>> 兴业证券-Jiangsu Libert INC (605167) Tie with Core Staff Conducive to Expand New Fields, Growth Potential Abundant -230912
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研究报告全文：证券研究报告COMPANYRESEARCHOutperformMaintainJiangsuLibertINC605167TiewithCoreStaffConducivetoExpandNewFieldsConstructionGrowthPotentialAbundantSeptember122023KeyDataSept112023ClosingPrice942CompanyProfileOutstandingSharesMn44907JiangsuLibertINCisaChina-basedcompanyprincipallyengagedinthedesignandFloatSharesMn22252manufacturingofindustrialmodulesTheCompanyconductsitsbusinessesthroughBookValueCNYMn152632twosegmentsTotalAssetsCNYMn294541TheIndustrialModulesegmentisprincipallyengagedinthedesignandmanufacturingBVPS340ofprocessmodulespipegallerymodulesandpipeprefabricatedpartsusedintheSourceWindeditedbyResearchInstituteofchemicalindustryEconomicsandFinanceofIndustrialSecuritiesTheEngineeringServicesegmentprovidesengineeringgeneralcontractingengineeringdesignengineeringprocurementengineeringconstructionandengineeringmaintenanceservicesTheCompanyconductsitsbusinessesbothintheAnalystdomesticmarketandoverseasmarketsSourceMarketScreenerMENGJiemengjiexyzqcomcnS0190513080002EventYULiangyuliang23xyzqcomcnJiangsuLibertINCLibertthecompanyannounceditsequityincentiveschemeS0190523040003draftTONGTongThetotalsharesfortheschemeshallbenomorethan08ofthecompanyscurrenttongtongxyzqcomcnoutstandingsharesnomorethan100corestaffshallbeincludedintotheschemeS0190522020001andthestockswillbegrantedatCNY476pershareThecompanysnetincomegrowthin2022and2024shallbenotlessthan20and44comparedwith2022withtheCAGRat20whichistheperformanceassessmenttargetLibertisexpectedtoamortizeexpenseatCNY213millionin2023CNY1136millionin2024andCNY355millionin2025InvestmentHighlightsTheschemetiedcoretechnicianswiththecompanywhichshoweditsconfidenceAccordingtotheannouncementthisequityincentivewillnotinvolveboarddirectorssupervisorsandexecutivesthereforewejudgethattheequityincentiveschemeisdesignedforitscoreprofessionalsfordesignandproductionCurrentlythecompanyisexpandingitsindustrialmodulesinanacceleratedmannerintomoresegmentsinthedownstreamAndthebindingwithcoretechniciansisconducivetoitsexpansionandalsodemonstratesitslong-termconfidenceinitslong-termgrowthWithampleordersthecompanyenjoyshighercertaintiestoachievetheassessmenttargetSince2022thecompanyannouncedthatithasinkedordersworthoverCNY4billionwithabundantordersinhandInadditionthecompanyalsoconsolidatedLibertEngineeringandLibertConstruction1证券研究报告COMPANYRESEARCHin2022TheoptimizedemployeestructuremadetheexpenseratesgodownIn1H23thecompanysrevenueandprofitgrewby12702and15058fromayearearliermakingusbelievethecompanyenjoyshighercertaintiesinachievingthetargetsItslong-termgrowthpotentialishugeWethinkthatthemarketsizeofindustrialmodulesinthefuturewillexpandGivenitsexpansionintolocalclientsandsegmentmarketsweholdthatthecompanyslong-termgrowthpotentialisstillabundantAdditionallywiththeexpansionofitsdesignstaffandproductioncapacitythecompanysbusinessstructurewilllikelyinclinetoproductionanddesignwhosegrossmarginishigherfurtherliftingitsprofitabilityEarningsforecastandinvestmentrecommendationWemaintainourearningsforecastsandestimateitsnetincomeattributabletoshareholdersatCNY230millionCNY306millionCNY391millionimplying1839xPEin20