share_log

郑煤机(601717)2023年一季报点评:业绩稳健增长 煤机板块维持高增速

Zheng Coal Machinery (601717) 2023 Quarterly Report Review: Steady Growth in Performance, Coal Mining Machinery Sector Maintains High Growth Rate

渤海證券 ·  Apr 28, 2023 00:00  · Researches

Incidents:

The company announced that in its report for the first quarter of 2023, 2023Q1 achieved total operating revenue of 9.216 billion yuan, an increase of 13.83% over the previous year; achieved net profit attributable to shareholders of listed companies of 783 million yuan, an increase of 14.86% over the previous year; diluted earnings per share were 0.443 yuan/share, an increase of 14.18% over the previous year.

Comment:

Q1 Performance is growing steadily, and profitability continues to increase

In Q1 of 2023, the company achieved operating income of 9.211 billion yuan, an increase of 13.83% over the previous year; the net profit returned to the mother was 783 million yuan, an increase of 14.86% over the previous year. In terms of profitability, the 2023Q1 company's cost rate for the period was 10.61%, down 1.09pct from 2022/Q1. Among them, the management expense ratio reached a new low of 2.87%. 2023Q1's gross sales margin was 20.97%, down 0.40pct from 2022Q1; net sales margin was 9.40%, up 0.62pct from 2022Q1.

Revenue from the coal machine sector maintained a high growth rate. The net profit of the auto parts sector declined clearly by business. The 2023Q1 coal industry continued to maintain a good development situation, and the company's coal machine business orders continued to grow. During the reporting period, the total operating revenue of the coal machine sector increased 823 million yuan over the same period last year, an increase of 20.74%; the sector achieved net profit of 763 million yuan, +24.37% over the same period last year. The total revenue of the auto parts sector during the reporting period increased by 297 million yuan over the same period last year, an increase of 7.18%. Among them, SEG achieved total operating revenue of 3,226 million yuan, +9.82% over the same period last year. Affected by changes in the fair value of derivative financial products such as forward foreign exchange contracts held by SEG in the current period, the company's auto parts sector achieved net profit of 20 million yuan during the reporting period, -70.59% over the same period last year.

Profit forecasting and maintaining the “increase in holdings” rating

Based on the analysis, we expect the company's EPS in 2023-2025 to be 1.82, 2.28, and 2.62 yuan/share, respectively, and the corresponding PE will be 7.74, 6.19, and 5.39 times respectively. As a leading enterprise in intelligent coal machine equipment, the company is expected to fully benefit from the high boom in the industry. Considering that the company's new energy transformation goals are clear and the industry market space is considerable, we will maintain an “increase in holdings” investment rating.

Risk warning

The risk of fluctuations in the epidemic; the risk of fluctuations in raw material prices; the risk of increased competition in the industry; the macroeconomic growth rate was lower than expected; and the sentiment of overseas markets fell short of expectations.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment