营业收入实现稳健增长，智能矿山监控系统表现亮眼2024 年上半年，公司实现营业收入4.97 亿元，同比增长17.14%；实现归母净利润0.83 亿元，同比下降16.81%；实现扣非归母净利润0.69 亿元，同比下降25.84%；整体毛利率为42.80%，同比减少4.25pct。按产品分，智能矿山监控系统实现收入2.25 亿元，同比增长58.31%，毛利率为40.31%；智能矿山通信系统实现收入1.76 亿元，同比增长6.90%，毛利率为44.95%；智能矿山装备配套实现收入0.58 亿元，同比下降16.10%；智能矿山集控系统实现收入0.38 亿元，同比下降21.43%。Incidents:
The company released the “2024 Semi-Annual Report” after closing on August 13, 2024.
Comment:
Revenue achieved steady growth, and the intelligent mine monitoring system performed well in the first half of 2024. In the first half of 2024, the company achieved operating income of 0.497 billion yuan, an increase of 17.14%; achieved net profit due to mother 0.083 billion yuan, a year-on-year decrease of 16.81%; realized net profit without return to mother 0.069 billion yuan, a year-on-year decrease of 25.84%; and overall gross margin was 42.80%, a year-on-year decrease of 4.25 pcts. By product, intelligent mine monitoring systems achieved revenue of 0.225 billion yuan, up 58.31% year on year, gross margin of 40.31%; smart mine communication systems achieved revenue of 0.176 billion yuan, up 6.90% year on year, gross margin of 44.95%; intelligent mining equipment support achieved revenue of 0.058 billion yuan, down 16.10% year on year; intelligent mine centralized control system achieved revenue of 0.038 billion yuan, down 21.43% year on year.
Industry policies continue to be strengthened, driving the rapid development of the intelligent mining industry. Since 2024, a number of industry policies have been issued, putting forward clear and quantifiable guidelines and plans for intelligent mine construction. In March, the National Energy Administration issued the “Guidelines for the Construction of Intelligent Coal Mine Standard Systems”, which proposes to promote the revision of more than 100 national standards and industry standards for intelligent coal mines by 2025, and initially establish an intelligent coal mine standard system with reasonable structure, clear hierarchy, clear classification, and scientific openness; by 2030, the intelligent coal mine standard system will be basically improved. In April, the National Development and Reform Commission and others issued the “Guiding Opinions on Further Promoting Intelligent Mine Construction and Promoting Mine Safety”, which proposed that by 2026, the country's intelligent coal mine production capacity should account for no less than 60%, the number of intelligent work surfaces should account for no less than 30%, and the normalized operation rate of intelligent work surfaces should not be less than 80%.
Maintaining a high level of investment in R&D, the driverless mining project progressed smoothly. From January to June 2024, the company's R&D expenses were 68.3284 million yuan, accounting for 13.73% of revenue. There were 340 R&D personnel, accounting for 35.71% of the total number of employees. The company focused on developing driverless projects in mining areas, which are progressing smoothly and have overcome many key technologies, including a core technology — multi-source fusion sensing technology for complex mine environmental obstacles. The company has successfully won the bid for Shaanxi Coal Group's “Mining 5G+ New Energy Driverless Technology Research and Application” project, with a bid amount of 14.857 million yuan and is expected to be delivered in the second half of 2024. The “Mine Intelligent R&D Center Project”, one of the company's fund-raising projects, was successfully completed, involving many difficult directions with market potential, such as driverless driving, AI analysis, intelligent chemicals, inspection robots, 5G, high-precision positioning systems, and Kuang Hong.
Profit forecasting and investment advice
In the process of continuous deepening of intelligent mine construction, the company is actively following up advanced intelligent mining technology based on specialized coal mine production application scenarios, and there is plenty of room for continuous growth in the future. Referring to the business situation in the first half of the year, the company's revenue forecast for 2024-2026 was adjusted to 1.218, 1.498, and 1.815 billion yuan, adjusted net profit forecast to 0.245, 0.287, 0.329 billion yuan, EPS was 1.86, 2.18, and 2.50 yuan/share, and the corresponding PE was 14.64, 12.51, and 10.93 times. Maintaining a “buy” rating considering the industry's room for growth and the continued growth of the company's business.
Risk warning
Risk of macroeconomic environment, coal industry cycle and policy fluctuations; risk of changes in preferential tax policies; risk of fluctuating future business performance and unsustainable performance growth; risk of market competition and new market development; risk of rising human resources costs; risk of technological innovation.
