Main points of investment
Acquire lithium power equipment subsidiary and enter the new energy equipment market: Sany International issued an announcement on December 30, 2022, Sany heavy equipment acquired Sany Technology and equipment Company, which is controlled by Sany Group, at a consideration of 0.95 yuan. After the acquisition, Sany Technology and equipment is 70%, 15% and 15% owned by Sany, Changsha Wright and Changsha Feiling respectively. At present, the products of Sany technology and equipment mainly cover the front section, middle section, rear section and module pack line of lithium battery, and all the equipment has been developed independently. The company is the independent development of the whole line, including the front section of the four equipment, coating equipment, rolling equipment, including the middle section of the lamination, liquid injection equipment, as well as the formation of the back section. At present, there are a total of a number of core equipment, the main core indicators are basically up to or higher than the peer level. Now the company has more than 300 R & D personnel, and the proportion of master's degree or above in related fields has reached 38%.
With the continuous increase in the output of the coal industry and the intelligent transformation of the coal industry, the company's coal machinery business has been growing continuously for many years: China's raw coal output has been increasing from 2000 to 2013, and its production capacity has declined for three consecutive years from 2014 to 2016. the company's coal machinery business income also continued to decline in 2013-2015. with the continuous increase of China's raw coal production in 2017-2022, the intelligent transformation of the coal industry began in 2020. The company's coal machinery business revenue achieved strong and rapid growth from 2016 to 2021, and we expect China's raw coal production to maintain a relatively stable level in the next few years, and there is room for continuous improvement in intelligence. the company's coal machinery business is expected to continue to grow.
Overseas business will become the driving force for future growth: in terms of internationalization strategy, the company expects international sales of mining equipment to reach 4 billion yuan (including tax) in 2023 and 8 billion yuan in 2025, becoming the first domestic export brand of mining cars; logistics equipment is expected to reach 4 billion yuan in 2023 and 7 billion yuan in 2025, becoming the number one domestic export brand of Hong Kong machinery. The rapid growth of overseas revenue is closely related to the expansion of the company's product categories and the investment of overseas personnel and resources.
Our point of view: the domestic coal machinery market is in strong demand, and the company is actively exploring overseas markets. We expect the company's revenue to increase by 49.79%, 35.48%, 24.76% to 152.70 yuan, 206.89 yuan and 25.812 billion yuan in 2022-2024. the net profit of homing increased by 26.88%, 26.38% and 20.57% to 15.97,20.19 and 2.434 billion yuan respectively compared with the same period last year. Corresponding to 20 times PE in 2022.
Risk tips: the development of new business is not smooth, the price of raw materials fluctuates greatly, and the epidemic situation is repeated.