Report guide
In 2021, the company's operating income was 1.285 billion yuan, an increase of 27.78% over the same period last year; its net profit was 483 million yuan, an increase of 43.59% over the same period last year; and basic earnings per share was 2.39 yuan. In the first quarter of 2022, the company's operating income was 193 million yuan, an increase of 1.23% over the same period last year; the net profit returned to its mother was 36.7274 million yuan, down 36.20% from the same period last year; and basic earnings per share was 0.18 yuan.
Main points of investment
In 2021, the main body of the company was doing well, and the investment in R & D reached a new high. In 2021, the gross profit margin of the company was 59.92%, down 0.65% from the same period last year, and the profitability was relatively stable. In the first quarter of 2022, the net profit of the parent company increased by 36.2% compared with the same period last year, mainly due to the operating losses of the participating subsidiaries and the reduction of government subsidies. The R & D investment in 2021 was 200 million yuan, an increase of 34.2% over the same period last year, accounting for 15.6% of the total income. The amount and share reached a new high, mainly due to the company's increased investment in product research and development and the introduction and training of talents.
The income of non-electric power sector has increased significantly, and the results of market expansion outside the province are as follows: (1) in 2021, the income of the electric power sector reached 1.15 billion yuan, an increase of 26.3% over the same period last year; the gross profit margin was 64.9%, down 0.8% from the same period last year. Ruijia (mainly engaged in live working robots), which is 40% owned by the company, achieved income of 590 million yuan, an increase of 76% over the same period last year. (2) in 2021, the company made a breakthrough in sales in the non-electric field, with revenue of 15.317 million yuan, an increase of 309.6% over the same period last year, and a gross profit margin of 40.5%. The company's intelligent inspection and intelligent detection solutions have made certain breakthroughs in rail transit power supply inspection, signal, vehicle detection and other fields.
According to the sales market: (1) in 2021, the company maintained the leading position in Jiangsu and Zhejiang, with revenue of 1.06 billion yuan in East China, an increase of 23.9% over the same period last year, and gross profit margin of 66.8%, down 0.6% from the same period last year. (2) the company continues to break through the southern power grid area, form economies of scale in markets such as Sichuan and Chongqing, and carry out local pilot projects in Gansu, Yunnan and other places. In 2021, the company's revenue in South China, Southwest China and Northwest China reached 55.2%, 449.9% and 119.9% respectively compared with the same period last year, the proportion of revenue increased to varying degrees, and the gross profit margin was slightly lower than that in East China.
The product system is becoming complete, which is expected to help the company break down the application market barrier. Since 2021, the company has launched new products such as intelligent operation robot "antelope D200" and high spray intelligent fire extinguishing robot, incubating the fault prediction and management system of floor transformer, and exploring more new application scenarios. According to the official website of Candao Medical (non-holding subsidiary), it is expected that two products will be commercialized in 2022, three products will start registered clinical trials, four products will enter the preclinical research and development stage, and the company's product system will be gradually complete.
Profit forecast and valuation
The company is a leading manufacturer of special robots for electric power in China, benefiting from the acceleration of intelligent construction of power grid. We maintain the company's profit forecast, the estimated 22-23 return net profit is 6.11, 811 million yuan, the new 24-year return net profit forecast is 984 million yuan, corresponding to 22-24 EPS is 2.96,3.93,4.76 yuan per share, the corresponding PE is 13, 10, 8 times. Maintain a "buy" rating.
Risk hints: intelligent investment in power grid is not as expected, market competition is intensified, and product research and development is not as expected.