Event: the company announced today's semi-annual report that the revenue in the first half of the year was 651 million yuan, an increase of 16.69% over the same period last year, and the net profit was 91 million yuan, an increase of 12.33% over the same period last year. Comments are as follows:
The company's key business sector continues to make efforts. The most important thing is the intelligent mechanical parking equipment business. in recent years, with the gradual change of the original pattern of supporting construction by real estate developers, the pace of parking lot construction with the government and social capital as the main body is getting faster and faster, and the company has obvious advantages as a head enterprise. sales continued to grow rapidly, with revenue of 417 million yuan in the first half, an increase of 18.55% over the same period last year. The other is the start of parking business consolidation, with revenue of 29 million yuan in the first half of the year. Other fast-growing areas include warehousing and logistics automation equipment, up 65.73% from the same period last year.
Profitability remains stable. In the first half of the year, the company's comprehensive gross profit margin was 35%, which was basically the same as that in the same period last year, and the expense rate decreased to a certain extent compared with the same period last year, in which the sales expense rate decreased by 0.88pct and the management fee decreased by 0.9pct. However, due to the rapid growth of the company's accounts receivable balance, the book value reached 878 million, resulting in an increase in the proportion of impairment of credit assets by 1.5pct compared with the same period last year. 0.53pct decreased slightly compared with the same period last year.
Be optimistic about the medium-and long-term logic of the company. a. There is a large gap between supply and demand of parking spaces, and the market of mechanical parking garages has a bright future.
b. When the policy is mentioned again, the speed of the industry can be accelerated, and the head enterprises will fully benefit. In recent years, the central to local governments have issued a series of policies to promote industrial development, and the industry is expected to enter the second round of accelerated development period. c. The company is actively transforming to parking operation service, and its flexibility can be expected in the future.
Investment advice and rating: the company's 2020-2022 net profit is expected to be 260 million / 350 million / 460 million, corresponding to the PE of 26 times / 19 times / 15 times, given a "buy" rating.
Risk hint: parking operation business development is not as expected; industrial policy has undergone a major shift.
