\u3000\u3 Guocheng Mining Co.Ltd(000688) 022 Suzhou Harmontronics Automation Technology Co.Ltd(688022) )
Event: the company released its 2021 annual report, achieving an operating revenue of 758 million yuan, a year-on-year increase of 25.67%, and a net profit attributable to the parent company of 61 million yuan, a year-on-year increase of 37.73%. Among them, Q4 achieved a revenue of 257 million yuan, a year-on-year decrease of 9.52%, and a net profit attributable to the parent company of 15 million yuan, a year-on-year decrease of 31.38%.
In addition, the company released the first quarterly report of 2022. In Q1, the operating revenue was 99 million yuan, a year-on-year increase of 16.95%, and the net profit attributable to the parent was 02 million yuan, a year-on-year increase of 153.61%.
The performance is in line with expectations and the main business strategy is focused. The continuous growth of the company’s revenue is due to the company’s focus on the main track of automobile electrification and intelligence, the continuous strengthening of market development of new products and new customers, and the substantial growth of automobile and new energy revenue. From the perspective of splitting the business for 21 years, the revenue of automobile intelligent manufacturing and new energy intelligent equipment was 450 million yuan and 214 million yuan respectively, with a year-on-year increase of 76.56% and 33.06% respectively, of which the charging and replacing intelligent equipment realized an operating revenue of 8.5425 million yuan for the first time this year. In the 21st year, the company made new adjustments to “1 + n”, further realized the focus of main business, consolidated the advantages of traditional automobile industry, actively invested in sunrise industries such as new energy battery equipment and charging and replacement equipment, and gradually contracted and closed non main business departments such as medical and health.
There are abundant orders on hand, and the second growth curve is opened for power exchange equipment. As of April 27, the disclosure date, the total amount of orders on hand of the company was 2.023 billion yuan (including tax). In terms of splitting, the orders for charging and replacing intelligent equipment, automobile intelligent equipment and battery intelligent equipment were 912 million yuan, 819 million yuan and 292 million yuan respectively, of which the market demand for charging and replacing equipment showed explosive growth. At present, the company has served well-known customers such as Contemporary Amperex Technology Co.Limited(300750) , Gcl Energy Technology Co.Ltd(002015) , sunshine Mingdao, and has reached a five-year strategic cooperation with Gcl Energy Technology Co.Ltd(002015) in power exchange business. At present, the company is raising funds to expand production capacity and plans to invest in the production and construction project of intelligent power exchange equipment. After putting into operation, it will add 1000 sets of power exchange equipment for passenger cars and 1000 sets of power exchange equipment for commercial vehicles. It is expected that the company’s 22-year secondary growth curve will open strongly.
The profitability is stable, and the transformation of business to standardization is expected to improve the profitability. The comprehensive gross profit margin of the company in 2001 / 22q1 was 33.76% / 27.42% respectively, with a year-on-year increase of 3.49 / decrease of 3.79 percentage points; The net interest rates were 7.55% / 1.60% respectively, with a year-on-year increase of 0.37/0.86 percentage points; The cost rate in the 21-year period was 28.05%, a certain increase compared with 23.23% in the 20-year period, of which the financial cost rate was 1.22%, a year-on-year increase of 3.40 percentage points, mainly due to the increase of bank loans and the increase of interest expenses; The company continued to invest in the R & D of new products and technologies. The R & D expense rates in 21 years / 22q1 were 7.91% / 11.92% respectively, with a slight increase year-on-year. At present, the company has changed its product form, transformed its non-standard technology precipitation business to standardization for many years, and built a product platform, which is expected to effectively improve the expense rate and enhance the overall profitability of the company.
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 RMB 1.923/32.33/4.515 billion respectively, and the net profit attributable to the parent company will be RMB 179/3.18/445 million respectively, corresponding to pe23 / 13 / 9 times.
Risk warning: the promotion of power exchange is not as expected; The pattern of horizontal competition has deteriorated, and the development of new energy industry is less than expected.
