Domestic intelligent cutting leader, maintaining "buy" rating
The company is a leading company in the domestic intelligent cutting field, is expected to benefit from increased industry penetration and localization opportunities double dividend, we maintain the original profit forecast, 2022-2024 is expected to return home net profit of 0.70,0.92, 123 million yuan, EPS is 1.18,1.56,2.08 yuan per share, the current stock price corresponds to PE 22.7,17.1, 12.9 times, to maintain the "buy" rating.
Event: the company released the mid-2022 report that inventory increased rapidly in the first half of 2022. In the first half of 2022, the company realized operating income of 130 million yuan, down 7.59% from the same period last year, and realized net profit of 20 million yuan, down 12.54% from the same period last year. The short-term fluctuation of the company's performance is mainly due to the repeated impact of the epidemic in the second quarter, limited domestic business activities, supply chain and delivery disruptions affecting order signing and delivery. In the first half of 2022, inventories rose 25 per cent year-on-year to 127 million yuan, mainly due to the impact of the epidemic. With the mitigation of the influencing factors of the epidemic, it is expected that the company's contract signing, project delivery and revenue recognition will accelerate in the second half of the year, and the performance is expected to continue to repair.
Consolidate internal strength and deepen the foundation of long-term development, and are optimistic that the company will increase its investment in the second half of the year. In the first half of 2022, the company will increase its investment in R & D and sales by 29.27% and 17.51% respectively compared with the same period last year. The construction of marketing network has been accelerated and improved, and the technical reserves in areas such as laser cutting and new energy have been continuously enriched.
At the same time, with the emergence of new materials, the continuous emergence of end customers' personalized and customized demand for products, and the continuous improvement of the complexity of the cutting process, the penetration of the intelligent cutting industry at home and abroad continues to improve. We are optimistic that the company will consolidate its internal strength and deepen its foundation for long-term development. In the future, it is expected to benefit from long-term industry penetration, increase dividends and localization opportunities, and enter the channel of rapid growth of performance.
Issue a buyback plan to demonstrate confidence in long-term development
In May 2022, the company issued a buyback plan to buy back some of the shares by centralized bidding, with its own funds to buy back 0.2-40 million yuan, with a maximum repurchase price of 35 yuan per share, which is planned to be used for equity incentive or employee stock ownership.
The buyback plan shows the company's confidence in long-term performance and future development, and is expected to closely combine the interests of shareholders, the company and the personal interests of employees to promote the healthy and sustainable development of the company.
Risk tips: repeated risks of the epidemic; intelligent cutting and domestic substitution are not as expected; the company's research and development is not as expected.
