The company released its 2022 semi-annual report on the evening of August 18: during the reporting period, the company achieved operating income of 484 million yuan, an increase of 38.25% over the same period last year, and a net profit of 79 million yuan, down 14.23% from the same period last year. The non-attributable net profit was 39 million yuan, down 39.46% from the same period last year. In this regard, our comments are as follows:
Main points of investment
Q2's single-quarter performance improved significantly, and the product structure affected the gross profit margin to achieve revenue of 484 million yuan (+ 38.25%) in the first half of the year. This is mainly due to the obvious growth of other businesses except robots (159 million yuan, + 300.59%), which in turn led to the overall revenue growth and the realization of attributable net profit of 79 million yuan (- 14.23%). This is mainly because: 1) the proportion of low-margin businesses other than robot products (17.43%) increased, resulting in an overall gross profit margin of 42.1% (year-on-year-16.77pct) in the first half of the year, resulting in a decline in overall profitability. 2) operating losses of the company's shareholding subsidiaries: the investment income in joint ventures and joint ventures in the first half of the year was-9.12 million yuan, compared with 12.65 million yuan in the same period last year; 3) the increase in accounts receivable led to an increase in the provision of bad debts. From a quarterly point of view, 2022Q2 achieved revenue of 291 million yuan (year-on-year + 82.69%, month-on-quarter + 50.35%), attributable net profit of 42 million yuan (year-on-year + 22.47%, month-on-month + 14.89%), deduction of non-attributable net profit of 19 million yuan (year-on-year-33.65%, month-on-quarter-9.75%). The company Q2 improved significantly in a single quarter. Period expense rate: in the first half of the year, the sales / management / finance / R & D expense rate was 5.89% (- 1.73pct) / 11.25% (- 1.30pct) / 2.73% (+ 0.29pct) / 11.74% (- 11.26pct) respectively, and the company's period expense rate was 31.60% (- 14.40pct).
Expand the product matrix horizontally to help the company grow again.
The company is the leader of electric robot, the main products are outdoor live robot, intelligent operation robot, indoor inspection robot and so on. The company actively expands the product matrix in the fields of fire fighting, new energy, rail transit and so on: 1) Fire fighting: the company has two major products: fire fighting robot and high spray intelligent fire fighting robot in the fire fighting field, which are mainly oriented to the fire protection field. in addition to emergency management departments, customer groups also include power grid system customers who have always attached importance to fire safety risks, as well as power plants and large-scale chemical enterprises. 2) New energy: in June 2022, the company's intelligent shared charging pile system (including intelligent robot, charging pile, running track and operation management platform, etc.) was successfully piloted for the first time in Suzhou, Jiangsu Province. A single robot can meet the charging needs of 50 parking spaces. In the case of the same area, the construction cost is higher than "one parking space, one pile".
The model will be reduced by about 20%, and the future application field will be further extended to new scenes such as old residential areas, shopping malls, and residential areas. 3) Rail transit: in 2022, the company released the equipment health management system. It is the first to combine voiceprint monitoring data with other monitoring data to provide 24-hour continuous monitoring and early warning of failures for electrical equipment, so as to protect production safety. New products continue to break through to help the company grow again.
Equity incentive binds to the interests of employees, and buyback shows confidence in development.
In June, 2022, the company granted stock options and restricted stocks for the first time. 1.4935 million stock options were granted to 1.4935 million incentive subjects at an exercise price of 46.48 yuan per share. 1.4103 million restricted stocks were granted to 114 incentive objects at a price of 29.05 yuan per share. The performance appraisal target is to achieve a revenue base of 2020, and the revenue growth rate from 2022 to 2024 will be no less than 120%. Equity incentive is bound to the interests of employees, which is conducive to the long-term development of the company. As of August 16, 2022, the company has repurchased 960400 shares of the company, with a repurchase amount of 504.448 billion yuan and an average repurchase price of 52.52 yuan per share. We believe that the company's buyback is conducive to safeguarding the interests of shareholders and demonstrates confidence in future development.
Profit forecast
The forecast company's income from 2022 to 2024 is 16.46,22.05,2.824 billion yuan respectively, the EPS is 2.78,3.72,4.77 yuan respectively, and the current stock price corresponds to 21,15,12 times of PE respectively, maintaining the "buy" rating.
Risk hint
The risk of macroeconomic decline, the risk of lower-than-expected investment in power grid investment, the risk of lower-than-expected penetration of power robots, the risk of channel expansion not as expected, the risk of less than expected promotion of shared charge pile robots, the risk of shareholder holdings reduction, the risk of repeated epidemic and so on.