Shuangjian shares (002381): 20 years' net profit increased by 26.86% compared with the same period last year. Continuous expansion of conveyor belt production capacity promotes the rapid development of the main industry.

海通證券 · Mar 3, 2021 00:00

投资要点：

20 年归母净利润同比增长26.86%。公司披露2020 年年度报告，实现营业收入18.11 亿元，同比增长18.74%；实现归母净利润3.15 亿元，同比增长26.86%；实现归母扣非净利润2.99 亿元，同比增长25.08%；基本每股收益0.77 元，拟向全体股东每10 股派发现金红利5 元（含税）。2020 年，公司业绩实现了大幅增长，生产各类输送带5723.53 万平方米，同比增加28.82%，销售各类输送带5810.93 万平方米，同比增加26.00%。

输送带产能持续扩张促进主业快速发展。公司2018 年下半年投资建设的“年产1000 万平方米钢丝绳芯输送带项目”生产线在2020 年陆续开始投产，在一定程度上缓解了公司前期钢丝绳芯输送带产能不足的状况。公司在自建产能的同时，也在寻找合适的并购标的，并在2020 年4 月收购了环能传动80%的股权。之后公司利用自身的技术、管理、销售等优势提升其输送带产量，使其充分发挥年产500 万平方米的输送带产能。同时，推进环能传动“年产1000 万平方米节能型输送带项目”建设，提升公司输送带产能。

养老产业平稳发展。子公司桐乡和济颐养院有限公司以创建高端养老服务为目标，在开拓中求发展，在发展中求创新，通过加强核心岗位和管理团队建设，不断探索医养结合之路。和济公司逐步以养老院为依托建立护理院，同时加强与外部医疗机构的合作。和济公司与桐乡市第一人民医院、嘉兴市康慈医院达成医疗技术合作，建立全面的合作伙伴关系，为和济公司提升医疗技术、康复护理水平提供了有力保障。在对外拓展上，2020 年底，桐乡和济中标“梧桐街道养老服务中心公建民营项目”，进一步扩大养老服务市场规模。

拟发行不超5.5 亿元可转债，推进自动、智能化生产线建设。2020 年9 月，公司拟公开发行总额不超过人民币5.5 亿元可转换公司债券，主要用于全资子公司德升胶带“年产1500 万平方米高强力节能环保输送带项目”，项目建设期为15 个月。项目的建成有望进一步扩大公司输送带产能，实现在“十四五”末突破年产能1 亿平方米的目标，进一步提高双箭输送带市场占有率。

同时，公司将购置一批自动化程度高的先进设备，推进自动化和智能化生产线的建设，提高运营效率、提升产品质量、实现降本增效。

盈利预测。我们预计2021-23 年公司EPS 分别为0.88 元、1.05 元和1.27元，我们给予公司2021 年13-15 倍PE，对应的合理价值区间为11.44-13.20元，维持“优于大市”评级。

风险提示。产品价格下跌、下游需求下滑、行业竞争加剧。

Main points of investment:

The 20-year net profit of homing increased by 26.86% compared with the same period last year. The company disclosed its annual report for 2020 that its operating income was 1.811 billion yuan, an increase of 18.74% over the same period last year; net profit of 315 million yuan, an increase of 26.86% over the same period last year; and non-net profit of 299 million yuan, an increase of 25.08% over the same period last year. It is proposed to pay a cash dividend of 5 yuan (including tax) to all shareholders for every 10 shares. In 2020, the company achieved a substantial increase in performance, producing 57.2353 million square meters of various conveyor belts, an increase of 28.82 percent over the same period last year, and selling 58.1093 million square meters of conveyor belts, an increase of 26.00 percent over the same period last year.

The continuous expansion of conveyor belt production capacity promotes the rapid development of the main industry. The "annual production line of 10 million square meters of steel wire core conveyor belt" invested and built by the company in the second half of 2018 began to be put into production in 2020, which alleviated the insufficient production capacity of steel wire core conveyor belt to a certain extent. While building its own capacity, the company is also looking for suitable M & A targets, and acquired an 80% stake in Huaneng Transmission in April 2020. After that, the company uses its own technology, management, sales and other advantages to improve its conveyor belt output, so that it can give full play to the annual production capacity of 5 million square meters of conveyor belt. At the same time, promote the construction of "energy-saving conveyor belt project with an annual output of 10 million square meters" to enhance the production capacity of the company's conveyor belt.

The pension industry has developed steadily. The subsidiary Tongxiang Heji Sanatorium Co., Ltd. aims to create high-end pension services, seek development in development, seek innovation in development, and constantly explore the way of combining medical care with health care by strengthening the construction of core posts and management team. Heji gradually established nursing homes based on nursing homes, and at the same time strengthened cooperation with external medical institutions. Heji Company has reached medical technical cooperation with Tongxiang first people's Hospital and Jiaxing Kangci Hospital and established a comprehensive partnership, which provides a strong guarantee for Heji Company to improve medical technology and rehabilitation nursing level. In the external expansion, at the end of 2020, Tongxiang Heji won the bid "Wutong Street Endowment Service Center Public Construction Private Project" to further expand the scale of the pension service market.

It is planned to issue no more than 550 million yuan of convertible bonds to promote the construction of automatic and intelligent production lines. In September 2020, the company plans to issue convertible bonds with a total amount of no more than 550 million yuan, mainly for the wholly-owned subsidiary Desheng belt "annual output of 15 million square meters of high-strength energy-saving and environmental protection conveyor belt project". The project construction period is 15 months. The completion of the project is expected to further expand the company's conveyor belt production capacity, achieve the goal of breaking through the annual production capacity of 100 million square meters at the end of the 14th five-year Plan, and further increase the market share of Shuangjian conveyor belt.

At the same time, the company will purchase a number of advanced equipment with a high degree of automation, promote the construction of automated and intelligent production lines, improve operational efficiency, improve product quality, and achieve cost reduction and efficiency.

Profit forecast. We estimate that the company's EPS in 2021-23 will be 0.88,1.05 and 1.27 yuan respectively, and we will give the company 13-15 times PE in 2021, with a corresponding reasonable value range of 11.44-13.20 yuan, maintaining a "better than the market" rating.

Risk hint. The product price falls, the downstream demand drops, the industry competition intensifies.

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双箭股份(002381)：20年归母净利润同比增长26.86% 输送带产能持续扩张促进主业快速发展

Shuangjian shares (002381): 20 years' net profit increased by 26.86% compared with the same period last year. Continuous expansion of conveyor belt production capacity promotes the rapid development of the main industry.

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