Report guide
The company's 2022 half-year performance is in line with expectations, and the new energy, petrochemical and tobacco industries are expected to continue to grow.
Main points of investment
2022H1, the net profit of home ownership increased by 173% compared with the same period last year, and the performance growth rate was close to the forecast upper limit. The company released its half-year report of 2022, with revenue of 1.163 billion yuan in the first half, an increase of 94.59% over the same period last year; net profit of 107 million yuan, an increase of 173.27% over the same period last year; and net profit of 103 million yuan, an increase of 208.43% over the same period last year, and the performance growth rate was close to the upper limit of the forecast. 2022Q2, the company achieved revenue of 640 million yuan, an increase of 16.88% over the same period last year, and its net profit was 62 million yuan, down 18.03% from the same period last year, mainly due to the high base of Q2 last year. The company's new energy order confirmation cycle is faster, and the difference in performance between future quarters may narrow.
New orders increased by 59.56% compared with the same period last year. New Energy, Petrochemical and Tobacco Digital can be expected to rely on rich industry experience, reliable project delivery capabilities and good project management reputation. Continue to obtain orders from important customers in the new energy industry, such as BYD, Ningde Times, Xinwanda, and so on. 2022H1, new orders reached 2.23 billion yuan, an increase of 59.56% over the same period last year, of which new orders in the new energy, tobacco and petrochemical industries were 1.369 billion yuan, 229 million yuan and 544 million yuan respectively, up 12.92%, 57.79% and 1587% over the same period last year. Abundant on-hand orders will provide a strong guarantee for the sustained and steady growth of the company's performance. Looking to the future, China's new energy manufacturers are planning to expand production, and the petrochemical industry is entering the volume period, which may become the next "new energy".
Business, tobacco digital new business is also about to enter the bidding period, the company has sufficient driving force to continue to grow.
The self-developed product strategy accelerated, the gross profit margin and expense rate improved simultaneously, and the scale effect showed 2022H1. The gross profit margin of the company's main business was 27.21%, an increase of 1.49pct over the same period last year. The gross profit margins of system integrated solutions, intelligent software and hardware, and operational services were 23.84%, 32.43% and 50.30% respectively, up 2.38pct, 1.35pct and 1.48pct respectively. The total expense rate of sales, R & D and management was 15.12%, a decrease of 2pct compared with the same period last year. The company's business shows a strong scale effect, with the continuous expansion of the industry order scale, its gross profit margin and expense rate are expected to continue to improve synchronously.
In addition, the company actively promotes the strategy of product self-research. In August 2022, the company's wholly-owned software and robots have been successfully selected as national specialized and new "Little Giant" enterprises, fully reflecting the company's technological competitiveness in the field of industrial software and intelligent robots. 2022H1, the company's intelligent software and hardware products achieved revenue of 302 million yuan, an increase of 118.9% over the same period last year, accounting for 26% of the total revenue (2021 16.9%).
Profit forecast and valuation
The high performance in the first half of 2022 verifies the remarkable results of the company's expansion in new energy and other industries. In the future, the company will continue to release orders in the petrochemical industry and the tobacco digital industry. According to the company's latest semi-annual report, we raise the company's profit forecast and expect the company's 2022-2024 net profit to be 1.80,2.81 (+ 0.27,422) million yuan respectively, corresponding to PE 25.55,16.39,10.91 times, maintaining the "buy" rating.
Risk hint
Macro-economy affects downstream demand, digital orders for tobacco are less than expected, competition in new energy and petrochemical industries intensifies, and so on.
