Main points of the report:
The company is the leading company of intelligent logistics system integrated solution supported by microelectronics of the Chinese Academy of Sciences, whose customers include ZTO Express, Shun Feng, Polar Rabbit, China Post, JD.com, Shentong, Yunda, Debang and other major domestic express delivery, logistics and e-commerce enterprises. the application fields of the products include express delivery, logistics, warehousing, e-commerce, airport, customs, tobacco and other industries. Exported to Thailand, Indonesia, the Philippines, Singapore, Russia, the United Kingdom, America and other countries and regions. In 2021, the company's equipment involved in the transportation and sorting of express parcels in China accounted for about 35% of the total volume of domestic express delivery and sorting business.
Industry: hundreds of billions of market, domestic brands are expected to catch up
With the pursuit of production and transportation efficiency, the demand of various industries to reduce costs and increase efficiency continues to increase, the application of intelligent logistics equipment will become the trend of the times. With the reduction of automation equipment cost and the shortening of equipment investment return cycle, the actual application capacity of single-link equipment breaks through the manual limit, which will usher in the inflection point of demand. China's intelligent logistics equipment market is expected to grow from 41.98 billion in 2019 to 106.76 billion yuan in 2024, corresponding to a CAGR of 20.5%. Domestic leading enterprises are expected to develop rapidly by virtue of their own localization advantages, higher quality prices and after-sales service to seize market share.
Company: intelligent logistics technology has significant advantages, extending the revenue space horizontally and vertically.
The company laid out the underlying technology and core components layer, and the control system adopted modular and distributed design, and successfully developed a number of intelligent logistics core technologies and key components of the leading industry. the core indicators of the core product cross-belt sorting system are in the leading level at home and abroad. Based on the leading technical strength, on the one hand, the company first won the approval of the core customer ZTO Express for the company's sorting equipment, and based on this successfully expanded Shun Feng, Best and other high-quality customers, and continuously optimized the downstream customer structure. ZTO Express's sales share decreased from 98% in 2018 to 70% in 2021; on the other hand, the company extended from the sorting track to the larger storage track in the market, creating a second growth curve.
Investment advice and profit Forecast
The company is the leader of the domestic logistics sorting system, in the period of rapid growth of performance, leading edge of superimposed technology, and abundant orders on hand to ensure the high certainty of the company's performance growth in the medium term. From 2022 to 2024, we expect the company to achieve an operating income of 26.11 million yuan, with a year-on-year growth rate of 18.15%, 23.09%, 21.33%, 3.15%, 3.95, 482 million and 21.36%, 25.48%, 22.10%, respectively, respectively, and the corresponding EPS is 2.39x3.00x3.66 yuan per share, and the current stock price is corresponding to PE in 17-13-11. Cover for the first time, giving a "buy" rating.
Risk hint
Downstream customers are too concentrated risk, R & D progress is not as expected risk, new competitors aggravate the risk of fierce competition, COVID-19 epidemic virus affects market demand.
