\u3000\u3 Guocheng Mining Co.Ltd(000688) 017 Leader Harmonious Drive Systems Co.Ltd(688017) )
Event: the company released the first quarterly report of 2022. In 2022q1, the revenue was 94 million yuan, a year-on-year increase of 22.01%, and the net profit attributable to the parent was 37 million yuan, a year-on-year increase of 0.18%.
Affected by the epidemic, the growth rate of 22q1 performance slowed down. The company released the first quarterly report of 2022. In 2022q1, the revenue was 94 million yuan, a year-on-year increase of 22.01%, and the net profit attributable to the parent was 37 million yuan, a year-on-year increase of 0.18%. The main reasons for the slowdown are: 1) repeated epidemics and unstable logistics, which affect the delivery of the company's products; 2) During the period, the expense rate increased, among which the Q1 management expense rate was 18.41%, an increase of 6.29pct over the same period last year, and the R & D expense rate was 12.23%, an increase of 3.44pct over the same period last year.
Harmonic reducer continues to expand production, and the demand is expected to remain strong in 22 years. According to the data of the Bureau of statistics, China's industrial Siasun Robot&Automation Co.Ltd(300024) output was 366000 units in 21 years, with a year-on-year increase of 44.9%. The performance of the company's harmonic reducer ranks at the forefront of the industry and the downstream demand is strong. At the same time, the company has steadily promoted the expansion of production, achieving an output of 267400 units in 21 years, with a year-on-year increase of 138.34%. Looking forward to 22 years, it is expected to complete the production expansion target of 500000 units by the end of the year. Combined with the recent research, we expect that the domestic industry Siasun Robot&Automation Co.Ltd(300024) will further maintain high-speed growth and benefit the company's orders.
Harmonic reducer has broad application prospects, and new products open up room for growth. In the 21st year, the company launched a new series e series, which is very suitable for semiconductor equipment industry, medical Siasun Robot&Automation Co.Ltd(300024) and assembly Siasun Robot&Automation Co.Ltd(300024) and other industries with high requirements on vibration. In recent years, through the development of new series products such as y and E and the design of mechatronics products, the company has continuously promoted the application of harmonic reducer in more industries and opened up the space for future growth.
Profit forecast and investment suggestions: it is estimated that the operating revenue of the company from 2022 to 2024 will be 716 million yuan, 1050 million yuan and 1413 million yuan respectively, and the net profit attributable to the parent company will be 287 million yuan, 406 million yuan and 565 million yuan respectively, with corresponding EPS of 238 million yuan, 337 million yuan and 470 million yuan respectively, maintaining the "buy" rating.
Risk tips: manufacturing investment is less than expected, industry competition intensifies risk, etc.
