Incidents:
() 1 ()) On May 9, 2022, the company issued an announcement to sign a framework procurement contract with Ningde Times to become the official supplier of Ningde Times and will provide them with intelligent logistics and warehousing solutions; (2) On April 25, 2022, the company signed a logistics system project equipment procurement and installation project contract with Shandong Lide New Energy, with a contract amount of 92.8 million yuan.
Comment:
Technical strength has been recognized, and orders have been signed continuously in the field of new energy. Reaching long-term cooperation with Ningde Times shows that Ningde Era's further recognition of the company's intelligent logistics and warehousing solutions will also encourage the company to continuously improve its technical level, ensure an advantageous position in cost control, product quality, technological innovation, etc., and enhance the company's market competitiveness in the field of new energy batteries. The cooperation with Reed Energy is conducive to the comprehensive promotion of the company's smart factory comprehensive solution. The company organically integrates “Internet+Internet of Things+Big Data+Automation Equipment” through a combination of hardware and software, and enhances the level of visualization, intelligence, networking and integration of new energy plants by constructing a digital management platform integrating manufacturing management, collaborative design, enterprise resource management, digital twins, visual decision analysis, and collaborative supply. The company established a new energy division and will continue to cultivate in the field of new energy in the future.
The business landscape continues to expand around intelligent logistics. The company has been deeply involved in the intelligent logistics equipment industry for a long time, and has rich project implementation experience in the pharmaceutical, liquor, food and beverage, home and 3C electronics industries. In recent years, the company combined its own advantages to develop industries with potential for rapid explosion, such as power lithium batteries, photovoltaics, iron and steel metallurgy, and cold chain logistics. Furthermore, the company is one of the few domestic suppliers that also has the ability to provide solutions for the three major automobile production systems of enterprise assembly, welding, and painting. Currently, it has established business cooperation with well-known NEV companies in the industry such as Geely New Energy, BAIC New Energy, BYD, Xiaopeng Motor, and Jiangling New Energy.
Investment suggestions: Driven by the rapid growth of the downstream NEV and e-commerce industries, intelligent logistics systems and intelligent spraying systems will continue to grow rapidly, and Zibo state-owned assets will continue to empower the company's development after becoming the controlling shareholder of the company. In 2022-2024, the company's revenue growth rates are expected to be 30.78%, 25.60%, and 21.28% respectively; the net profit growth rates of the mother are 70.49%, 60.99%, and 37.35% respectively; EPS is 0.30, 0.48, and 0.66 yuan/share, respectively, and the PE corresponding to the current stock price is 26/16/12 times, respectively, maintaining the “buy” rating.
Risk warning: Order execution falls short of expectations; performance forecasts fall short of expectations.