Net profit soared by 82.24%! All-round depth analysis of two mechanical potential faucets

1. Performance growth accelerated and profit quality continued to improve:

The company firmly implemented the strategic plan of providing intelligent equipment solutions for the fields of precision electronic assembly and micro-assembly semiconductor packaging and testing, continued to explore and innovate, and steadily promoted the extension layout. In 2020, the company continued to grow steadily, achieving an operating income of 535 million yuan, a year-on-year increase of 65,438+06.08%, of which the newly acquired subsidiary Enousi achieved an operating income of 20,686.1654.38+0 million yuan. The net profit of returning to the mother was 65.438+0.77 billion yuan, a year-on-year increase of 654.38+0.99%. Among them, Q4 achieved operating income of 654.38+69 billion yuan in a single quarter, up 36.67% year-on-year; The net profit returned to the mother was 476,654,380 yuan+0.34 million yuan, a year-on-year increase of -2.44%. The company's annual performance maintained a steady growth trend. The performance in the fourth quarter was basically flat year-on-year. The company announced the profit distribution plan, and plans to distribute a cash dividend of 8.00 yuan (including tax) for every 10 share, and increase 2 shares for every 10 share. The net cash flow generated by the company's operating activities in 2020 was RMB 2,654,380,500, up by 2,365,438+00% year-on-year, and its profitability and management ability continued to improve. The gross profit margin of the company's sales in 2020 is 53. 16%, which is slightly lower than the same period of last year by 1.82 percentage points. In 2020, the company's sales expenses, management expenses and financial expenses were 30.265 million yuan, 29.3987 million yuan and1174.35 million yuan respectively, with year-on-year growth rates of -3.00%, 65.438+03.95% and 200.99% respectively.

The company announced the quarterly report of 200211, with Q 1 achieving an operating income of 65,438+44 million yuan, a year-on-year increase of 74.46%; The net profit returned to the mother was RMB 63,654,388+0.482 million, up 82.24% year-on-year. The main reason was that the company focused on its main business, continued to increase R&D investment and continued to conquer high-tech electronic assembly technology. On the basis of leading precision welding technology, we have formed a rich product front including precision welding, high-precision bonding, high-speed dispensing, visual inspection and overall solution, and achieved high-quality delivery. The net cash flow from operating activities was 39.7843 million yuan, a year-on-year increase of 55.46%, and the profit quality and management ability were greatly improved.

2. Deeply cultivate precision micro-welding equipment, and incremental orders will drive sustained and steady growth;

With the miniaturization, thinness and integration of intelligent terminals, module products and 5G communication equipment, the demand for micro-welding interconnection automation equipment is increasing. The company has accumulated rich technology in precision micro-welding, solder joint detection AOI and other process links. In terms of products, in 2020, the company's electronic welding and assembly automation equipment business realized revenue of 256 million yuan, up 65,438+09.15% year-on-year, and its gross profit margin was 53.90%, down 4.09 percentage points year-on-year. The business income of intelligent welding tools and equipment was 65.438+0.78 billion yuan, up 654.38+0.60% year-on-year, and the business gross profit margin was 464. 1%, down 0.48 percentage points year-on-year. The revenue of fittings and fixtures business was 97,399,965,438+0,000 yuan, up 65,438+065,438+0.56% year-on-year, and the business gross profit margin was 63.66%, up 2.23 percentage points year-on-year.

At the end of 2020, the company's inventory was 98,275,654,38+0,000 yuan, up 57.75% year-on-year, mainly due to the ending inventory value of the newly acquired subsidiary Enousi, 260 yuan; The company's contractual liabilities are 23,940,900 yuan. At the end of Q 1 20265438, the company's inventory was 65438+33 million yuan, up 35.59% year-on-year; The company's contractual liabilities were 43.8068 million yuan, an increase of19.8659 million yuan compared with the end of 2020. The above two items indicate that the company currently has sufficient orders on hand, and incremental orders are expected to drive the company's sustained and steady growth.

Technical aspect

The weekly K-line shows that a relatively complete arc bottom has been built in the early stage, and the recent price breakthrough has been supported and confirmed, and the subsequent price is expected to continue the upward trend.

Basic knowledge:

1. The gas distribution is "more than two cities", and the reserves of Xie Chang project continue to increase, laying a solid foundation for growth.

/KLOC-Announcement in July/February: The company will invest in establishing Xuzhou Hangyang and build 62,000 cubic meters of air separation unit to supply industrial gas to Xinhengsheng Chemical, with a contract period of 15 years; Nanjing Hangyang newly-built 60,000 cubic meters air separation plant will be supplied with industrial gas by Nanjing Iron and Steel, with a contract period of 20 years. Since 265,438+0 years, the company has accumulated more than 367,000 cubic meters of new projects. We believe that compared with the initial stage of transformation, Hangzhou oxygen business has already possessed the leading domestic production scale and operational capacity, and entered the second development stage of benign "internal circulation" of operating cash flow and capital expenditure. Over the past 20 years, the company has continuously increased the reserves of long-term cooperative projects and promoted the projects under construction in an orderly manner. Pipeline gas is stable and efficient, and retail gas has upward potential, benefiting from industrial recovery. The growth attribute of the company is gradually surpassing the cyclical attribute.

2. "Fourteenth Five-Year Plan": Make excellent equipment and gas, and become a world-class air separation equipment and gas operation expert.

According to the tenth five-year development plan (outline), the company's long-term goal is to lead the development of China air separation industry and become a world-class air separation equipment and gas operation expert. The phased goal is to adhere to the development strategy of "highlighting both ends, expanding horizontally and making excellent products" and realize "making excellent equipment and creating atmosphere". The main tasks of gas business include: operating the stock market and developing the incremental market. Expand high value-added gas business. Strive to obtain quality projects.

Opportunities to explore overseas natural gas markets. Optimize regional layout, integrate superior resources, and form a regional interconnection and global management and control model. Ensure the efficient, safe and reliable operation of the equipment; Enhance the value of gas products, work hard on product variety, technical level and quality, and develop special gases with high added value; The extraction technology of special gas has reached the leading level in China, and the output of rare gas has increased.

Technical aspects:

The weekly K-line shows that the price has formed a new rising wave after breaking through the bottom of the long-term rising channel. At present, the probability of being on the way to the third wave is high. The continuous shrinking of trading volume indicates that the concentration of chips is high, and the main funds agree with the upward trend, and the market outlook is expected to continue to see more.

References:

202 1-07- 12- Huatai Securities-Hangyang Shares -002430.sz- Company Comment "Xie Chang adds 120,000 square meters, and the strategy of the 14th Five-Year Plan is clear".

202 1-04-30- great wall securities-crack co., ltd. -603203.sh- company comment "speeding up quality improvement and overweight layout of semiconductor microassembly"