Events:
The company released its semi-annual report of 2021 on August 25, 2021: the operating income in the first half of the year was 570 million yuan, up 60.07% over the same period last year; the net profit was 52 million yuan, up 59.68%; the net profit was 43 million yuan, up 49.88% over the same period last year; and the weighted return on net assets was 3.83%, up 1.22pct over the same period last year.
Comments:
Intelligent manufacturing business product layout is perfect, continue to open up the market. The company actively responds to market changes, further integrates internal and external resources, increases investment in digital welding machines, intelligent welding machines, robot welding systems, industrial Internet of things and other fields, and strives to expand market share. Strengthen the global brand building and market share of Shanghai Industries, and give full play to the import substitution effect of products. Based on the automation and intelligence in the field of industrial robots, Yuxing Robot expands its business scope from a single automobile industry to the general industrial field, and actively expands the general industrial market while stabilizing the existing major customers in the automotive industry. and with the leading enterprise Sany heavy industry and other construction machinery industry customers to establish a good business relationship.
Aerospace business orders have increased significantly, deeply integrated with the upstream and downstream industry chain. While carrying out the production, assembly and test services of spacecraft structures and directly affiliated parts, as well as the production and design of other related aerospace products, the company also further participates in the design and development of foreign trade models of spacecraft, as well as production and processing, assembly and test testing, to achieve deep integration of the upstream and downstream of the industrial chain. In the first half of the year, the company actively expanded its commercial satellite business, and Shanghai Airlines Satellite set up a holding subsidiary Shanghai Bochuang Space Thermal Energy Technology Co., Ltd., which mainly includes aerospace phase change thermal control products. The products are widely used in satellite communications payloads, 5G base stations and other applications.
Investment projects have been put into production, effectively relieving the pressure on the company's production capacity. In terms of intelligent manufacturing, the first phase of the company's intelligent manufacturing base in Taicang, Suzhou has been put into production; in terms of aerospace business, the first phase of the first phase of the company's Jiangxi Nanchang aerospace equipment manufacturing base for spacecraft and supporting products has been basically completed and put into production. The shortage of production capacity of the company will be effectively alleviated, laying a solid foundation for further opening up the deep market of intelligent manufacturing and developing aerospace business in the future.
Investment suggestion: we forecast that the company's operating income from 2021 to 2023 will be 15.39 yuan 19.30 / 2.498 billion yuan respectively, and the net profit from its parent will be 2.02 million yuan, respectively. The net profit from the parent company will be 2.02 million yuan, and the net profit from the parent company will be 2.86 million yuan, and the corresponding EPS will be 0.63 Placement 1.15 yuan. For PE37.53/26.46/20.68X, it will be covered for the first time and will be given a "buy" rating.
Risk tips: raw material price fluctuations, policy risks, exchange rate fluctuations
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