The hottest Founder Securities recommends Xinjie e

2022-08-08
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Founder Securities: "recommended" Xinjie electric

summary of the Research Report:

event: the company announced 20 higher requirements for the strength of finished products, 18 year interim report, and achieved a revenue of 282million yuan during the reporting period, a year-on-year increase of 27.0%; The net profit attributable to the parent company was 67million yuan, a year-on-year increase of 5.1%; The net profit attributable to the parent company after deducting non-profit was RMB 58million, with a year-on-year increase of 2.8%

plc, servo, etc. maintain high-speed growth. During the reporting period, the company's PLC revenue was 130million yuan, a year-on-year increase of 25%; The revenue from servo drive system is 77million yuan, the revenue from human-computer interface is 59million yuan, and the revenue from intelligent devices is 11million yuan. Among them, the revenue growth rate in the first quarter was 29%, and the second quarter fell slightly to 26%

the gross profit margin decreased slightly due to the change of product structure and the rise in the price of raw materials. During the reporting period, the company's gross profit margin was 40.4%, down 3.6 percentage points from 44.0% in the same period last year, which is also the main reason why the growth of total profit in the first half of the year was slower than that of revenue. On the one hand, the decrease in gross profit margin is due to the increase in the proportion of low gross profit margin drive systems and other products, while the proportion of high gross profit margin PLC products decreases; On the other hand, in the first half of the year, it can be seen that the prices of important parts such as resistors and capacitors also rose

breakthrough in key technologies, control + drive accumulation of multi industry solutions. During the reporting period, the company has conquered the machine vision dynamic guidance technology, multi servo coordinated motion control technology, servo control technology with auto disturbance rejection performance, and graphical field rapid programming technology, and has conducted in-depth mining for the packaging machinery, CNC machine tools, glass machinery, woodworking machinery, textile machinery and other industries, forming a number of complete industrial overall solutions, At the same time, the sales and technical support service personnel of the office have been increased, the scale of the marketing team has been expanded, and the industrial marketing has been deeply distributed

profit forecast: it is predicted that the annual EPS of the company will be 1.20, 1.44 and 1.70 yuan respectively, and the corresponding PE will be 19, 16 and 14 times respectively, maintaining the "recommended" rating

risk tip: the prosperity of industrial control industry is declining; The third generation servo, medium-sized PLC and other new products won the Harbin mayor Quality Award in 2015, but were not recognized by customers; The leading position in the field of small PL causing energy waste C has been replaced

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