Report guide
The company announced its quarterly report. During this period, the company achieved total operating income of 67,86262 million yuan, an increase of 6.82% over the same period last year; operating profit of 4,927 million yuan, an increase of 108.71% over the same period last year; total profit of 4.9957 million yuan, an increase of 133.04% over the same period last year; net profit attributable to shareholders of listed companies was 4,018,400 yuan, an increase of 50.73% over the same period last year.
Key points of investment
All of the company's businesses showed a good trend
The quarterly report shows that the company is not only profitable in the intelligent system big data business, but the traditional business also continues to pick up. At the same time, the testing fixture business, which was a quarterly low in the first quarter, also turned a loss into a profit. Various businesses laid a good start for high growth throughout the year. The company's strategy is to build an intelligent system and big data industry operation+shareholding platform company. It will focus on the three main businesses of “new materials and their processing applications”, “intelligent systems and big data”, and “clean energy”, and has formulated a five-year plan and a series of goals. We believe that after the painful transformation period and business run-in period and strategic planning period experienced by the company, management and the company's various businesses have entered a new development trajectory. The company will now be the first year to actually follow the post-transformation development idea. While traditional business stabilizes and grows, high-tech high-margin businesses will also contribute to performance, and the company will maintain high-quality growth in the future under endogenous and extended development.
Profit forecasting and valuation
Excluding new retail business and outreach, we expect the company to achieve revenue of 4.5 billion, 6 billion, and 7.5 billion yuan respectively, net profit of 110 million, 145 million, 212 million yuan, and EPS of 0.13 yuan, 0.17 yuan, and 0.25 yuan respectively. We believe that the company is at an inflection point in its development and will have a high growth rate in the future, giving it an “increase in holdings” rating.
Risk warning
Traditional business orders fell short of expectations, PV supply progress fell short of expectations, and sales of intelligent systems fell short of expectations.
