Summary content
Revenue increased by 38% in the first half of the year. In the first half of the year, the company realized operating income of 484 million yuan, an increase of 38.25% over the same period last year; the net profit returned to the home was 78.93 million yuan, down 14.23% from the same period last year; and the gross profit margin and net profit rate of the company in the first half of the year were 42.1% and 16.3% respectively, down 17.82pct and 21.34pct respectively compared with 2021. From a quarterly point of view, the company's operating income and net profit in the second quarter increased by 82.69% and 22.47% respectively compared with the same period last year, and the gross profit margin and net profit margin reached 34.35% and 14.51% respectively, which decreased by 19.40pct and 4.48pct respectively. The company's revenue grew rapidly in the first half of the year, but the profit side was slightly under pressure. this is mainly due to the low gross profit of other businesses other than robot products, the operating losses of the company's shareholding subsidiaries, the increase in the provision of bad debts caused by the increase in accounts receivable, and the increase in financial income from cash management in the current non-recurrent profit and loss compared with the same period.
New products and new fields will be actively expanded to promote diversified development. In the first half of the year, the company newly launched the equipment health management system, wisdom sharing charging pile system, three-dimensional inspection system. Among them, the first domestic intelligent shared charging pile system launched by the company has been successfully applied in Suzhou; the equipment health management system has high expansibility, which is convenient for rapid expansion to rail transit, petroleum and petrochemical, power plants, public utilities and other industries; three-dimensional inspection system can be used in power transformation, transmission, power distribution and other scene fields to achieve automatic, intelligent and omni-directional inspection work.
In terms of market expansion, in the first half of the year, the company continued to plough the power grid system, actively developed the southern power grid region, Fujian, Jiangxi and other regions, and laid out the cooperation and pilot of many products. Continue to promote the promotion and application of operating robots, fire robots, inspection robots and other products. At the same time, the company actively develops the business of power generation, rail transit, coal, metallurgy and other industries, and improves the market channels, so as to realize the comprehensive and coordinated development of the company's multi-industry fields.
Investment suggestion: we estimate that the company's operating income and net profit in 2024 will be 16.76 apprentice 22.20 / 2.833 billion yuan and 5.70 apperance 7.76 / 966 million yuan respectively. We are optimistic about the development of the company under the trend of intelligent power grid during the 14th five-year Plan period and maintain the "overweight" rating.
Risk tips: fluctuations in demand from major customers, default risk of accounts receivable, threats from new entrants to the industry.