\u3000\u3 Guocheng Mining Co.Ltd(000688) 499 Guangdong Lyric Robot Automation Co.Ltd(688499) )
Event: the company released the first quarterly report of 2022. In Q1 of 22 years, the operating revenue was 809 million yuan, a year-on-year increase of 53.66%, and the net profit attributable to the parent was 79 million yuan, a year-on-year increase of 76.78%.
The performance was in line with expectations, and the revenue in a single quarter reached a new high. Reviewing the results of each quarter over the years, the revenue achieved in Q1 in 22 years was a single quarter high. According to the announcement, the rapid growth of revenue is mainly due to the continuous growth of business and the increase of lithium battery manufacturing equipment revenue. Since last year, the company’s orders have increased significantly. In 21 years, the company has obtained contract orders and bid winning notices of about 7.042 billion yuan (including tax), including nearly 5 billion yuan for power lithium battery orders. Therefore, the company’s performance this year will also enter the harvest period.
The gross profit rate decreased slightly and the ability of cost control improved. The comprehensive gross profit margin of Q1 company in 22 years was 35.81%, with a year-on-year / month on month decrease of 0.21/5.52 percentage points, and the net profit margin was 9.88%, with a year-on-year / month on month increase of 1.29/1.64 percentage points respectively. The expense rate of Q1 company during the period of 22 years was 17.83%, with a year-on-year decrease of 0.21%. According to the split, the sales expense rate / management expense rate / financial expense rate were 5.31% / 11.63% / 0.89% respectively; The company continued to maintain high R & D investment, and the R & D expense rate over the years was higher than 10%. The R & D expense rate in Q1 in 22 years was 11.12%, which was still increased year-on-year. The inventory turnover days and accounts receivable turnover days in the first quarter were 311 / 77 days respectively, with a year-on-year increase of 17 / 21 days respectively.
Take the new energy track and be optimistic about the rapid growth of the company in the future. Adhering to the strategy of “serving key customers”, the company maintains long-term and stable business cooperation with leading lithium battery enterprises such as new energy technology, Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , honeycomb energy, Gotion High-Tech Co.Ltd(002074) , Sunwoda Electronic Co.Ltd(300207) , etc. At the same time, we will continue to further expand the business of photovoltaic, energy storage and hydrogen energy, expand the overseas business market, and focus on the overseas establishment of battery manufacturers and the equipment demand of foreign automobile manufacturers. At present, the overseas business has accelerated, and customers in North America, Germany and South Korea have made major breakthroughs and successfully signed orders for relevant lithium battery equipment. In order to meet the demand of order delivery, the company continues to expand its production capacity. By the end of 2021, the company has 6496 employees, an increase of more than 1900 compared with the end of last year. As of 22q1, the company’s inventory, construction in progress and contract liabilities have increased significantly, indicating that the company is in a state of accelerated expansion.
Profitability forecast and valuation. We continue to be optimistic about the future development of the company. It is estimated that the company’s revenue from 2022 to 2024 will be 49.97/74.95/9.475 billion yuan respectively, and the net profit attributable to the parent company will be 480795/997 million yuan respectively, corresponding to PE32 / 19 / 15 times.
Lower than expected risk of downstream expansion; The pattern of horizontal competition deteriorated, and the product promotion was less than expected.
