It is estimated that the growth rate of carpentry and water cut income of the company Q3 affected by the real estate incident has slowed down, but the growth rate of laser business still maintains a high level. With the maturity of self-developed cad/cam and nesting software and the launch of high-power products, the growth of laser business in the future is still highly expected. At the same time, the contribution of Phoenix platform to R & D efficiency has achieved initial results, and the efficiency of the company's cross-industry business development is expected to be greatly improved in the future.
Event: the company released its three-quarter report for 2021, with revenue of 317 million yuan in the first three quarters, YoY + 115.83%, and net profit of 57 million yuan and YoY + 395.74%. Q3 realized 100 million yuan in revenue in a single quarter, YoY+60.41%; returned to its mother with a net profit of 13 million yuan, and YoY-19.88%.
Carpentry, water cutting business or dragged down by real estate events, laser business is limited by electricity, but estimates are still high.
We believe that due to the fermentation of some real estate debt problems in the third quarter, some customers in the real estate industry chain have contracted demand, which may lead to a slowdown in the revenue growth of the company's woodworking and water-cutting business, which recovered strongly in the first half of the year.
At the same time, due to the influence of the limited power policy of some laser customers, the demand of laser business is estimated to slow down, but it still maintains a high growth momentum in the first half of the year, and the overall demand trend and prosperity of the industry remain unchanged. In the first half of the year, the company launched the CAD/CAM plug-in and nesting software, further improving the product quality; at the same time, the high-power laser cutting control system of 10,000 watts has also been introduced to the market, and a number of head customers have broken through, and the gap with the domestic laser CNC leader is narrowing in all directions, we are still optimistic about the long-term growth brought about by the effective expansion of the company's product line.
The Phoenix platform is beginning to bear fruit, and the efficiency of cross-industry coverage is expected to be greatly improved. The company began the research and development of Phoenix development platform in about 17 years, and gradually entered the harvest period after more than five years of high R & D investment.
From the perspective of R & D expenditure, the company's R & D expenditure rate in the first three quarters was 19.98%, down 12.36pct from the same period last year.
Phoenix platform is the underlying basic development engine of the company. Based on this platform, plug-in approach can be used to achieve product function development to meet the needs of business development in subdivided industries. At present, the research and development of the company's new products are all based on the Phoenix platform, and with the continuous polishing and improvement of the platform, the degree of product standardization is expected to be rapidly improved, which is expected to greatly improve the company's cross-industry business development efficiency and long-term profitability, which is of great significance to the further improvement of the company's overall business quality.
Profit forecast and investment advice: the company's 21-23 revenue is estimated to be RMB 429,000,000, YoY+105%/38%/33%; net profit 0.94 million, YoY+105%/38%/33%; net profit 0.94 million, and YoY+ 223%, 44%, 35%, and the current share price corresponds to PE 500.35 and 26X. Years of R & D accumulation has achieved remarkable results, the development engine platform helps to improve the efficiency of cross-industry coverage, and is optimistic about the long-term development of the company. In view of the recent fluctuations in the company's stock price, investment rating is not granted for the time being.
Risk tips: product research and development progress is not up to expectations; customer intelligent manufacturing information investment is not up to expectations; shareholder holdings reduction risk.