This report is read as follows:
The company is mainly engaged in intelligent logistics and intelligent manufacturing system. Under the background of machine replacement, the market size of the track is more than 100 billion. With the advantages of products, technology and project experience, it is expected to fully benefit the growth of the industry.
Main points of investment:
Cover for the first time and give an overweight rating. Forecast company 2022-24 company revenue 17.99,22.91, 2.867 billion, corresponding growth rate of 41%, 27%, 25%; return to the mother net profit of 1.16,1.61, 214 million yuan, compared with the growth rate of 34%, 39%, 33%. Combining the results of absolute valuation method and relative valuation method, the target market value of the company is 3.917 billion yuan, corresponding to the target price of 21.66 yuan, corresponding to 24.33 times PE in 2023, covering for the first time and giving an overweight rating.
The domestic market scale of intelligent logistics will exceed 100 billion, and the trend of intelligent manufacturing is obvious. In recent years, intelligent logistics has entered the fast lane of development. According to the data of forward-looking Industrial Research Institute, the market scale of China's intelligent logistics industry has grown by more than 20% from 2016 to 2020. It has reached 54.401 billion yuan by 2020, and is expected to become a 100 billion-level market in the future. According to the Intelligent Manufacturing Development Index report 2020, 75% of China's enterprises are at or below the first level in 2020, with a low degree of overall promotion and great potential for the development of the industry.
Intelligent logistics + intelligent manufacturing two-wheel drive, synchronous layout at home and abroad. The company takes the intelligent logistics system as the starting point, harvests the industry's leading customers and establishes a long-term cooperative relationship, and at the same time lays out the intelligent manufacturing business to form the business model of "intelligent logistics + intelligent manufacturing". While taking into account high-quality domestic customers, the company adheres to the international development strategy, has local projects in South Korea, India, Thailand, Turkey and other countries, and has reached in-depth cooperation with large enterprises, with strong overseas development potential.
Fund-raising projects consolidate the company's advantages and provide momentum for development. The company was listed in September 2022 and plans to raise 448 million yuan. Intelligent logistics and intelligent manufacturing system product expansion construction project, intelligent logistics and intelligent manufacturing system marketing and after-sales service network construction project, R & D center construction project and supplementary liquidity use 2.03,0.68,0.77 and 100 million yuan respectively.
Risk tips: excessive concentration of customers, rising prices of raw materials, intensified competition in the industry, etc.
