General situation of events
Today, International released its semi-annual report on August 21, with operating income of 1.56 billion yuan, an increase of 34.3% over the same period last year, net cash flow from operating activities of 59 million yuan, down 124.8% from the same period last year, and net profit of 214 million yuan, an increase of 101.5% over the same period last year. Deducting non-return net profit of 205 million yuan, an increase of 99.8% over the same period last year, gross profit margin was 31.93%, an increase of 4.85pct over the same period last year, and 27.08% in the same period last year.
In the second quarter alone, the operating income was 837 million yuan, an increase of 30.9% over the same period last year; the net profit returned to the mother was 123 million yuan, an increase of 97.8% over the same period last year; and the non-return net profit was 118 million yuan, an increase of 95.1% over the same period last year.
Downstream demand continues to be strong, cost control shows effectiveness
During the reporting period, the company added 1.63 billion yuan in-hand orders, including 1.38 billion yuan for new energy, 75 million yuan for tobacco and 160 million yuan for petrochemical. As of June 30, 2023, the company is on hand and has not yet confirmed the order reached 5.337 billion yuan. At the same time, the company completed the implementation and confirmed that the scale of the operating income project increased significantly compared with the same period last year, with the completion of orders of 1.56 billion yuan. At the same time, the company strengthened cost control, optimized procurement costs, and significantly improved the company's comprehensive gross profit margin.
Intelligent manufacturing, software products embedded in multiple industrial scenarios
The intelligent manufacturing system can realize the automatic operation of each manufacturing process, material transportation between processes, production resource allocation and other links for customers. Intelligent manufacturing system is composed of all kinds of professional production equipment, production management system and auxiliary equipment. The production management system mainly includes manufacturing execution system (MES) and data acquisition and monitoring system (SCADA). On the basis of equipment data acquisition and monitoring, data acquisition and monitoring system (SCADA), around the goal of establishing intelligent production enterprises, applies BI analysis, mobile terminal APP and other technologies to form an intelligent equipment operation and maintenance monitoring platform; manufacturing execution system (MES) realizes intelligent factory interconnection through intelligent scheduling, manufacturing data management, production scheduling management, factory logistics and distribution management and other modules.
The improvement trend of logistics human efficiency ratio is clear. Automated three-dimensional warehouse is the first choice. According to the National Bureau of Statistics in January 2023, the country's population decreased by 850000 at the end of 2022 compared with the same period last year. In the future, with the change of per capita education and population structure, more and more jobs will be replaced by robots.
According to the prospective industry and research data, the number of logistics employees in China in 2016 and 2019 was 50.14 million and 51.91 million respectively, and the CAGR was only 1.16%, which is far lower than the compound growth rate of 9.06% of the total social logistics in the same period. The growth rate of the number of employees is not as fast as the expansion of business scale, reflecting the improvement of human efficiency in the logistics industry. The logistics industry has a large number of automated processes. With the gradual rise of intelligent logistics and the continuous infiltration of automation scenes, the efficiency of personnel in the logistics industry is expected to be further improved.
Investment suggestion
Today, the international deep ploughing intelligent warehousing and logistics solutions are expected to achieve considerable order increment and revenue growth in the medium to long term, driven by the expansion of downstream new energy production and the acceleration of petrochemical tobacco automated warehousing. We estimate that today's international income will be 3.452 billion yuan in 2023-2025, an increase of 43.1%, 31.9%, 29.2%, and a net profit of 3.82%, 503%, 653 million yuan, an increase of 48.3%. 31.5%, 29.9%, maintaining the "Buy" rating.
Risk hint
1) downstream demand is lower than expected; 2) project payment is not as expected; 3) market expansion is not as expected.