\u3000\u3 China Vanke Co.Ltd(000002) 747 Estun Automation Co.Ltd(002747) )
Event: 1) the company released the annual report of 2021. The annual revenue was 3.020 billion yuan, a year-on-year increase of 20.33%, and the net profit attributable to the parent company was 122 million yuan, a year-on-year decrease of 4.75%. At the same time, the company issued the 2021 profit distribution plan, which plans to distribute a cash dividend of 0.30 yuan (including tax) for every 10 shares, with a total cash dividend of 26 million yuan (including tax).
2) the company released the first quarterly report of 2022. In 2022q1, the revenue was 805 million yuan, with a year-on-year increase of 26.59%, and the net profit attributable to the parent was 60 million yuan, with a year-on-year increase of 83.70%.
Benefiting from strong downstream demand, the company’s revenue continued to grow. Benefiting from the strong demand of downstream industries, industrial Siasun Robot&Automation Co.Ltd(300024) shipments increased strongly. According to Mir data, in 2021, China’s industrial Siasun Robot&Automation Co.Ltd(300024) shipments exceeded 250000 units, with a year-on-year increase of 49.5%, of which the company’s shipments reached the goal of exceeding 10000 units, stabilizing its leading position. From the revenue side, the company achieved an annual revenue of 3.020 billion yuan in 2021, with a year-on-year increase of 20.33%. In 2022q1, the revenue was 805 million yuan, with a year-on-year increase of 26.59% and a month on month increase of 12.12%. The revenue continued to grow. We believe that the current repeated epidemic in China, more prominent labor problems, and the unstable supply chain of foreign-funded manufacturers will continue to give good opportunities for the development of domestic enterprises. As a Siasun Robot&Automation Co.Ltd(300024) leading enterprise in China’s industry, the company will benefit significantly.
CLOOS is integrated smoothly, and the company’s competitive advantage continues to increase. With the completion of CLOOS integration, welding Siasun Robot&Automation Co.Ltd(300024) has become the strongest segment of the company’s Siasun Robot&Automation Co.Ltd(300024) business. In 2021, the welding Siasun Robot&Automation Co.Ltd(300024) business achieved 153% rapid growth in the Chinese market. At the same time, the company has been building the whole industry chain of “core components + body + Siasun Robot&Automation Co.Ltd(300024) integrated application”. Through the integration of resources outside China, the company has made breakthroughs in the business development of some leading enterprises in lithium battery, 3C, photovoltaic, semiconductor and other industries. With strong competitive advantages, the company is expected to enter the international head array in 2025.
Profit forecast and investment suggestions: it is estimated that the operating revenue of the company from 2022 to 2024 will be 4.481 billion yuan, 6.023 billion yuan and 7.154 billion yuan respectively, and the net profit attributable to the parent company will be 268 million yuan, 406 million yuan and 494 million yuan respectively, corresponding to EPS of 0.31 yuan, 0.47 yuan and 0.57 yuan respectively, maintaining the “buy” rating.
Risk warning: the downstream demand is less than expected, and the risk of intensified competition in the industrial Siasun Robot&Automation Co.Ltd(300024) industry.
