Event: the company released its annual report in 2022, with revenue of 460 million yuan (+ 32.9%) and net profit of 120 million yuan (+ 59.2%) in 2022, of which Q4 in 2022 achieved revenue of 240 million yuan (+ 24.0%) and net profit of 70 million yuan (+ 46.0%).
The company successfully completed the delivery as planned, and the business of nuclear robots has grown rapidly. 1) the company actively responded to the impact of COVID-19 's epidemic situation, adjusted its organizational structure in a timely manner, set up branches in the northwest and set up offices in major regions of the country, and implemented the method of combining talent stationing with localization, and basically completed the delivery smoothly in accordance with the annual plan.
2) in 2022, the revenue of the company's intelligent equipment business in the nuclear industry reached 300 million yuan, down 1.2% from the same period last year; the revenue from the robot business of the nuclear industry reached 120 million yuan, an increase of 978.5% over the same period last year; and the non-nuclear intelligent equipment business reached 9 million yuan, a decrease of 34.9% over the same period last year.
Reduce cost and increase efficiency, fine operation and management to improve profitability. The company has actively implemented cost reduction and efficiency improvement, refined operation and management has achieved certain results, and the overall profitability has been further improved. 1) the company's overall gross profit margin in 2022 was 47.7%, an increase in 3.1pp compared with the same period last year. 2) in 2022, the expense rate during the company period was 20.1%, which was basically the same as the same period last year, of which the sales expense rate was 2.5%, up 0.6 ppm from the same period last year; the management expense rate was 10.7%, which was basically the same as the same period last year; and the R & D expense rate was 9.1%, which increased 0.9pp over the same period last year, mainly due to increased investment in cutting-edge technologies, new products, new processes, etc. The financial expense rate was-2.2%, a decrease of 1.6pp compared with the same period last year, mainly due to the increase in deposit interest income. 3) the company's overall net interest rate in 2022 was 26.2%, an increase in 4.3pp compared with the same period last year.
Steady progress has been made in the construction project of capacity expansion. In 2022, on the basis of the Hangzhou Binjiang fund-raising and capacity expansion project, the company added the Hangzhou Fuyang Binfu Cooperation Zone capacity expansion investment construction project. In 2022, the two projects have achieved nodal results as planned, and are expected to be put into use at the end of 2024 at the same time. It will increase production capacity by about 1.14 billion yuan.
After the completion of the project, the company will further focus on the main business and achieve large-scale economic benefits, so as to reduce operating costs and lay a good foundation for the further expansion of the company's business scale in the future.
We will continue to increase investment in R & D and enhance our technological leadership. The company seized the opportunity of the development of the industry, formulated a new five-year development plan, actively ploughed the nuclear industry, laid out the whole nuclear industry chain, and increased R & D investment to promote product research and development. In 2022, the company invested 42.35 million yuan in R & D, an increase of 48.1% over the same period last year, and revenue accounted for 9.1%. In terms of a series of robots in the nuclear industry, on the basis of electric follow-up manipulators and continuous research and development for different scenarios in 2022, the company has formed a series of spectral products, including a new generation of electric servo robots suitable for high radiation intensity and high corrosion environment. a new generation of electric servo robot with high degree of automation, high precision and acid washing resistance; high precision radiation resistant robot suitable for high radiation intensity environment It is suitable for maintenance and decommissioned robots with high radiation intensity, high load and high precision.
Profit forecast and investment advice. It is estimated that the company's net profit from 2023 to 2025 will be 1.68,2.23 and 291 million yuan respectively, and the corresponding EPS will be 2.04,2.71,3.54 yuan respectively. The net profit will maintain a compound growth rate of 34% in the next three years. The company maintains a "hold" rating as a leader in smart equipment in the nuclear industry.
Risk tips: business focus on the nuclear industry and the risk of industrial policy changes in this field; the risk of high customer concentration; the risk of performance fluctuations caused by discontinuous orders.