\u3000\u3000 Truking Technology Limited(300358) (300358)
Event: the company released the performance forecast for 2021. It is estimated that the annual net profit attributable to the parent company will be RMB 500-600 million, with a year-on-year increase of 149.3% ~ 199.2%.
The performance slightly exceeded expectations and there were sufficient orders on hand. According to the median value of the performance forecast, the company’s annual net profit attributable to the parent company was 550 million yuan, a year-on-year increase of 174.3%, exceeding the previous expectation; The corresponding net profit attributable to the parent company in the fourth quarter of 2021 was 149 million yuan, a year-on-year decrease of – 3.7% (the performance base in the fourth quarter of last year was high). In 2021, the company’s order volume increased rapidly, and sufficient orders on hand are expected to lay the foundation for future performance growth. By the end of the third quarter, the company’s contract liabilities were 2.53 billion yuan, which is expected to increase month on month at the end of the fourth quarter. Considering that the company’s biopharmaceutical equipment layout is gradually entering the harvest period and the accelerated expansion of overseas business, the company can expect long-term growth in the future.
Complete the first restricted stock grant of the incentive plan. The company recently completed the first phase of the restricted stock incentive plan in 2021, granting 3.5 million shares to 8 core executives and 26.85 million shares to 548 middle-level managers and core technicians at a grant price of 10 yuan / share. The implementation of the incentive plan is conducive to the binding of the company’s development objectives with the interests of employees and the long-term development of the company. According to the previously released incentive targets, the corresponding performance growth targets of the company from 2022 to 2024 are 20%, 16.7% and 14.3% respectively, and the compound performance growth rate from 2021 to 2024 is 17%.
Profit forecast and investment suggestions: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 550 million yuan, 670 million yuan and 770 million yuan, and EPS will be 0.96 yuan, 1.16 yuan and 1.34 yuan respectively, with corresponding valuations of 25 times, 21 times and 18 times respectively. Considering that the company is a leading enterprise of pharmaceutical equipment in China, it maintains the “buy” rating.
Risk warning: the risk that the demand of downstream customers does not meet the expectation; The risk of intensified industry competition; The risk that the company’s new product R & D does not meet expectations.
