year. Second, the company strengthened daily operation and management, sales The rate of administrative expenses has decreased.
From the perspective of the company’s revenue structure, the revenue of hydraulic cylinder business was 5.187 billion yuan, a year-on-year increase of + 15.34%; The revenue of hydraulic pump and valve business was 3.236 billion yuan, a year-on-year increase of + 38.37%; The revenue of hydraulic system was 196 million yuan, a year-on-year increase of + 25.07%; The revenue of accessories and castings was 677 million yuan, a year-on-year increase of – 19.96%.
In 2021, the company’s sales / management / R & D / financial expense ratio was 1.20% / 2.44% / 6.83% / 0.96% respectively, with a year-on-year increase of -0.16pct / – 0.11pct / + 2.90pct / – 0.97pct respectively. While increasing R & D efforts, the company strengthened internal management. In 2021, the company realized a net cash flow from operating activities of RMB 2.796 billion, a year-on-year increase of + 41.15%.
Among them, 2021q4 company achieved a revenue of 2.127 billion yuan, a year-on-year increase of – 16.00%; The year-on-year net profit was -4.608 billion yuan to the parent; Deduct the net profit not attributable to the parent company of 636 million yuan, a year-on-year increase of – 11.12%; Gross profit margin of sales is 50.82%, yoy + 2.83pct; The net profit margin of sales is 33.33%, yoy-2.31pct.
Event 2:
The company released the first quarterly report of 2022. In 2022q1, the company achieved a revenue of 2.200 billion yuan, a year-on-year increase of – 22.97%; The net profit attributable to the parent company was 528 million yuan, a year-on-year increase of – 32.56%; Deduct the net profit not attributable to the parent company of 504 million yuan, a year-on-year increase of – 34.35%; The gross profit margin is 37.85%, yoy-3.19 PCT; The net interest rate is 24.04%, yoy-3.41pct. The ratio of sales / management / R & D / financial expenses of 2022q1 company was 1.05% / 2.58% / 5.16% / 0.89% respectively, with a year-on-year increase of + 0.02pct / + 0.69pct / + 1.16pct / + 0.81pct.
From the perspective of splitting business:
① hydraulic oil cylinder business: in 2021, the company sold 855300 special oil cylinders for excavators, with a year-on-year increase of 21.13%; 168400 non-standard oil cylinders were sold, 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. In the field of marine engineering, the variable amplitude hydraulic cylinder of pile frame of super large cylinder diameter, super large piston rod and super long stroke piling barge was delivered.
② hydraulic pump valve and motor business: in 2021, the subsidiary hydraulic technology realized an operating revenue of 3.403 billion yuan, with a year-on-year increase of 21.39%. Hydraulic technology continued to consolidate and improve the share of the main control pump valve and motor reducer assembly in the excavator industry, and the market share from micro excavation to large excavation has been improved to varying degrees; In the field of non excavation construction machinery, the aerial work vehicle industry and China’s exports are significantly large; In the field of non construction machinery, 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 with their excellent performance.
③ hydraulic system business: at present, hydraulic system products have been widely used in hydraulic component testing, tunneling and other fields, such as Sany / XCMG / Longgong hydraulic component test bench project, China Tianyan fast hydraulic actuator project, etc. in the future, the hydraulic system business department of the company will continue to accelerate the research and development of energy-saving products, electromechanical hydraulic integration, electro-hydraulic servo high-precision control, informatization and digital automation products.
④ foundry business: pay attention to technological innovation and actively layout new energy, semiconductor, auto parts, medical treatment, high-speed railway and other industries. A total of 314 new products were developed throughout the year, including 130 in the non construction machinery industry. The quality management of the whole staff was promoted, the yield continued to improve, and the overall yield increased to more than 98%. The annual casting sales volume was 74000 tons, with a year-on-year increase of 19.35%.
Profit forecast: considering the downward fluctuation of construction machinery cycle and the fundamentals of the company, we lowered the profit forecast. It is estimated that the net profit of the company in 22-24 years will be 2.569 billion yuan (previous value of 2.76 billion yuan), 2.759 billion yuan (previous value of 3.06 billion yuan) and 2.934 billion yuan respectively, and the corresponding PE will be 22.43/20.89/19.65x respectively, maintaining the buy rating.
Risk tips: policy risk, market risk, exchange rate risk, risk of raw material price fluctuation, etc.
