Investment event
In the first half of 2022, the income was 484 million yuan (up 38.25% over the same period last year), and the business of non-robot products increased; the net profit of returning home was 79 million yuan (down 14.23% from the same period last year). This is due to the low gross profit of the non-robot product business, the operating losses of the company's shareholding subsidiaries, the increase in bad debts due to the increase in accounts receivable, and the increase in financial income from cash management compared with the same period. Among them, the income in the second quarter of 2022 was 291 million yuan (an increase of 82.7% over the same period last year), and the net profit was 42 million yuan (an increase of 22.5% over the same period last year). The performance improved to a certain extent.
Main points of investment
Iterative upgrading of traditional products and rapid breakthroughs in innovative products
On the one hand, the company continues to promote the iterative optimization of robots such as operation, patrol and fire protection, on the other hand, it speeds up the launch of important new products. At the end of June, it launched the first intelligent shared charging pile system in China, and successfully applied it in Suzhou. It can effectively improve the use efficiency of charging piles, reduce construction costs; release equipment health management system, which can be monitored and early warning in all stages, with various application scenarios. The newly launched automatic, intelligent, omni-directional three-dimensional inspection system can be used in a variety of scenarios, such as power transformation, transmission, power distribution and so on.
Promote the strategy of "robot + industry", speed up the development of new fields, actively promote the development strategy of "robot + industry", adopt the mode of separation of research and development, and Nanjing R & D Center focuses on the development of specific products. Shenzhen Research Institute focuses on the research and development of robot frontier and underlying technologies, and improves the R & D system to support product expansion. While stabilizing the regional market in East China, the company actively develops the southern power grid region, Fujian, Jiangxi and other regions, laying out the cooperation and pilot of many products, and the application fields spread to many fields such as fire fighting, rail transit, power generation and so on. in order to help the company to achieve comprehensive coordinated development of multi-industry fields.
Equity incentive is bound to core employees, and income keeps growing rapidly.
At the beginning of 2022, the company issued an equity incentive plan for 2022, which intends to grant a total of 3.9363 million rights and interests to 176 subjects, accounting for 1.91% of the company's total share capital on the date of announcement. Among them, there are 191.00 million stock options with an exercise price of 52.38 yuan per share, and 2.0263 million restricted shares with a grant price of 32.74 yuan per share. The performance appraisal target is that the company's revenue in 2022-2024 will grow by no less than 60%, 90% and 120% respectively compared with 2020.
Profit forecast and valuation
The company is a leading manufacturer of special robots for electric power in China, with the introduction of new products to increase revenue. Taking into account the disrupted delivery pace in the first half of the year, the slow progress of obtaining orders and the lower-than-expected performance of the participating companies, we downgrade the company's profit forecast. The net profit for 22-24 is expected to be 5.62,7.65 and 947 million yuan (before the reduction is 6.11,8.11 and 984 million yuan, respectively). The downward adjustment is 8.1%, 5.7%, 3.7%) The corresponding EPS in 22-24 years is 2.70,3.68,4.56 yuan per share, and the corresponding PE is 22,16,13 times. Maintain a "buy" rating.
Risk hint
The intelligent investment in power grid is not as expected, the market competition is intensified, and the progress of new product promotion is not as expected.
