This report is read as follows:
The company's 2022H1 performance is basically in line with expectations, Q2 performance has improved; a number of new product launches, and the synergistic effect of the original products is emerging, and the performance is expected to be gradually released with the acceleration of intelligent power grid and the promotion of new products.
Main points of investment:
Maintain the company's overweight rating. The company's 2022H1 realized operating income of 484 million yuan (+ 38.25%) and net profit of 79 million yuan (- 14.23%). 2022Q2 realized operating income of 291 million yuan (+ 82.69%). Net profit of 42 million yuan (+ 22.50%), Q2 performance was basically in line with expectations. Keep the company's profit forecast unchanged, maintain the company's target price of 69.44 yuan, and maintain the "overweight" rating.
2022Q2 performance has improved, affected by the product structure adjustment, the overall profitability has declined. 2022Q1 affected by the epidemic, the company's performance growth slowed down, operating income slightly increased 1.23% compared with the same period last year, return to home net profit dropped 36.20% year-on-year, company production and operation continued to make efforts, revenue and return to home net profit returned to high growth, business income increased by 82.69% compared with the same period last year, and home net profit increased by 22.47%, which is basically in line with expectations. 2022H1 has a gross margin of 42.10% (- 16.77pct) and a net margin of 16.30% (- 10.56pct). In the first half of the year, the gross profit margin of robot products is relatively stable, but the gross profit margin of non-robot products is relatively low, and the decline in overall profitability is mainly due to product structure adjustment and the company's operating losses.
During the period of 2022H1, the expense rate decreased and improved significantly. The rates of sales, management, R & D and financial expenses of 2022H1 Company were 5.89 (- 1.73pct), 11.25% (- 1.29pct), 11.74% (- 11.26pct) and 2.73% (+ 0.29pct) respectively, and the total expense rate decreased by 13.99pct during the period.
Release a number of new products, future growth is expected. 2022H1 has released a number of new products: (1) Wisdom sharing charging pile system: it breaks through the traditional mode of "one person, one pile", and realizes the separation of charging pile and parking space through robot, which has obvious advantages in convenience, economy and increasing pressure on the power grid. The program has been successfully piloted in Suzhou, Jiangsu Province, and is expected to be quickly replicated to other cities in the future. (2) equipment health management system: it can provide 24-hour uninterrupted monitoring and early warning for electrical equipment to protect production safety. (3) Stereoscopic inspection system: integrate a number of indoor and outdoor robots, UAV and camera systems to build a multi-latitude and comprehensive three-dimensional joint inspection platform to further improve the inspection efficiency.
Risk hint: the intelligent progress of the power grid is not as expected, and the competition in the industry is intensified.