In 2020, revenue increased by 28.84% over the same period last year, and net profit from home increased by 33.37% over the same period last year. In 2020, the company achieved revenue of 909 million yuan, an increase of 28.84% over the same period last year; a comprehensive gross profit margin of 54.10%, down 1.80 pct from the same period last year; and a net profit of 318 million yuan, an increase of 33.37% over the same period last year. Profit distribution plan for 2020: cash dividend of 10 yuan (including tax) will be distributed for every 10 shares.
Rates fell during 2020 compared with the same period last year. In 2020, the rate for the period of the company was 16.84%, a decrease of 0.91pct compared with the same period last year.
Sales rates and management rates have decreased in varying degrees, while financial rates and R & D rates have increased.
Specifically:
(1) the sales rate is 5.47%, which is lower than that of the same period last year by 1.07pct. (2) the management fee is 5.37%, which is lower than the same period last year by 0.31pct.
(3) the financial rate is 0.34%, an increase of 0.01pct over the same period last year. (4) the R & D rate is 5.66%, an increase of 0.46pct over the same period last year.
Revenue in the fourth quarter of 2020 increased by 23.84% compared with the same period last year, and net profit from home increased by 6.86% compared with the same period last year. In the fourth quarter of 2020, the company achieved revenue of 226 million yuan, an increase of 23.84% over the same period last year, a comprehensive gross profit of 51.76%, an increase of 1.72 pct over the same period last year, and a net profit of 63 million yuan, an increase of 6.86% over the same period last year.
Rates increased during the fourth quarter of 2020 compared with the same period last year. In the fourth quarter of 2020, the company's period rate was 26.94%, an increase of 0.74pct over the same period last year. Financial rates and R & D rates have decreased in varying degrees, while sales rates and management rates have increased.
Specifically:
(1) the sales rate is 9.00%, an increase of 0.81pct over the same period last year. (2) the management fee is 8.08%, an increase of 1.14pct over the same period last year.
(3) the financial rate is-0.50%, a decrease of 1.13pct compared with the same period last year. (4) the R & D rate is 10.36%, which is lower than the same period last year by 0.08pct.
In 2020, the company's business segment: distribution network smart equipment, distribution network information service revenue rapid growth.
(1) Distribution network smart equipment: the revenue reached 847 million yuan in 2020, an increase of 27.43% over the same period last year. The gross profit margin is 56.39%, down 1.33pct from the same period last year. The company's products have been put into operation in Shandong, Henan, Shaanxi and other places.
(2) Distribution network information service: the revenue in 2020 was 39 million yuan, an increase of 204.48% over the same period last year. The gross profit margin was 23.38%, down 12.18pct from the same period last year. Revenue growth is mainly due to the completion of acceptance and delivery of a number of information service contracts.
Continue to promote technology research and development and product upgrading.
In 2020, the company's new R & D projects and products include:
The main results are as follows: (1) the intelligent analysis device for the running state of the line is continuously upgraded and improved: the high-precision AC sensor is upgraded with the intelligent analysis terminal, which significantly improves the ability of research and judgment of cable grounding fault in distribution network. At present, the relevant test reports have been obtained.
(2) the first and second deep fusion intelligent on-column switch based on Beidou communication technology: to realize the applicability and security of the product in the harsh communication environment.
(3) the primary and secondary fusion switch with metering function: it effectively improves the accuracy of the sensor and line loss measurement module built in the intelligent switch, and the product has obtained the relevant measurement-electric energy test report. it can meet the needs of distribution network power measurement and line loss management with higher accuracy.
(4) 20kV primary and secondary fusion intelligent on-column switch: improve the original product design and process, upgrade the product applicable voltage level to 20kV; the product meets and surpasses the requirements of the relevant national standards for AC sensor accuracy, has passed the product type test and obtained the test report.
Profit forecast and valuation. We expect the company to make a net profit of 418 million yuan, 541 million yuan and 689 million yuan from 2021 to 2023. The corresponding EPS is 4.18,5.41,6.89 yuan respectively.
(1) PE valuation: based on the valuation level of the same industry and the growth of the company itself, the continuous landing of the expansion of the smart switch on the post outside Zhejiang Province, and the expansion of the business layout of the intelligent ring cabinet. Give the company 2021 PE25-30X, corresponding to a reasonable valuation range of 104.5-125.4 yuan.
(2) PS valuation: based on the valuation level of the same industry and the growth of the company itself, the continuous landing of the expansion of the smart switch on the post outside Zhejiang Province, and the expansion of the business layout of the intelligent ring cabinet. Given 7-9 XPS in 2021, the company's income per share in 2021 is 11.76 yuan, and the corresponding reasonable valuation range is 82.32-105.84 yuan.
(3) combine the two methods of PE valuation and PS valuation to give the company a reasonable valuation range of 104.5-105.84 yuan. Maintain the "better than the market" rating.
Risk hint: the progress of the promotion of the intelligent pole switch in the power grid is lower than expected, and the business development progress of the company's intelligent ring cabinet is lower than expected.
