\u3000\u3 Shengda Resources Co.Ltd(000603) 666 Yijiahe Technology Co.Ltd(603666) )
In 2021, the main body of the company operated well and the R & D investment reached a new high
In 2021, the gross profit margin of the company was 59.92%, a year-on-year decrease of 0.65 percentage points, and the profitability was relatively stable; The net profit attributable to the parent company in the first quarter of 2022 increased by 36.2% year-on-year, mainly due to the operating losses of participating subsidiaries and the reduction of government subsidies. In 2021, the R & D investment was 200 million yuan, with a year-on-year increase of 34.2%, accounting for 15.6% of the total revenue. The amount and proportion reached a new high, mainly because the company increased product R & D investment and talent introduction and training.
The revenue of non power sector has increased significantly, and the market expansion outside the province has achieved results
In terms of application fields: (1) in 2021, the revenue of power field was 1.15 billion yuan, with a year-on-year increase of 26.3%; The gross profit margin was 64.9%, a year-on-year decrease of 0.8 percentage points, of which the State Grid Ruijia (mainly engaged in live line operation Siasun Robot&Automation Co.Ltd(300024) ) with a shareholding of 40% realized a revenue of 590 million yuan, a year-on-year increase of 76%. (2) In 2021, the company made a breakthrough in the sales of non electric power, with a revenue of 15.317 million yuan, a year-on-year increase of 309.6% and a gross profit margin of 40.5%. The company’s intelligent inspection and intelligent detection solutions made some breakthroughs in the fields of rail transit power supply inspection, signal and vehicle detection.
According to the sales market: (1) in 2021, the company maintained a leading position in Jiangsu and Zhejiang, with a revenue of 1.06 billion yuan in East China, a year-on-year increase of 23.9%; The gross profit margin was 66.8%, a year-on-year decrease of 0.6 percentage points. (2) The company continues to break through the region of China Southern Power Grid, form economies of scale in Sichuan, Chongqing and other markets, and carry out local pilot projects in Gansu, Yunnan and other places. In 2021, the company’s revenue in South China, Southwest China and Northwest China reached 55.2%, 449.9% and 119.9% respectively year-on-year. The proportion of revenue increased to varying degrees, and the gross profit rate was slightly lower than that in East China.
The complete product system is expected to help the company break the application market barriers
Since 2021, the company has launched new products such as intelligent operation Siasun Robot&Automation Co.Ltd(300024) “antelope D200” and high pressure spray intelligent fire extinguishing Siasun Robot&Automation Co.Ltd(300024) to incubate the ground transformer fault prediction management system and explore more new application scenarios; According to the official website of Tuodao medical (a non holding subsidiary), it is expected to realize the commercialization of two products in 2022, start the registered clinical trial of three products, and enter the preclinical R & D stage of four products. The company’s product system will be gradually completed.
Profit forecast and valuation
The company is a Siasun Robot&Automation Co.Ltd(300024) leading manufacturer of special electric power in China, benefiting from the acceleration of intelligent construction of power grid. We maintain the company’s profit forecast. It is estimated that the net profit attributable to the parent company in 22-23 years will be 611 million yuan and 811 million yuan, and the net profit attributable to the parent company in 24 years will be 984 million yuan. The corresponding EPS in 22-24 years will be 2.96, 3.93 and 4.76 yuan / share, and the corresponding PE will be 13, 10 and 8 times. Maintain the “buy” rating.
Risk tip: the intelligent investment of power grid is less than expected, the market competition is intensified, and the product R & D is less than expected
