Main points of the report:
The company is a "Internet of things +" high-tech enterprise, order rapid growth helps accelerate growth company is a "Internet of things +" high-tech enterprise, specializing in networking and security areas of complete sets of technology and equipment research and development, design, production, marketing and operation and maintenance services. At the same time, making use of its own technology precipitation in intelligent sensing, Internet of things and big data analysis, the company has expanded the two business areas of environmental protection and urban management on the same technology chain, and the company has become an overall solution provider and operation and maintenance service provider for "Internet of things + security and emergency, mining, urban management, environmental protection". From 2018 to 2021, the company's operating income grew steadily and its gross profit margin remained stable. In 2021, the company added 495 million yuan in new orders for the whole year, an increase of 48.09% over the same period last year, and realized operating income of 309 million yuan, an increase of 8.64% over the same period last year.
The intelligent coal mine is the general trend. The policy-driven industry enters the high economic cycle smart mine aims to realize the intelligent operation of the whole process of mine production, promote the safety improvement of mine production, reduce staff and increase efficiency, save energy and reduce consumption. This industry is closely related to the development of the downstream coal industry, and its landscape is affected by many factors: on the one hand, the state pays more and more attention to the safety of mine production and frequently issues guiding policies to guide the intelligent transformation of coal mines. "guidance on speeding up the intelligent development of coal mines" puts forward specific objectives for the development of intelligent coal mines at the national level for the first time. On the other hand, giants such as Huawei have entered the bureau to build a data base, cooperate with industry specialized and innovative companies, and undertake overall and benchmarking smart mining projects, bringing the possibility of unifying the system architecture at the bottom of the industry.
The company leads the intelligent mine construction industry, and takes the lead in landing in Caojiatan, Madiliang and other benchmarking projects for 19 years, and has established a set of fully functional monitoring and early warning technology system. Traditional mine products and smart mine products have high brand influence. The company has successfully landed benchmarking projects such as Caojiatan Coal Mine and Madiliang Coal Mine, and has accumulated rich experience in intelligent mine construction.
Caojiatan project achieves resource sharing, information fusion and intercommunication among various subsystems, and realizes intelligent linkage management and control among production safety application subsystems and emergency command for dealing with emergencies.
Investment advice and profit Forecast
With its solid mine products and sales and service capabilities, the company has formed a first-mover advantage in the new track of smart mines, and is expected to benefit from the rapid development of the industry. It is predicted that the operating income of the company from 2022 to 2024 is 5.05,7.93 and 1.135 billion yuan, the net profit is 0.73,1.25 and 192 million yuan, the EPS is 0.39,0.67,1.02 yuan per share, and the corresponding PE is 33.04,19.23,12.53 times. At present, the PE TTM of the computer (Shenwan) index is 43.9 times. Taking into account the growth, the company is given a target PE of 45 times in 2022, with a target price of 17.55 yuan. Recommend for the first time, give a "buy" rating.
Risk hint
The risk of repeated COVID-19 epidemic; the risk of macroeconomic environment and periodic fluctuations in the coal industry; the risk of market development in new application areas; the risk of failure of technological innovation; the risk of bad debts in accounts receivable.