Main points of investment
This Friday (October 21) there is a motherboard listed company "Southern Road engine" inquiry.
South Road Machine (603280): the company revolves around the whole life cycle of building sand and gravel aggregate, and its business integrates the customized design, research and development, production and sales of equipment such as engineering mixing, primary aggregate processing, aggregate resource recycling and so on. From 2019 to 2021, the company achieved operating income of 1.004 billion yuan / 1.141 billion yuan / 1.284 billion yuan, YOY of 15.30%, 13.70%, 12.53%, and three-year compound annual growth rate of 13.84%. The net profit of homing was 32 million yuan / 145 million yuan / 155 million yuan, the YOY was-56.81%, 354.53%, 7.34%, and the annual compound growth rate of three-year net profit was 28.21%. During the latest reporting period, 2022H1 achieved an operating income of 572 million yuan and a net profit of 57 million yuan. The company expects net profit from January to September 2022 to be about 105 million yuan to 114 million yuan, an increase of-3.98% to 4.25% over the same period last year.
Investment highlights: 1, the company deep ploughing engineering mixing field for more than 20 years, has gradually formed a "primary aggregate processing equipment-engineering mixing equipment-aggregate resource recycling treatment equipment" the whole industry chain and multi-level product system layout advantages. The company is the first batch of private enterprises engaged in engineering mixing related products in China, after more than 20 years of technology accumulation and development, gradually formed the "original aggregate processing-engineering mixing-aggregate resource recycling treatment" aggregate whole industry chain multi-level product system, including mine crushing and screening, aggregate processing, construction and road material mixing, construction waste resource recycling and other equipment. Among them, the company's core product engineering mixing equipment mainly includes cement concrete production equipment, dry mixing mortar production equipment, asphalt mixture production equipment and so on. At present, as an important subdivision product category in cement concrete production equipment, the nuclear power special mixing station can meet the strict technical requirements of nuclear island construction, such as continuous pouring, large volume, low temperature concrete and so on. it is expected to realize the import substitution of domestic equipment in the special station for nuclear power construction. 2. The company's equipment products have been successfully used in a number of national strategic engineering projects, establishing a high reputation and reputation in the industry. The company's equipment has been successfully applied to national strategic projects with strict requirements for the quality of construction machinery, such as Hong Kong-Zhuhai-Macao Bridge, Shenzhen Dawan District Construction, China-Guangzhou Nuclear Power Project, the longest Desert Expressway (Jingxin Expressway), etc. Among them, the Zhongguang nuclear power project entered the field of nuclear power projects on behalf of domestic independent brand mixing stations, and the shaping and sand-making equipment of the company in the Hong Kong-Zhuhai-Macao Bridge project was used in the aggregate production line needed for bridge deck pavement, representing the industry's high-level aggregate processing technology.
Comparison of listed companies in the same industry: at present, there are no completely comparable listed companies in China's A-share market, therefore, according to the similarity of products and the industry attributes of construction machinery and equipment, select Sany heavy Industry, Zoomlion Heavy Industry Science and Technology, Zhejiang Mine shares as comparable companies. According to comparable companies, the average income of the industry in 2021 is 58.192 billion yuan, PE-TTM is 23.77X, and sales gross profit margin is 31.04%. In comparison, the company's revenue scale is lower than the industry average, and the gross profit margin is in the median range of the industry.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.
