General situation of events

Today, International issued a forecast for the semi-annual report of 2023 on July 9, which is expected to achieve a net profit of 1.90-210 million yuan, an increase of 78.20%-96.96% over the same period last year, deducting a net profit of 1.81-201 million yuan, an increase of 75.92%-95.36% over the same period last year.

In the second quarter alone, the net profit of returning to the mother was 0.98-118 million yuan, an increase of 57.7 percent over the same period last year. The net profit of non-returning mothers was 0.94-114 million yuan, an increase of 54.5 percent and 87.5 percent over the same period last year.

Downstream demand continues to be strong, cost control shows effectiveness

The substantial increase in net profit belonging to shareholders of listed companies in the first half of 2023 over the same period last year was mainly due to the strong demand for digitization of enterprise automation. During the reporting period, the company completed the implementation and confirmed that the scale of operating income projects increased significantly over the same period last year. At the same time, during the reporting period, the company strengthened cost control, optimized procurement costs, and improved the company's comprehensive gross profit margin.

The policy side helps frequently, and the company's mobile robot attracts attention.

On January 19, 17 departments including the Ministry of Industry and Information Technology issued the Robot + Application Action implementation Plan.

The plan points out that by 2025, the robot density in the manufacturing industry will double that in 2020, focus on 10 key application areas, and break through more than 100 kinds of robot innovative application technologies and solutions. promote more than 200 typical application scenarios of robots with high technical level, innovative application modes and remarkable application results, and create a number of "robot +" application benchmarking enterprises. As a mature laser-guided AGV supplier, the company has accumulated a large number of landing cases, and its logistics and storage robot field is a typical scene of "robot application has a certain foundation, wide application coverage and strong radiation-driven effect". It is expected to benefit deeply in the future.

The improvement trend of logistics human efficiency ratio is clear. Automated three-dimensional warehouse is the first choice. According to the National Bureau of Statistics in January 2023, the country's population decreased by 850000 at the end of 2022 compared with the same period last year. In the future, with the change of per capita education and population structure, more and more jobs will be replaced by robots.

According to the prospective industry and research data, the number of logistics employees in China in 2016 and 2019 was 50.14 million and 51.91 million respectively, and the CAGR was only 1.16%, which is far lower than the compound growth rate of 9.06% of the total social logistics in the same period. The growth rate of the number of employees is not as fast as the expansion of business scale, reflecting the improvement of human efficiency in the logistics industry. The logistics industry has a large number of automated processes. With the gradual rise of intelligent logistics and the continuous infiltration of automation scenes, the efficiency of personnel in the logistics industry is expected to be further improved.

Investment suggestion

Today, the international deep ploughing intelligent warehousing and logistics solutions are expected to achieve considerable order increment and revenue growth in the medium to long term, driven by the expansion of downstream new energy production and the acceleration of petrochemical tobacco automated warehousing. We estimate that today's international income will be 3.452 billion yuan in 2023-2025, an increase of 43.1%, 31.9%, 29.2%, and a net profit of 3.82%, 503%, 653 million yuan, an increase of 48.3%. 31.5%, 29.9%, maintaining the "Buy" rating.

Risk hint

1) downstream demand is lower than expected; 2) project payment is not as expected; 3) market expansion is not as expected.