Event: Shanhe Intelligence released the mid-2021 report: the company achieved operating income of 6.887 billion yuan, an increase of 57.24% over the same period last year; the net profit of shareholders belonging to listed companies was 532 million yuan, an increase of 33.36% over the same period last year.
Basic earnings per share were 0.489 yuan, an increase of 33.37% over the same period last year.
Comments:
2021H1 construction machinery continues the magnificent demeanor, brand advantage to enhance profitability. 2021Q1 domestic major projects started intensively, the construction machinery industry maintained a high bearing, excavator sales showed a high growth trend; 2021Q2 due to real estate policies, raw material prices and other factors, the growth rate of construction machinery slowed down, 2021H2 is expected to maintain steady growth. 2021H1 achieved an operating income of 6.887 billion yuan, including 6.106 billion yuan in the construction machinery industry, accounting for 88.66% of the total operating income, an increase of 58.76% over the same period last year.
The company has been ploughing the high-end market for more than ten years, and the company has a certain reputation in Europe and the United States. Sales in Europe have increased by 145% compared with the same period last year. It is estimated that the number of units in Europe is 20000, which is the first in China.
Miniature excavators have been exported to Japan in bulk and have been praised by the market.
Deep ploughing technology research and development, accelerate the production of innovative products. 2021H1 invested 128 million yuan in R & D, an increase of 16.23% over the same period last year. The company takes the hydraulic static pile driver with the first market share in the world as the starting point of innovation, deep ploughing technology research and development, 2021H1 company patent application projects increased by 214% year-on-year, approved a number of key projects, and mass production of a number of innovative products, SWE950 world's longest arm excavator, SWDM600 large rotary drilling rig export volume maintained a high growth trend.
With the layout of graphite anode material production, the new continuous graphitization process is expected to change the competition pattern in the industry.
Benefiting from the booming production and sales of Xinneng cars, there is a strong demand for negative materials. At present, the graphitization process is mainly intermittent process, and the company adopts continuous graphitization process. In terms of caliber, the company can reduce energy consumption by 60% and manufacturing costs by 30%. If the company can achieve mass production of 100000 tons of graphite anode materials by the end of 2023, it will change the current competition pattern of anode materials and achieve excess profits.
Profit forecast: cover for the first time, give the company a "buy" rating, the company is expected to 2021-2023 EPS is 0.81 yuan / 1.12 yuan / 1.58 yuan, corresponding to PE is 12.99x/9.39x/6.68x.
Risk hint: the pattern of the construction machinery industry has changed; the price of raw materials fluctuates sharply; the production of negative materials is not as expected.
