This report is read as follows:
The company's new energy, petroleum and petrochemical, tobacco industry orders in an all-round high growth, performance into the cash period.
Main points of investment:
Maintain the "overweight" rating and raise the target price to 21.56 yuan. According to the company's semi-annual report data, the profit forecast for 2022 and 2024 is raised, and the profit forecast for 2023 is slightly lowered. It is estimated that the EPS of the company from 2022 to 2024 is 0.63 (+ 0.02) yuan, 1.07 (- 0.04) yuan and 1.83 (+ 0.11) yuan respectively. Raise the target price to 21.56 yuan and maintain the "overweight" rating.
The performance entered the cash period and the gross profit margin was repaired as scheduled. During the reporting period, the company achieved operating income of 1.163 billion yuan, an increase of 94.59% over the same period last year, and a net profit of 107 million yuan, an increase of 173.27% over the same period last year. The half-year profit exceeded the level of the whole year last year, and the performance was in line with expectations. The company's comprehensive gross profit margin was 27.09%, an increase of 1.39pct over the same period last year, an increase of 2.78% over the end of last year, and the performance entered the cash period to get rid of the impact of the rise in single orders and raw material prices in 2021.
Orders continued to grow at a high rate. New orders signed by the company continued to maintain high growth in the first half of 2022, with newly signed orders worth 2.15 billion yuan during the reporting period, an increase of 53.84 percent over the same period last year. Among them, the new orders signed by the new energy industry increased by 12.92% compared with the same period last year. Newly signed orders in the tobacco industry increased by 57.79% compared with the same period last year. Newly signed orders in the petroleum and petrochemical industry increased by 1586.93% over the same period last year. Overall orders maintain a rapid upward trend.
The company's on-hand orders at the end of the period reached 4.728 billion yuan, laying a solid foundation for continued high performance in the future.
Digital business is about to enter the inflection point of growth. The company's digital business in the tobacco industry is about to end the model project stage and enter the national promotion period. The business model has been upgraded from the traditional automation integration to the overall information solution, and the continuous release of high-margin business will promote the overall profitability of the company.
Risk tips: the risk of intertemporal confirmation of orders; the risk of a sharp rise in the price of raw materials.
