郑煤机(601717):22Q3业绩稳健增长 未来发展可期

Zheng Meiqi (601717): Steady growth in 22Q3 performance and future development can be expected

廣發證券 ·  11/02/2022  · Researches

The company's Q3 revenue and net profit increased by 19.4% and 32.6% compared with the same period last year. According to the financial report, the revenue of Q3 company in 22 years was 8.25 billion yuan, + 19.4% compared with the same period last year, and the net profit was 500 million yuan, + 32.6%. Among them, revenue and net profit of coal machinery plate were + 33.4% and + 19.0% respectively compared with the same period last year, while revenue and net profit of steam zero plate were + 6.3% and 26.0% respectively compared with the same period last year. Auto zero plate Yaxinke Q3 revenue of 790 million yuan, year-on-year-10.4%, mainly affected by the domestic commercial vehicle market recession; SEG plate revenue of 3.01 billion yuan, year-on-year + 12.4%, excluding exchange rate fluctuations, SEG achieved 440 million euros, + 23.6% year-on-year. Under the influence of factors such as the decline of the commercial vehicle market and the epidemic situation, the company's performance in the first three quarters has reached the level of last year, which is in line with the company's consistent sound style.

Coal machinery orders continue to grow, steam zero SEG high voltage motor has made a breakthrough. The strategy of the four modernizations of the coal machinery plate has made another breakthrough, and the promotion of complete sets of fully mechanized mining equipment has been rolled out in an all-round way at home and abroad. several complete sets of projects have completed the joint adjustment and acceptance of the equipment, at the same time, superimposed the good development trend of the coal industry, the company's orders are expected to continue to grow. Auto Zero Plate Yaxinke has obtained Changan, XPeng Inc., Zero run, BYD, MJ and other fixed points, and SG has won a high-voltage flat-line motor stator and rotor mass production procurement project order from a head new energy smart car solution provider, which cuts into the supply chain of electric drive system of new energy vehicles from a high starting point.

Profit forecast and investment advice: the company is an excellent high-end manufacturing enterprise led by management with methodology and medium-and long-term development strategy after further optimization of the governance structure. Coal machine growth comes from intelligence and integration. Zero steam growth comes from internationalization and new energy. Taking into account the significant increase in the probability of steady-state free cash flow (which can continue to grow without external capital) and the gradual encashment probability of transformational new (energy) business after the improvement of the traditional automobile business, we expect the company's EPS to be 1.41 pounds per share in 22-24, maintaining the reasonable value of A / H shares of 25.2 yuan and HK $25.2 (exchange rate 1.20), and maintaining the "buy" rating of A / H shares.

Risk tips: the prosperity of the coal industry is declining; steam zero business integration and development is not as expected.

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