231384xPEin2024and1081xPEin2025basedontheclosingpriceonSeptember11MaintainOutperformPotentialrisksless-than-expecteddemandlower-than-expectedgrossmarginsystematicrisksKeyFinancialIndicatorsFY2022A2023E2024E2025ERevenueCNYMn1721273035944619YoY-132586316285NetIncomeAttributabletoShareholdersCNYMn137230306391YoY253678328280GrossMargin198189190189ROE94137154165EPSCNY031051068087PE3086183913841081SourceWindeditedbyResearchInstituteofEconomicsandFinanceofIndustrialSecuritiesThisEnglishtranslationoftheoriginalChineseversion绑定骨干利于拓展新领域成长空间充足issuedbyIndustrialSecuritiesonSeptember122023isforinformationpurposeonlyIncaseofadiscrepancytheChineseoriginalwillprevail2证券研究报告COMPANYRESEARCHAppendixBalanceSheetCNYMnIncomeStatementCNYMnFY2022A2023E2024E2025EFY2022A2023E2024E2025ECurrentAssets1541223928573598Revenue1721273035944619CashandCashEquivalents566101612941639CostofGoodsSoldCOGS1380221429133744TradingSecurities2111TaxesandSurcharges14172431NotesandAccountsReceivable309542707899SellingExpenses18273647PrepaidExpenses193163247338AdministrativeExpenses121150198254Inventories190249327436RDExpenses20314253Others281266281284FinancialExpenses0-6-10-13Non-currentAssets1195126713671473OtherIncome8000Long-termEquityInvestments6777InvestmentIncome-3-2-2-2FixedAssets7148399451046GainonFairValueChanges-2-1-1-1ConstructioninProgress231172162167LossonCreditImpairment6001IntangibleAssets184190194196LossonAssetImpairment1-2-2-1Goodwill0000GainonAssetDisposal0000DeferredExpenses00-1-2OperatingIncome178291388499Others60606060Non-operatingIncome0443TotalAssets2735350642245072Non-operatingExpenses1000CurrentLiabilities1134163920002397TotalIncome177294392502Short-termLoans0000IncomeTax406486111NotesandAccountsPayable4236909091165NetIncome137230306391Others71194910901233MinorityInterestIncome0000Non-currentLiabilities138188241299NetIncomeAttributabletoShareholders137230306391Long-termLoans120169222280EPSCNY031051068087Others18191919TotalLiabilities1272182822402697KeyFinancialRatiosShareCapital449449449449FY2022A2023E2024E2025EAdditionalPaid-inCapitalAPIC424424424424GrowthUndistributedProfits56376510561429GrowthRateofRevenue-132586316285MinorityInterests0000GrowthRateofOperatingIncome408632335286TotalShareholdersEquity1464167819842375GrowthRateofNetIncomeAttrtoShareholders253678328280TotalLiabilitiesandShareholdersEquity2735350642245072ProfitabilityGrossMargin198189190189CashFlowStatementCNYMnNetMarginAttributabletoShareholders80848585FY2022A2023E2024E2025EROE94137154165NetIncomeAttributabletoShareholders137230306391SolvencyDepreciationandAmortization33546473Asset-liabilityRatio465521530532ProvisionforAssetImpairmentLosses-1171315CurrentRatio136137143150LossonAssetDisposal0000QuickRatio119121127132LossonFairValueChanges2111OperatingCapabilitiesFinancialExpenses3-6-10-13AssetTurnoverRatio698875930994InvestmentLosses3222AccountsReceivableTurnoverRatio4826699161566203MinorityInterestIncome0000InventoryTurnoverRatio92910021003973ChangesinWorkingCapital242-9-123-158StockInfoCNYCashFlowfromOperatingActivitiesCFO419536382458EPS031051068087CashFlowfromInvestingActivitiesCFI-353-127-167-184OCFPS093119085102CashFlowfromFinancingActivitiesCFF47416370BVPS326374442529NetChangesinCashandCashEquivalents111450278345ValuationRatioBeginningBalancesofCashandCashEquivalents44156610161294PE309184138108EndingBalancesofCashandCashEquivalents552101612941639PB29252118SourceTinysofteditedbyResearchInstituteofEconomicsandFinanceofIndustrialSecurities3证券研究报告COMPANYRESEARCHAnalystCertificationAscertifiedsecuritiesanalystswiththeSecuritiesAssociationofChinaSACweguaranteethat1thereportwaspreparedinanindependentandobjectivemannerandaccuratelyreflectedourpersonalresearchviewsand2nopartofourcompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisreportInvestmentRatingSystemRatingStandardforInvestmentRecommendationsRatingsDescriptionInvestmentratingsinvolvedininvestmentOverweightperformancebetterthanthatoftherepresentativeindexrecommendationsinthisreportaredividedintostockIndustryratingsandindustryratingsunlessstatedotherwiseNeutralperformanceaboutthesameasthatoftherepresentativeindexRatingsRatingsarebasedontheperformancewithin12monthsfromthereportreleasedateagainsttherepresentativeUnderweightperformanceworsethanthatoftherepresentativeindexindexoverthesameperiodCSI300IndexservesastheBuyanincreaseofover15versustherepresentativeindexbenchmarkindexforthestockmarketsinShanghaiandOutperformanincreasebetween5to15versustherepresentativeindexShenzhenBeijingStockExchange50IndexisthebenchmarkforBeijingStockExchangemarkettheNEEQStockNeutralachangebetween-5and5versustherepresentativeindexComponentIndexservesasthebenchmarkindexfortheRatingsUnderperformadecreaseofover5versustherepresentativeindexNEEQmarketHangSengIndexisthebenchmarkforHongKongmarkettheUSmarketisbenchmarkedagainstnospecificratingsforlackofnecessaryinformationormajorNoRatingStandardPoors500IndexorNASDAQCompositeIndexuncertaintiesorforotherreasonsGeneralDisclosuresChinaIndustrialSecuritiesCorporationLimitedhereinafterreferredtoastheCompanyfulfillsitsdutyofdisclosureswithinitsknowledgeTheclientsmayvisitInsiderTradingPreventionandControlatwwwxyzqcomcnforthearrangementsduringthequietperiodandtheshareholdingsinitsaffiliatesGeneralDisclaimerTheCompanyislicensedtoconductsecuritiesinvestmentconsultancybusinessbytheChinaSecuritiesRegulatoryCommissionCSRCThereportisfortheCompanysclientsonlyTheCompanywillnottreatunauthorizedrecipientsofthisreportasitsclientsTheinformationandopinionscontainedhereinarefortheclientsreferenceonlyNeithertheinformationnoranyopinionsexpressedconstitutesanofferoraninvitationtomakeanoffertobuyorsellanysecuritiesorotherfinancialinstrumentsoranyderivativesrelatedtosuchsecuritiesorinstrumentsegoptionsfutureswarrantsandcontractsfordifferencesTheinvestorsshallmaketheirowninvestmentdecisionsandbearthecorrespondinginvestmentrisksandanycommitmentswrittenororaltoshareinvestmentincomeorlossesarenullandvoidAnyabstractsorexcerptsofthisreportdonotrepresentofficialandcompleteviewshereinAllmattersaresubjecttothefullversionofthisreportissuedbytheCompanytoitsclientsAsithasbeenpreparedwithoutregardtothespecificobjectivescircumstancesanddemandofthosewhoreceiveitthereportdoesnotconstituteindividuallytailoredinvestmentadviceTheinvestorsshallindependentlyevaluatetheinformationandopinionshereintakeintoaccounttheparticularinvestmentobjectivescircumstancesanddemandandseekprofessionaladviceonbusinesstaxationlegalandfinancialaffairswhennecessaryNeithertheCompanynoranyofitsdirectorsemployeesoragentsacceptsanyliabilityforanylossincludinginvestmentlossordamagearisingoutoftheuseofalloranyoftheinformationhereinInformationcontainedhereinhasbeenobtainedfromsourcesbelievedtobereliablebuttheCompanydoesnotwarrantitsaccuracyorcompletenessnoritsanychangesTheCompanyacceptsnoliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofinformationcontainedhereinorotherwiseinconnectiontherewithInformationopinionsandestimatescontainedhereinreflectthejudgmentofanalystsoftheCompanyonthedateofitsoriginalpublication4证券研究报告COMPANYRESEARCHandaresubjecttochangeswithoutnotificationThepriceandvalueofsecuritiesorinvestmentsreferredtohereinandtheincomefromthemmayfluctuatePastperformanceisnotnecessarilyaguidetofutureperformanceIndifferenttimetheCompanymayissuereportscontaininginformationopinionsandestimatesthatareinconsistentwithwhatpresentedhereinTheCompanyisunderonobligationtoensuretheinformationcontainedhereinisuptodateUnlessotherwisestatedthedatacitedhereinrepresentthepastperformancePastperformanceisnotnecessarilyindicativeoffutureresultsTheCompanymakesneithercommitmentnorwarrantiesthatanyestimatesoffutureperformancewillberealizedEstimatesoffutureperformancearebasedonassumptionswhoseanychangesmaysubstantiallyaffectreturnsBasedondifferentassumptionsandstandardsandwithdifferentanalyticalapproachestheCompanyssalespersonstradersandotherprofessionalsmayprovideoralorwrittenmarketcommentaryortradingstrategieswhichareinconsistentwithopinionsandrecommendationscontainedhereinTheCompanyhasnoobligationtoupdatesuchinformationwithallrecipientsofthereportTheCompanysassetmanagementdepartmentproprietarybusinessdepartmentandotherinvestment-relateddepartmentsmaymakeindependentinvestmentdecisionsthatareinconsistentwithviewsorrecommendationsexpressedinthisreportThereportisnotdeliveredtorecipientsincludingbutnotlimitedtoresidentsintheUSwhomaymisleadtheCompanytoviolatelocallawsandregulationsofanycountiesregionsorjurisdictionalareasexceptforthemajorUSinstitutionalinvestorsspecifiedinRule15a-6undertheSecuritiesExchangeActof1934AllrightsreservedUnlessotherwisestatedinwritingthecopyrightsofallthematerialsrelatedtothereportbelongtotheCompanyWithoutthepriorwrittenconsentoftheCompanynopartofthereportshallbecopiedphotocopiedorduplicatedorredistributedtoanyotherpersoninanyformbyanymeansorbeusedinanyotherwayswhichwillinfringeuponthecopyrightsoftheCompanyTheCompanyacceptsnoliabilityofanyunauthorizedredistributionSpecialDisclaimerUnderthelegalframeworktheCompanymayholdtradingpositionsinsecuritiesofcompaniesreferredtohereinandmayprovideorseektoprovideinvestmentbankingservicesforthosecompaniesInvestorsshallbeawareofthattheCompanyandoritsassociatedpersonmayhavepossibleconflictsofinterestthatcouldaffecttheobjectivityofthereportInvestorsarenotadvisedtosolelyrelyonthereportbeforemakinganyinvestmentorotherdecisionsEconomicsandFinanceResearchInstituteundertheCompanyShanghaiBeijingShenzhenAddress15FIndustrialSecuritiesTowerAddressUnit01-0832FSKBuildingAddress52FT2BuildingUpperHillsNo36ChangliuRdPudongNewDistrictNo6AJianguomenwaiAvenueChaoyangNo5001HuanggangRdFutianDistrictPostalCode200135DistrictPostalCode518035EmailresearchxyzqcomcnPostalCode100020EmailresearchxyzqcomcnEmailresearchxyzqcomcn5
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