Maintain earnings forecasts and increase ratings. The net profit of the maintenance company from 2021 to 2023 is 1.81,2.65 and 347 million yuan respectively, and the corresponding EPS is 0.55,0.80,1.05 yuan respectively. Maintain the target price of 22 yuan and increase the rating.
Perform well in a complex environment, and the performance is in line with expectations. In the first three quarters of 2021, the company's main income was 1.039 billion yuan, up 29.21% from the same period last year; the net profit was 137 million yuan, up 10.9% from the same period last year; and 135 million yuan was deducted from non-net profit, up 14.32% from the same period last year. Among them, in the third quarter of 2021, the company's quarterly main income was 417 million yuan, up 28.38% from the same period last year; the single-quarter net profit was 54.5064 million yuan, up 14.53% from the same period last year; and the non-net profit was 61.0671 million yuan per quarter, up 26.01% from the same period last year. In the complex environment where the price of the upstream supply chain fluctuates and the epidemic affects demand fluctuations, the company still has good performance, which is in line with our expectations.
AIDC (automatic Identification and data acquisition) leader, overseas start expansion. With intelligent terminal devices such as intelligent data terminals, intelligent payment terminals and special printers as carriers, the company has become an important enabler in domestic logistics express delivery, e-commerce retail, medical and health and other fields. In the past two years, remarkable achievements have been made in the expansion of overseas markets, and the proportion of overseas market income in total income has increased year by year, especially in India, Southeast Asia, Europe, Russia and South America. Market position and brand awareness have been greatly improved.
Deep ploughing of the industry is an important force of Hongmeng ecology. The company joins the Open Atom Open Source Foundation as a gold donor, and with its own technology accumulation in the field of intelligent terminals of the Internet of things, it will not only play an important role in the ecological construction of open source Hongmeng, but also help form the core barriers of the company.
Risk tips: new business progress is not as expected, rapid iteration of technology, intensified market competition, and so on.