2022 年：（1）公司实现收入6.47 亿元，同比增长22.27%；归母净利润2.01 亿元，同比增长17.32%；扣非净利润1.64 亿元，同比增长15.55%。受益于双碳政策驱动，公司业绩保持增长态势，在疫情背景下彰显韧性。（2）分地区来看，华东、华北、西北地区收入分别为5.21、0.89、0.34 亿元，同比分别+28.86%、+38.28%、-38.75%，公司在主要市场持续增长，市场主导地位稳固。（3）销售、管理、研发费用率分别为6.47%、9.32%、8.31%，同比分别+0.09、+1.22、+1.49 个百分点，管理费用增长主要系人员增长及股份支付费用增加所致，研发费用增长主要系公司加大核心技术战略投入、加大中高端人才引进所致。Leading the way in smart heating, maintaining the “buy” rating
The company released its 2022 annual report and the first quarter report of 2023. The company has plenty of orders, talents, and technical reserves, and AI smart heating has great potential. Considering the impact of the epidemic, we lowered our profit forecast for 2023-2024 and added 2025. The estimated net profit for 2023-2025 is 2.82, 3.67, 4.78 (originally 3.03, 405) yuan, EPS is 3.79, 4.94, 6.42 (originally 4.07, 5.44) yuan. The current stock price corresponding to PE is 22.3, 17.1, 13.2 times. The company has plenty of on-hand orders and sufficient long-term growth momentum to maintain the “buy” rating.
Event: The company released its 2022 annual report and the first quarter of 2023
2022: (1) The company achieved revenue of 647 million yuan, an increase of 22.27% over the previous year; net profit of 201 million yuan, an increase of 17.32% over the previous year; after deducting non-net profit of 164 million yuan, an increase of 15.55% over the previous year. Driven by the dual carbon policy, the company's performance continued to grow, showing resilience in the context of the pandemic. (2) By region, the revenue of East China, North China, and Northwest China was 521, 0.89, and 34 million yuan respectively. The year-on-year ratio was +28.86%, +38.28%, and -38.75%, respectively. The company continued to grow in major markets, and its market dominance was stable. (3) The sales, management, and R&D expenses ratios were 6.47%, 9.32%, and 8.31% respectively, and +0.09, +1.22, and +1.49 percentage points respectively over the previous year. The increase in management expenses was mainly due to the increase in personnel and the increase in share payment costs. The increase in R&D expenses was mainly due to the company's increased strategic investment in core technology and the increase in the introduction of middle and high-end talents.
2023Q1: The company achieved revenue of 33.55 million yuan, an increase of 6.91% over the previous year; the net profit of the mother was 6.77 million yuan, a year-on-year decrease of 36.67%; after deducting non-profit of 1.26 million yuan, an increase of 147% over the previous year. The first quarter is the heating season, and the revenue contribution is relatively small; the decline in profits is mainly due to the increase in wages, remuneration, and expenses due to companies introducing more talent.
There are plenty of orders, talents, and technology reserves, and AI smart heating has great potential (1) In terms of orders, by the end of 2022, the company had signed contracts and had not yet completed projects corresponding to 455 million yuan, accounting for 70.3% of 2022 revenue, and there was sufficient momentum for long-term growth. (2) In terms of personnel, the company has already carried out a round of personnel reserves in 2021. In 2022, it mainly increased middle and high-end technical and management talents, introduced top talents such as innovative product research and development and AI algorithms, and continued to deepen the product and technology moat. (3) The heating industry still has the characteristics of “three highs and one low”. In a dual-carbon context, smart heating incorporating new technologies such as AI and big data is the general trend. The company has a completely independent one-stop solution, which is expected to continue to benefit in the future.
Risk warning: risk of changes in industrial policy; risk of technological development; risk of increased market competition.