郑煤机(601717):煤机业务高增长 SEG盈利情况不断改善

Zheng Coal Machine (601717): The coal machine business is growing rapidly, and SEG's profit situation continues to improve

財通證券 ·  10/31/2022  · Researches

Event: in the first three quarters, the company achieved revenue of 23.773 billion yuan, an increase of 8.18% over the same period last year; net profit of 1.962 billion yuan, an increase of 24.4% over the same period last year; revenue of 8.244 billion yuan, up 19.4% over the same period last year; and net profit of 497 million yuan, an increase of 32.65% over the same period last year.

High growth of coal machinery business, sustained income of coal industry, high demeanor and coal mine intelligence: the company's revenue from coal machinery plate in the first three quarters increased by 2.786 billion yuan over the same period last year, an increase of 29.19% over the same period last year, mainly due to the good development form of the coal industry. the company's coal machinery business orders continue to grow. In addition, according to the company's 2021 annual report, the company's industrial Internet platform has been connected to more than 100 intelligent fully mechanized coal mining faces through third-party evaluation, and the promotion of intelligent working faces accounts for 41% of the market in 2021. With the increasing demand for coal mine mechanization and intelligence, the company will fully benefit.

Under short-term pressure, SEG's profitability gradually improved: in the first three quarters of 2022, the total revenue of the auto parts sector decreased by 990 million yuan compared with the same period last year, down 7.94% from the same period last year, of which the overall operating income of Yaxinco was 2.72 billion yuan, down 17.10% from the same period last year, mainly affected by the decline in the domestic commercial vehicle market. In the first three quarters, SEG realized operating revenue of 1.25 billion euros, an increase of 5.36 percent over the same period last year. With the reduction in the provision from restructuring expenses, the profit situation of SEG continues to improve and is expected to make a profit more quickly.

Profit forecast and investment rating: the company is a leading domestic hydraulic support enterprise, with dual-main layout of auto parts, with the restructuring work in recent years, it is expected that SEG profitability will be significantly improved. From 2022 to 2024, we estimate that the company will achieve an operating income of 328.29 yuan and a net profit of 25.63 million yuan and a net profit of 3.181 billion yuan. The corresponding PE is 7.5amp 5.8 times, respectively, which is covered for the first time and is rated as "overweight".

Risk tips: coal mine intelligence is not as expected, raw material price fluctuation risk, heavy truck industry downside risk

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