\u3000\u3 China Vanke Co.Ltd(000002) 747 Estun Automation Co.Ltd(002747) )
Key investment points
Seize the opportunity of new energy, the performance of 2022q1 is slightly lower, and the supermarket is expected to achieve a revenue of 3.02 billion yuan in 2021, a year-on-year increase of + 20.3%; The net profit attributable to the parent company was 120 million yuan, a year-on-year increase of – 4.75%; Deduct the net profit not attributable to the parent company of RMB 70 million, a year-on-year increase of + 9.7%. Benefiting from the rapid growth of Siasun Robot&Automation Co.Ltd(300024) industry and the improvement of the company’s independent brand influence, the revenue increased rapidly. ① in terms of industrial and intelligent manufacturing business, the year-on-year revenue is 2 billion yuan. CLOOS has a significant synergistic effect. The revenue of welding Siasun Robot&Automation Co.Ltd(300024) China is + 153% year-on-year; ② Automation core components and motion control system: the revenue in 2021 was 998 million yuan, a year-on-year increase of + 20.1%. Q4 achieved revenue of 720 million yuan in a single quarter, with a year-on-year increase of – 3.8% and a month on month increase of – 2.9%; The net profit attributable to the parent company was 34 million yuan, with a year-on-year increase of – 19.9% and a month on month increase of + 37.0%. We judged that it was mainly due to the decline in the prosperity of the manufacturing industry in 2021q4 affected by the double limit. In 2022q1, the revenue was 805 million yuan, a year-on-year increase of + 26.6% and a month on month increase of + 12.0%; The net profit attributable to the parent company was 60 million yuan, with a year-on-year increase of + 83.7% and a month on month increase of + 75.7%; The year-on-year net profit attributable to the parent market was + 2.2 billion yuan, slightly higher than the expected net profit attributable to the parent market. Despite the impact of the epidemic, the company seized the development opportunity of new energy and continued to obtain large orders from leading enterprises. In terms of business, the business income of automation core components and motion control system was 234 million yuan, a year-on-year increase of + 10.37%; Industrial Siasun Robot&Automation Co.Ltd(300024) and intelligent manufacturing system business revenue was 571 million yuan, a year-on-year increase of + 34.70%. By the end of 2022q1, the company’s inventory was 880 million yuan, a year-on-year increase of + 23%; Contract liabilities amounted to 210 million yuan, a year-on-year increase of – 28%, and 2022q1 Siasun Robot&Automation Co.Ltd(300024) orders increased by more than 50% year-on-year. The net cash flow from operating activities in 2022q1 was -31 million yuan, which was much lower than that in 2021q1, mainly due to the increase in payment expenses incurred by the company for material reserves for subsequent orders.
The gross profit margin of industrial Siasun Robot&Automation Co.Ltd(300024) business increased steadily, and the short-term profit of new areas was under pressure
In 2021, the gross profit margin was 32.5%, with a year-on-year increase of -1.6pct. In terms of business: ① industrial Siasun Robot&Automation Co.Ltd(300024) and intelligent manufacturing system: the gross profit margin was 32.46%, with a year-on-year increase of + 0.15pct; ② Automation core components: the gross profit margin was 32.71%, with a year-on-year increase of -5.09pct, which was mainly affected by the epidemic situation, exchange rate, poor procurement and logistics of electronic components and other factors. At present, the company has eliminated the impact by raising prices, domestic substitution and other means. Q4 single quarter gross profit margin was 29.37%, year-on-year + 1.8pct, month on month -4.8pct. The gross profit margin of 2022q1 was 32.7%, with a year-on-year increase of – 1.7pct and a month on month increase of + 3.4pct. The main reasons are: 1) the price of raw materials increased significantly in 2021; 2) Affected by the change of product sales structure, the sales revenue of overseas high gross profit products has gradually decreased since 2021q2. The net profit margin of sales in 2021 was 5.2%, with a year-on-year increase of -0.8pct. The expense rate during the period was 29.2%, with a year-on-year increase of -3.5pct. Among them, the sales / Management (including R & D) and financial expense rates were + 0.3 / – 0.7 / – 3.1pct year-on-year respectively. In order to build CLOOS China, the company increased its expenses by about 20 million yuan year-on-year and invested about 40 million yuan to conquer the new energy industry. Although the company’s profits will be affected in the short term, it is conducive to the realization of the company’s long-term strategy. We judge that with the gradual stabilization of raw material prices, the shipment volume of Siasun Robot&Automation Co.Ltd(300024) body increases, and the scale effect is further highlighted, the profitability of the company will usher in an upward period.
With continuous research and development, the Siasun Robot&Automation Co.Ltd(300024) leading position of domestic industry is stable
In 2021, the company continued to increase R & D, with R & D expenditure totaling 282 million yuan, accounting for 9.33% of operating revenue (year-on-year + 1.21 PCT); Thanks to the company’s high R & D investment, the company released a variety of motion control and Siasun Robot&Automation Co.Ltd(300024) new products in 2021, including a full range of ed3l drivers, 8kg welding Siasun Robot&Automation Co.Ltd(300024) , 45kg bending Siasun Robot&Automation Co.Ltd(300024) and so on. In the long run, the company is based on Siasun Robot&Automation Co.Ltd(300024) golden track. Under the background of the gradual disappearance of demographic dividend, the industry has great space in the future. The company has the whole industry chain advantage of “core parts + ontology + Siasun Robot&Automation Co.Ltd(300024) integrated application”, and China’s Siasun Robot&Automation Co.Ltd(300024) leading position is stable.
Profit forecast and investment rating: considering the impact of the epidemic, we expect the net profit attributable to the parent company from 2022 to 2024 to be 2.6 (down 13%) / 3.9 (down 9%) / 550 million yuan, and the current market value corresponding to PE is 49 / 33 / 23 times respectively, maintaining the “overweight” rating.
Risk tips: macroeconomic downturn risk, epidemic impact risk, raw material price fluctuation risk.
