\u3000\u3000 Dongguan Yiheda Automation Co.Ltd(301029) (301029)
Event overview
The company announced that the net profit attributable to the parent company is expected to reach 390-410 million yuan in 2021, with a year-on-year increase of 43.73% - 51.10%; The net profit deducted from non parent company was RMB 383-403 million, with a year-on-year increase of 47.00% - 54.68%, and the performance was in line with our expectations.
Analysis and judgment:
Both revenue and net profit attributable to the parent company increased, and the profitability was improved. In 2021, the downstream lithium battery, 3C, automobile, photovoltaic, Siasun Robot&Automation Co.Ltd(300024) and other industries continued to maintain a high degree of vision, and the company's operation was in good condition; At the same time, focusing on the market demand, customer demand and industry development trend, the company strengthened market expansion and product R & D, continuously improved the industry status and comprehensive competitive strength, and achieved significant year-on-year growth in performance.
Strengthen regional layout and improve service capacity. In October 2021, the company established the sun company of "Shandong Dongguan Yiheda Automation Co.Ltd(301029) Automation Co., Ltd." in order to better serve customers in the north, reduce operating costs and enhance the brand awareness of the company; In January 2022, subsidiaries of "Guangdong Dongguan Yiheda Automation Co.Ltd(301029) Industrial Products Supply Chain Management Co., Ltd." and "Hubei Dongguan Yiheda Automation Co.Ltd(301029) Automation Technology Co., Ltd." were successively established to provide more services to customers in various segments and regions, which is conducive to further improving and optimizing business layout and improving the overall strength and performance of the company.
FA automated one-stop supply builds high barriers, and the digital platform enables the company to grow. The company makes in-depth development for different application scenarios in the field of non-standard automation, standardizes the original non-standard products, serializes and modularizes the existing standard models according to the customer application scenarios, and adopts the combination of self-made & OEM supply & intensive procurement to realize the agile supply of products and improve the procurement efficiency of customers. At the same time, the Company simplifies the sales process through digital product database and e-commerce trading system, which is expected to further improve the profitability of the company.
Investment suggestion: keep the previous profit forecast unchanged. We predict that the revenue from 2021 to 2023 will be 1.744 billion yuan, 2.433 billion yuan and 3.396 billion yuan respectively, with a year-on-year increase of 44.1%, 39.5% and 39.6%, and the net profit attributable to the parent company will be 403 million yuan, 568 million yuan and 804 million yuan respectively, with a year-on-year increase of 48.5%, 40.9% and 41.6%, corresponding to EPS of 101 yuan, 142 yuan and 201 yuan respectively, Corresponding to the closing price of 81.3 yuan / share on January 24, 2022, PE is 92 / 66 / 46 times respectively, and we have not given a rating yet.
Risk tip: the prosperity of downstream industries is lower than expected, the proportion of online customers' procurement is lower than expected, and the market competition is intensified.
