The company has rapidly narrowed the gap with the domestic leader in the field of laser numerical control, continued commercial breakthroughs to drive the rapid growth of the main industry, while extension to expand the turn-milling composite field, integrated R & D can promote high-end domestic substitution. The company's Phoenix development engine platform is expected to continue to improve R & D efficiency, covering for the first time, it is strongly recommended to pay attention to.
Event: the company released the semi-annual report of 2021, with revenue of 217 million yuan in the first half of the year, YoY + 156.5%; net profit of 44 million yuan, YoY + 989.2%; deduction of non-net profit of 38 million yuan, YoY + 861.2%; the company has made great breakthroughs in product-side research and development for many years, and the net cash flow of operation has been greatly improved compared with the same period last year.
With the rapid development of laser numerical control business, the epitaxy expands the field of turn-milling. The company's revenue and profits increased significantly in the first half of the year, and the endogenous growth of the main business and epitaxial mergers and acquisitions were the key factors. The company's endogenous income grew by 65% in the first half of the year, mainly due to the remarkable results of years of key investment in the laser field. In terms of assistance, the company developed and launched CAD/CAM plug-ins and nesting software; in terms of control technology, the company's 10,000-watt high-power laser cutting control system has been introduced to the market, is narrowing the gap with the domestic laser CNC leader in many aspects, and has achieved a number of major customer breakthroughs in the future, the company also plans to launch laser welding and ultra-fast laser CNC systems, these high gross profit margin business will continue to optimize the company's revenue structure. In the first half of the year, the company's traditional carpentry and 3C fields also recovered strongly.
The company acquired Nanjing and opened in cash and cut into the field of lathe control. In the first half of the year, the revenue was about 67 million yuan, contributing about 13.4 million yuan to the net profit. Although the business pulled down the overall gross profit margin, but Weihong integrated R & D capacity, it is expected to promote domestic alternatives in the high-end turning-milling composite field.
The Phoenix development platform greatly improves the efficiency of research and development and speeds up the coverage of business scenarios. Numerical control platform Phoenix development engine is a key research and development project of the company in recent years. Based on this basic platform, business R & D personnel can quickly expand their functions by plug-in to meet the needs of subdivided industries. The company currently covers six major application areas: home decoration, metal cutting, metal forming, 3C, servo drive, industrial Internet of things, the improvement of the basic development engine platform will significantly reduce the customized investment of the company's existing business scene applications, continue to improve R & D efficiency, and accelerate the coverage of new application scenarios, which is of great significance to the further improvement of the company's overall business quality.
Cover for the first time, do not give investment rating for the time being. The company's years of research and development accumulation has achieved remarkable results, the development engine platform helps to make a rapid breakthrough in the field of laser numerical control, and the improvement of R & D efficiency in other aspects is also worth looking forward to.
It is estimated that the company's 21-23 net profit is 0.94 billion yuan 1.35 billion yuan, corresponding to PE 35Unix 24ex18X. Considering the recent sharp fluctuations in the company's stock price, the company will not be given investment rating for the time being.
Risk tips: product research and development progress is not up to expectations; customer intelligent manufacturing information investment is not up to expectations; shareholders' holdings reduction risk and stock price volatility risk.