Event
22Q1 realized operating income of 193 million yuan, year-on-year + 1.23%, net profit of 37 million yuan, year-on-year-36.20%, and non-return net profit of 21 million yuan,-43.89%.
On May 17, in order to safeguard the company's value and shareholders' rights and interests, the company plans to buy back 50 million to 100 million yuan at a repurchase price of no more than 69 yuan per share; at the same time, Nanjing Ruibei, a shareholder with more than 5 percent of the company's shares, terminated the share reduction plan ahead of schedule.
Brief comment
Under the background of the construction of new power system, the intelligent transformation of distribution network has become the focus of power grid investment. During the 14th five-year Plan period, the cumulative investment of State Grid and Southern Power Grid is expected to be nearly 3 trillion yuan, of which distribution network investment is one of the focus. Yijiahe, as the leader of power grid robots, has directly benefited. The company's revenue in the first quarter was + 1.23% compared with the same period last year, and its net profit was-36.20% compared with the same period last year, mainly due to the operating losses of the participating subsidiaries, the reduction of government subsidies and the rhythm of income recognition. By the end of 21, the outstanding order of the company is 393 million yuan. at present, the order in hand is sufficient, and the semi-annual report is expected to be reversed.
The company's products have changed from "patrol inspection" to "operation", which indicates that the company's robot technology has achieved a breakthrough from finding problems to solving problems, but also more in line with the needs of the power grid. Outdoor live working robots have achieved batch delivery of orders in the past 21 years, with a market space of 10 billion yuan; indoor intelligent operating robots can complete emergency opening, protection device operation, switching and other operation tasks on the spot, which is expected to achieve a great breakthrough this year; in addition, the company has launched a high-spray intelligent fire-fighting robot, which adopts fully autonomous + remote control mode, which can deal with early fire, and has achieved batch delivery in 21 years.
The company makes great efforts to develop "non-electric" markets such as power generation and rail transit. The company actively promotes intelligent power plant solutions, and substantial breakthroughs have been made in the promotion and application of inspection products in the field of power plants; the rail transit field is in the early stage of the growth of endogenous demand for intelligent transformation. the intelligent inspection and intelligent detection solutions promoted by the company have made certain breakthroughs in rail transit power supply inspection, signal, vehicle detection and other fields. In 21 years, the company's non-electricity revenue was 15.32 million yuan, an increase of 310% over the same period last year. Power generation and rail transit orders are expected to break out this year, and the growth space will be further opened to verify the company's scene application capability.
The company has mastered the core technology of robot, and independently developed robot perception system, control system, intelligent analysis and decision system. Power grid robot is an R & D-driven industry, and the company takes the lead in introducing operating robots to the market to form a first-mover advantage and consolidate the gross profit level; with the company's continued high proportion of R & D investment, the competitive advantage will become more and more prominent in the future. In 21 years, the company spent 179 million yuan on R & D, accounting for 13.93%, an increase of 2.60pct over the same period last year. As of December 31, 2021, 71.71% of the company had bachelor's degree or above.
In 2022, the company launched an equity incentive scheme to bind the interests of employees. The incentive plan is proposed to grant a total of 3.6238 million rights and interests, accounting for 1.75% of the total share capital of the company, to directors, senior managers and core management / technical / business personnel serving in the company. The performance appraisal target is based on operating income in 2020, and the growth rate of operating income in 2022, 2023, and 2024 is not less than 60%, 90%, 120%.
Profit forecast: the company's net profit from 2022 to 2024 is expected to be 5.90,7.71 and 988 million yuan respectively, maintaining a "buy" rating.
Risk hint: the risk of policy change of the national network, the intensification of market competition, and the progress of new product expansion is not as expected.