The company's annual profit increased by 35.7% to 160.2 yuan, while gross profit increased by 27.5% to 51.5 yuan, but the gross profit decreased by 2ppts to 32.2%, mainly due to the high performance of raw materials. Mother's profit increased by 27.8% to 3.05 billion yuan, with a dividend of HK $0.95 per share, and the dividend payout ratio will be nearly 40%.

The sales of middle and high-end machines are ideal: the revenue of Mars series increased by 33.2% to 10.94 billion yuan compared with the same period last year. Thanks to the recovery of demand from high-end manufacturing and new energy industries, the sales of large and medium-sized machines increased significantly, the revenue of electric power series increased by 44.3% to 20.8 billion yuan over the same period last year, and that of Jupiter series increased by 54.8% to 20.2 billion yuan. The volume of all models increased by 30.1% to 56126 units over the same period last year, with an average increase of 4.2% to 276000 yuan over the same period last year.

Domestic and foreign income and growth rates are the highest in five years: the overseas epidemic caused the production list to return to the country in the first half of 2021, and sales and sales in the domestic market increased, with annual revenue of 110.9 billion yuan, an increase of 33.9% over the same period last year. Overseas market sales have suppressed part of the demand due to the epidemic reaction and the increase in the cost of sea fish, but the company has continued to increase overseas sales and share sales through years of global marketing efforts. The annual revenue reached 4.93 billion yuan, an increase of 40.1% over the same period last year, accounting for 30.8%. The company realized that the export of injection molding machines exceeded 10,000 units for the whole year, thanks to the continued investment of the company's unsupported base and the port base of Taibo. as well as the South China General Department and the Mexican Industrial and Commercial Institute are expected to test the bank this year, and the company's global delivery capacity and share are expected to be further improved.

Target HK $30.4, ranking: the forecast of new energy bank balance sheet demand in 2022 is still high, and the demand of medical package and other industries is relatively flat, but the demand of household industry is still uncertain. as well as the high base of the company's list in the first half of 2021, the growth rate of this year's list is set to release; raw materials such as raw materials are expected to continue to be high, but the company's production capacity reduction and cost reduction are expected to continue to promote. We correspond to the company's earnings and profit forecasts for 2022-2023 to reflect the company's improvement in delivery capacity and mechanism structure as well as cost-side strength. The company's profit in 2022-2024 is expected to be 3.07,3.40 billion and 3.69 billion yuan, with a 12-month target of HK $30.40 in the next 12 months, corresponding to the multiple price-to-earnings ratio of 13-12-11, 2022-2024.

Tip: global manufacturing demand recovery is not up to schedule