Event: on March 20, 2023, the company released its annual report of 2022, with an annual operating income of 463 million yuan (yoy+32.9%), a net profit of 122 million yuan (yoy+59.2%), and a net profit of 99 million yuan (yoy+49.0%). Among them, 22-year Q4 realized operating income of 240 million yuan (yoy+24.0%), net profit of 72 million yuan (yoy+46.0%), and net profit of 64 million yuan after deducting non-return.
The number of robots in the nuclear industry has increased significantly, and the gross profit margin of intelligent equipment has increased slightly. From a product point of view: (1) the revenue of the series of robots in the nuclear industry is 116 million yuan (yoy+978.9%); a total of 88 sets are produced and sold, an increase of 1367% over the same period last year, with an average price of about 1.32 million yuan per set. The gross profit margin was 50.8%, a decrease in 0.41pct compared with the same period last year. (2) the revenue of intelligent equipment in the nuclear industry reached 299 million yuan (yoy-1.23%); a total of 162sets were produced and sold, a decrease of 16.5% over the same period last year, with an average price of about 1.85 million yuan per set. The gross profit margin was 45.1%, an increase of 1.2pct over the same period last year. As the customer's product demand has the characteristics of customization and small batch, the order quantity is greatly affected by the customer's annual budget and purchasing time, resulting in a certain volatility and seasonality of income.
The profit level has been further improved, and the R & D capability has been continuously strengthened. In 22 years, the company's net sales profit margin and gross profit margin were 26.2% and 47.7% respectively, an increase of 4.3pct and 3.1pct over the same period last year; sales and management rates were 2.5% and 19.8% respectively, an increase of 0.59pct and 0.98 pct over the same period last year; and R & D rates were increased by 0.94pct to 9.14%. The company continues to enhance its market development ability and investment in product research and development, adding 18 invention patents, the number of research and development personnel has reached 146people (yoy+50.5%), and research and development personnel account for 44% of the total number of the company, further tamping the competition barrier of products with high gross profit margin.
The project under construction is progressing smoothly and production capacity is expected to be released in 2024. The company has started construction of two capacity expansion projects in Hangzhou Binjiang District and Fuyang Binfu Cooperation Zone, with a total investment of 567 million yuan, which is expected to be put into use by the end of 2024, which will add 1.14 billion yuan to the company's income. In addition, during the reporting period, the company added the Haiyan Nuclear Chemical Industry Park project, which has successfully completed the land bidding and auction and entered the construction stage of the project.
Profit forecast and investment advice: from 2023 to 2025, the company's operating income is expected to be RMB 6.2 / 8.2 billion, an increase of 34.6% / 30.7% / 27.2%, and a net profit of 1.7% / 2.3% / 290 million yuan, respectively, an increase of 36.3% / 38.6% / 25.7% over the same period last year, corresponding to PE 24x, covered for the first time, and given a "Buy" rating.
Risk tips: orders fall short of expectations, policy changes, performance forecasts and valuation judgments fall short of expectations