郑煤机(601717):煤机板块稳健增长 汽零业务渐入佳境

Zheng Coal Machine (601717): The coal machine sector is growing steadily, and the steam zero business is getting better

財通證券 ·  04/07  · Researches

Incident: The company released its 2022 annual report. Total operating revenue for the full year of 2022 was 32.04 billion yuan, an increase of 9.39% over the previous year, net profit of 2.54 billion yuan, an increase of 30.31% over the previous year, net profit after deduction of 2,016 billion yuan, an increase of 12.44% over the previous year. The performance was in line with expectations.

The fourth quarter showed impressive performance. The company continued to reduce costs, and the profit level continued to rise: Looking at the fourth quarter alone, the 22Q4 company achieved revenue of 8.25 billion yuan, an increase of 13.03% over the previous year, and achieved net profit of 576 million yuan to the mother, a sharp increase of 55.5% over the previous year. Looking at the profit level, the company's net profit margin in '22 was 8.21%, an increase of 1.14pct over the previous year, and the profit level continued to rise.

The development of the intelligent coal mine industry has reached a new height, and the company's coal machine sector is growing steadily: in 2022, the total operating income of the company's coal machine sector increased by 28.08% compared to the same period last year. The main thing is that the coal industry continued to maintain a good development situation, and the company's coal machine business orders continued to grow. According to the company's annual report, since 2020, the total number of intelligent mining work surfaces in coal mines nationwide has increased from 494 to 1019, an increase of 42%; intelligent coal mines have increased from 242 to 572, and production capacity has increased from 850 million tons to 1,936 million tons; underground robots in coal mines have increased from 19 types to 31 types, 25 provinces have introduced fiscal and taxation support and guarantee measures. The country's investment in intelligent coal mine construction has reached more than 100 billion yuan, and cutting-edge technologies such as mine-specific operating systems and 5G private networks have been applied more widely. The development of the industry has accelerated markedly. As a leading enterprise in the field of intelligent coal mines, especially in the field of hydraulic supports and electrohydraulic control systems, the company will fully benefit from the wave of intelligent coal mine transformation.

ASIMCO ushered in an inflection point in the industry. SEG turned a loss into a profit, and the NEV zero business gradually improved: In 2022, ASIMCO achieved overall annual revenue of 3.446 billion yuan, down 16.97% from the previous year. It was mainly affected by the downturn in the domestic commercial vehicle market, but the export business of ASIMCO Shuanghuan and Shanxi companies increased dramatically, hedging the impact of the decline in some domestic commercial vehicle sales. SEG achieved revenue of 11.87 billion yuan in 2022, a decrease of 1.61% over the previous year, mainly due to the influence of fluctuations in the exchange rate of the euro on the RMB exchange rate. In addition, SEG achieved net profit of 54.4 million yuan, turning a loss into a profit. In terms of the new energy business, ASIMCO and SEG are working together. In 2022, ASIMCO Anhui shock absorber seals (mounts, seals, chassis products, etc.) received new energy business targets such as Changan, Dongfeng, Xiaopeng, Zero Run, BYD, and Jinkang Wenjie. It has basically covered mainstream domestic NEV brands. Revenue from the new energy business is about 190 million yuan, an increase of about 130% over the previous year. SEG has also received orders for a high-voltage flat wire motor fixed rotor mass production procurement project from a leading NEV smart vehicle solution provider. It entered the NEV electric drive system supply chain from a high starting point and completed the installation of the first high-voltage motor production line. At the same time, many high-voltage drive motor projects for domestic and foreign customers are being negotiated and advanced.

Investment advice: The company's leading position in domestic hydraulic brackets and its intelligent business is stable, and the auto parts business will usher in significant improvements. We expect the company to achieve net profit of 3,228/389/4.53 billion yuan in 2023-2025. The corresponding PE was 8/6.6/5.7 times, respectively, maintaining the “increase in holdings” rating.

Risk warning: The intelligent transformation of coal mines falls short of expectations, the risk of fluctuations in raw material prices, and the promotion of new energy vehicle components falls short of expectations

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