\u3000\u3 China Vanke Co.Ltd(000002) 698 Harbin Boshi Automation Co.Ltd(002698) )
Events: (1) the company released its 2021 annual report, which realized a revenue of 2.113 billion yuan in 21 years, with a year-on-year increase of 15.59%; The net profit attributable to the parent company was 490 million yuan, a year-on-year increase of 20.96%. The company also issued the 2021 profit distribution plan, which plans to distribute cash dividends of 2.50 yuan (including tax) to all shareholders for every 10 shares.
(2) the company plans to issue convertible bonds to the public, and the total amount of funds to be raised shall not exceed 450 million yuan.
(3) the company released the first quarterly report of 2022, and the revenue of 22q1 was 504 million yuan, a year-on-year decrease of 7.69%; The net profit attributable to the parent company was 153 million yuan, a year-on-year increase of 2.17%.
(4) the company announced that Mr. Deng Xijun, chairman and general manager of the company, increased his holding of 490000 shares of the company (about 4.95 million yuan) on April 28, 2022, and plans to continue to increase his holding in the next January, with an amount of about 5.05 million yuan, with a total increase of about 10 million yuan.
In the 21st year, the powder and pellet packaging business grew strongly, and the orders for calcium carbide furnace intelligent equipment were strong. In the 21st year, the company's "solid material post-processing intelligent manufacturing equipment" achieved a revenue of 1.076 billion yuan, a year-on-year increase of 61%, accounting for 51% of the revenue; Based on equipment, the company's "operation and after-sales industrial services" achieved a revenue of 511 million yuan, a year-on-year increase of 23% and accounting for 24% of the revenue, which continued to show the company's strength in the field of petrochemical powder and granular material packaging. According to the contract recently announced by the company, the company has made rapid progress in expanding customers in the field of calcium carbide and obtained orders from customers such as Junzheng chemical. The products not only include high-temperature furnace operation Siasun Robot&Automation Co.Ltd(300024) , but also include calcium carbide pot handling system and finished calcium carbide transfer device, which greatly increases the contract amount of the company in a single customer.
Profitability remained at a high level, and the acceptance in the first quarter was affected by the epidemic. The gross profit margin of the company in the whole year / 22q1 was 38.31% / 39.53% respectively, with a year-on-year decrease of 3.67/0.23pct respectively; The change of gross profit margin last year was mainly due to the small income scale of intelligent logistics and warehousing system. The gross profit margin was vulnerable to the fluctuation of the profit level of individual projects, and the gross profit margin decreased by 11.77pct in 21 years; The gross profit margin of other businesses remained at a good level. Affected by the epidemic in the first quarter, the company's project was installed, debugged and accepted on site. It is expected that the progress of income acceptance will pick up with the improvement of the epidemic in China.
In the next 22 years, the construction of the second headquarters in Kunshan will be started to speed up capacity expansion and new product research and development. According to the announcement of the company's total area of production in Kunshan triangle, the total area of production will be 3 million square meters, and the construction of intelligent factory in Kunshan triangle will start temporarily; (2) Build a new R & D center in Harbin headquarters, with a tentative construction area of 10600 square meters; (3) A new supporting plant will be built in the plant area of Harbin headquarters, with a tentative construction area of 6700 square meters to meet the production needs; (4) Implement the submerged arc furnace smelting operation Siasun Robot&Automation Co.Ltd(300024) and its intelligent factory R & D demonstration project. The construction of the above projects will accelerate the R & D and promotion of the company's new products and strengthen the coordinated development of various businesses.
Profit forecast and investment suggestions: it is estimated that the operating revenue of the company from 2022 to 2024 will be 2.634 billion yuan, 3.298 billion yuan and 4.107 billion yuan respectively, and the net profit attributable to the parent company will be 609 million yuan, 788 million yuan and 1.030 billion yuan respectively, corresponding to EPS of 0.60 yuan, 0.77 yuan and 1.01 yuan respectively. Maintain the "buy" rating, and the six-month target price is 13.20 yuan, which is equivalent to 22 times the dynamic P / E ratio in 2022.
Risk tip: the industry competition intensifies and the investment in polyolefin industry fluctuates.
