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梅安森(300275):经营业绩稳健增长 加大研发布局未来

Meinsen (300275): Steady growth in business performance and increasing the future of R&D

國元證券 ·  Apr 25, 2023 00:00  · Researches

Incidents:

The company released its “2022 Annual Report” after the market closed on April 20, 2023.

Comment:

Industry demand continued to improve, and steady revenue and profit growth benefited from the promotion of mining industry policies and the continuous improvement in the overall economic efficiency of coal companies. Customer procurement demand continued to grow. The company achieved total operating revenue of 376 million yuan in 2022, an increase of 21.53% over the previous year; Guimu's net profit was 373.494 million yuan, an increase of 27.80% over the previous year. By product, mining products achieved revenue of 337 million yuan, an increase of 30.19% over the previous year; municipal products achieved revenue of 08 million yuan, a decrease of 22.19% over the previous year; and environmental protection products achieved revenue of 21 million yuan, a decrease of 42.09% over the previous year.

The mining industry's demand for investment in informatization continues to be strong. The company's smart mining business has fully benefited. In recent years, the country has attached great importance to the construction of coal mine informatization, issued relevant industry policies and provided central budget funds to continuously guide and support the intelligent construction of mines. The demand of mining enterprises for informatization construction has continued to rise. As coal mining enterprises continue to make breakthroughs in intelligent construction and economic benefits have improved markedly, the country has gradually incorporated non-coal mines into the overall intelligent construction plan, thus creating a situation where demand for informatization investment in mining operations continues to be strong. After 20 years of industry experience, the company already has a certain market share and brand influence in special equipment and systems for mining safety, and has successively provided intelligent production safety services to more than 1,000 customers including National Energy Group, Shaanxi Coal Group, China Coal Group, and Zijin Mining. The company began exploring the path of smart/intelligent mine construction in 2015. Through typical project implementation and technology accumulation in recent years, it has formed a series of comprehensive solutions for smart mines, smart mines, smart mining areas, etc.

Master key core technologies and continue to promote product iteration

The company has mastered intelligent sensor technology, intelligent sub-station technology, mining power supply technology, integrated communication technology based on “4G+5G+WiFi+wired”, 5G and F5G high-speed network transmission technology, AI video analysis technology, intelligent gas extraction technology, intelligent ventilation technology, intelligent auxiliary transportation technology, accurate positioning technology for personnel and vehicles, and single base stations to achieve two-dimensional accurate positioning technology (applied to coal washing plants, chemical parks, open pit mines, etc.), mine wastewater treatment technology, integrated automation technology, intelligent mining scenarios More than 20 core key technologies, including integrated management and control platform technology. In 2022, the company focused on mature technology and products, combined with the new rules and needs of the market, continuously iterated on relevant technologies, optimized related products, and continued to promote the upgrading and localization of Xiao'an Easylian industrial Internet operating system, continuously improving the design, implementation and delivery capabilities of overall intelligent mining technology solutions, and promoting ecological partnership building.

Profit forecasting and investment advice

With solid mining products and sales and service capabilities, the company has formed a first-mover advantage in the new smart mining circuit, and there is plenty of room for continuous growth in the future. The company's revenue for 2023-2025 is predicted to be 604, 921, 1,325 million yuan, net profit of 0.86, 1.38, and 213 million yuan, EPS is 0.46, 0.73, and 1.13 yuan/share, and the corresponding PE is 46.44, 28.96, and 18.73 times. Over the past three years, the company's PE TTM has mainly operated between 55-125 times, maintaining the “buy” rating considering the company's growth and future prosperity of the industry.

Risk warning

The risk of market development in new application areas; the risk of technological innovation failure; the risk of bad debt in accounts receivable.

The translation is provided by third-party software.


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