2022 performance is in line with expectations

According to the company's 2022 annual report, the revenue in 2022 was 915 million yuan, an increase of 51.59% over the same period last year; the net profit was 91 million yuan, up 12.45% over the same period last year; the net profit after deducting non-return was 73 million yuan, up 34.47% over the same period last year; basic earnings per share was 1.25 yuan per share, an increase of 12.61% over the same period last year The company intends to distribute cash of 3.80 yuan (including tax) for every 10 shares based on a total share capital of 72.67 million shares, and expects to distribute a cash dividend of 27.6146 million yuan (including tax). The company has previously released the results of KuaiBao, the performance is in line with expectations.

Actively develop the application of intelligent warehousing and logistics industry

The high growth of revenue and deduction of non-net profit comes from the fact that the company continues to increase investment in research and development of new technologies and new products, and smoothly delivers intelligent warehousing projects in various industries downstream. During the year, the company successfully developed the liquor industry and made major breakthroughs in aerospace, tobacco, military industry, medicine and other industries, including aerospace industry and tobacco industry sales of more than 100 million yuan. In the field of new energy, while the raw material warehouse and pole sheet production continue to obtain orders, a special stacker equipment for chemical separation has been developed and a case application has been obtained.

Full of orders on hand

According to the annual report, the unrecognized revenue of the company's existing orders is 1.043 billion yuan (statistics of more than 100000 yuan of contract amount, excluding after-sales service and agency operation), of which 1.008 billion yuan has been signed and 35 million yuan has not been signed. During the reporting period, the total amount of newly signed orders by the company was 1.167 billion yuan. Among them, the total amount of orders in the aerospace industry is 198 million yuan, and that in the military industry is 97 million yuan.

Profit margin repair is expected to continue

The gross profit margin recovered from 24.6% in the three-quarter report to 27.46% in the annual report, but it is still lower than the 34.52% in the 2021 annual report. with the decline in raw material costs and the further expansion of revenue, we expect the company's gross profit margin to be further repaired in 2023.

Investment suggestion

We are optimistic about the long-term development of the company, and revise the profit forecast as follows: the operating income in 2023-2025 is 1.205pm 1.510pm; the projected net profit of homing in 2023-2025 is 1.27pm 159pm; and the corresponding EPS in 2023-2025 is 1.74ap2.19max 2.90 yuan. The company's current share price corresponds to a PE of 21-17-13, maintaining a "buy" investment rating.

Risk hint

1) the technological R & D breakthrough is not as expected; 2) the downstream demand is lower than expected; 3) the loss of core technical personnel; 4) the sharp fluctuation of raw material cost affects the gross profit margin; 6) the risk of increasing market competition affecting the gross profit margin.