Event: the income in the first half of 2020 was 374 million yuan, an increase of 21.25% over the same period last year, and the net profit of returning home was 69 million yuan, an increase of 4.84% over the same period last year.
Q2 revenue increased by 32.95% in a single quarter. Q2's single-quarter income in 2020 was 246 million yuan, an increase of 32.95% over the same period last year, which was significantly higher than the Q1 single-quarter growth rate (3.73%). Q2's net profit in a single quarter was 58 million yuan, an increase of 7.13% over the same period last year. In the first half of the year, the company's industrial automation business revenue was 286 million yuan, an increase of 16.86% over the same period last year, accounting for 76.55% of the company's revenue and 42.36% of the gross profit margin, down 2.26pct from the same period last year. The revenue of the industrial Internet business was 78 million yuan, up 23.00% from the same period last year, accounting for 20.76% of the company's revenue, and the gross profit margin was 42.57%, down 2.98 pct from the same period last year. The revenue of the smart energy business was 9.0968 million yuan, accounting for 2.43% of the company's revenue. In the first half of the year, the company's overall gross profit margin was 42.25%, down 2.60pct from the same period last year; the net profit margin was 18.88%, down 2.68pct from the same period last year. The net operating cash flow of the company in the first half of the year was 8 million yuan, compared with 25 million yuan in the same period last year.
The company's EmpoworX industrial Internet platform has passed the national five-star evaluation of the most advanced functional performance, providing a wide range of solutions that have been widely used in many fields. According to the reference framework in the white paper of industrial Internet platform and the technical requirements of the test and verification standard of industrial Internet platform, CAICT evaluated in detail the edge capability of EmpoworX industrial Internet platform, general PaaS, industrial big data, industrial data management, industrial model, industrial application development and human-computer interaction, industrial APP market and inter-platform transfer. The test results show that EmpoworX has passed the national five-star evaluation of the most advanced functional performance and is the first industrial Internet platform in Nanjing. Up to now, a total of 8 industrial Internet platforms have been rated five-star.
For the process industry, EmpoworX platform provides 200 + equipment models, 100 + algorithms, and 100 + industrial application APP,10+ SaaS application solutions to realize the access, storage and analysis applications of industrial equipment big data, such as equipment early warning, fault diagnosis, operation optimization, etc., so as to build the industrial ecology of industrial data analysis and ensure the efficient, stable, safe and economic operation of industrial equipment. Based on the EmpoworX platform, Keyuan has focused on launching complete solutions such as intelligent power plant, intelligent chemical industry, intelligent metallurgy, intelligent building materials, intelligent medicine, intelligent manufacturing and so on, which have been widely used and accumulated a large number of successful cases.
Investment suggestion: from 2020 to 2022, the income of the company is estimated to be 9041182max 1.505m, EPS 0.660.88max 1.13 respectively, and the current price corresponding to PE is respectively 25-19-15 times. Maintain a "buy" rating.
Risk hint: the epidemic affects the speed of the company's business.