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梅安森(300275):2023H1归母净利润+56.11% 实施股权激励彰显中长期发展信心

Mayanson (300275): 2023H1 net profit +56.11% implementation of equity incentives highlights confidence in medium- to long-term development

國盛證券 ·  Aug 31, 2023 07:32

Incident: On August 29, 2023, the company issued an announcement mainly covering two major aspects:

1) The company released its semi-annual report. 2023H1 achieved revenue of 220 million yuan, +34.23%; net profit of 28 million yuan, +56.11%; net profit of 27 million yuan after deducting non-return net profit of 27 million yuan, +59.76% year-on-year. In a single quarter, 2023Q2 achieved revenue of 119 million yuan, +62.72% year on year, +44.15% month on month; net profit of 119 million yuan, +89.66% year on year, +110.46% month on month; net profit after deducting non-return net profit of 119 million yuan, +86.02% year on year, +118.42% month on month.

2) In order to attract and retain outstanding talents and fully mobilize the enthusiasm of the company's core personnel, the company issued the “2023 Restricted Stock Incentive Plan (Draft)”.

1. In terms of semi-annual reports: 2023H1 revenue and profit are growing rapidly, and AI+ coal mine+military molding companies are at a high growth inflection point.

1. Profit statement: On the revenue side, 2023H1 achieved revenue of 220 million yuan, +34.23% year-on-year, mainly due to a significant increase in the company's mining business over the same period last year, reaching 195 million yuan, or +35.04% year-on-year. On the profitability side, 2023H1 gross profit margin was 45.26%, +0.84 pct year on year; net interest rate was 13.89%, +1.81 pct year on year. We believe that the increase in gross margin may be due to an increase in the share of the company's high-margin business-mining business. The increase in net profit margin is mainly due to a year-on-year decline of 2.07/0.55/2.1/0.21pct in the share of sales/management/R&D/financial expenses.

2. Balance sheet: Accounts such as contract liabilities indicate that the company is expected to continue to grow rapidly. 1) Bills receivable and accounts were $406 million, +29.15%, mainly due to an increase in sales scale; 2) Prepaid accounts of $115 million, or +56.50%, indicating that the company increased procurement to cope with increased demand; 3) Contract liabilities of 33 million yuan, +75.59% year-on-year, indicating a sharp increase in company orders, fully prepared for the rapid increase in revenue and profit.

2. In terms of equity incentives: Equity incentives have been implemented, and the scope of rewards continues to expand, demonstrating confidence in medium- to long-term development. For the first time, the program awarded incentives to a total of 68 people, including the company's core technical, business, and management personnel. This incentive plan intends to grant a total of 1.75 million restricted shares to incentive recipients, accounting for 0.5790% of the company's total share capital at the time the incentive plan was announced.

Performance assessment requirements: Using 2021 as the benchmark, the growth rates of net profit not attributable to parents in 2023-2026 should not be less than 44%, 72.8%, 98.72%, and 128.53%, respectively.

The company's growth logic: Jointly with Huawei to build an AI+ coal mine leader, and lay out the military industry to start a second growth curve.

1) The integrated software and hardware development model creates the company's core competitiveness. The company has mastered more than 20 core key technologies that can be professionally operated in mining scenarios. It has a mature hardware and software technology development platform, so that the company's various systems are exposed to a large amount of data in the process of application in thousands of coal mines, and has completed a series of tasks such as data collection, data processing, data recognition, data cleaning, and data application. This core technology is essential for opening up “data silos” in mines to achieve intelligent mining.

Existing products are integrated with “5G+AI” technology, and the Huawei Pangu model empowers the company's intelligent mining solutions, and has taken the lead in in-depth cooperation with Yuantu Workshop to build intelligent mining value applications with real significance. The company will strengthen R&D investment and technological innovation, promote the integration of next-generation information technology such as 5G, artificial intelligence, and big data with existing technology products, and develop industry AI application models based on artificial intelligence models such as the Huawei Pangu model. Currently, joint solutions for intelligent mining that have been formed with Huawei include “accurate mine location+WIFI6 wireless communication system” and “integrated management and control platform based on the mining industry Internet platform”.

2) Accelerate the intelligent construction of mines and production safety operations. The company's mining product revenue in 2023 was +35.04% year-on-year, and its growth rate far exceeded the growth rate of China's industrial raw coal production above the scale in the first half of 2023 (+4.4%). This strongly proves that under safety supervision pressure and policy guidance, the intelligent transformation of mines is being carried out rapidly.

3) Expand products and application scenarios. On the product side, joint solutions for intelligent mining, intelligent communication products, and intelligent terminal products have been implemented with Huawei; in terms of application scenarios, it may expand to non-coal mines and intelligent washing, and expand business application scenarios in complex geographical environments such as urban underground pipelines, tunnels, and tunnels.

4) Military industry: An Yilian, a holding subsidiary of the company, has obtained a second-level confidentiality qualification. Currently, software research and development work has been completed and software acceptance work is being promoted. In the next step, the company will provide a complete set of technical solutions and customized intelligent sensors for related military projects. This may be the starting point for the company to enter the military industry and obtain a second growth curve.

Investment advice: Mayanson will benefit from AI supporting the trend of the traditional mining industry and rely on Huawei to enter a stage of rapid growth; the military industry may also bring a second growth point. It is estimated that the company's net profit for 2023-2025 will be 1.10/400/550 million yuan respectively, and the corresponding PE valuation will be 34X/9X/7X respectively, maintaining the “buy” rating.

Risk warning: The development of the intelligent coal mine business falls short of expectations; the risk of cyclical fluctuations in the development of the coal industry; the progress of cooperation with Huawei falls short of expectations; and the military business falls short of expectations.

The translation is provided by third-party software.


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