"The first nuclear industry robot stock" issued a performance forecast, and the net profit in 2023 may drop by 70%

On January 13, Jingye Intelligent, the "first nuclear industrial robot stock", released its 2023 performance forecast, and it is expected that the net profit attributable to the parent company in 2023 will be 37 million yuan, a decrease of 84.6244 million yuan compared with the same period last year, a year-on-year decrease of 69.58%; the non-net profit during the reporting period was approximately 18 million yuan, a decrease of 81.2142 million yuan compared with the same period last year, a year-on-year decrease of 81.86%.

Hangzhou Jingye Intelligent Technology Co., Ltd. stated that the main reason for the change in performance in this period is: during the reporting period, the company's main business was greatly affected by the overall planning and acceptance nodes of major customer projects, and project delivery and acceptance were reduced, resulting in large fluctuations in operating performance in 2023.

Hangzhou Jingye Intelligent Technology Co., Ltd. (Jingye Intelligent for short) was established in 2015. Its main products include nuclear industry series robots , nuclear industry intelligent equipment, non-nuclear special intelligent equipment, etc. It has formed in-depth cooperation with many units such as China National Nuclear Corporation, China Aerospace Science and Technology Corporation, China Aerospace Science and Industry Corporation, Chinese Academy of Sciences, China General Nuclear Power Group, and major universities across the country.

In June 2021, Jingye Intelligent submitted an application for listing. On April 29, 2022, Hangzhou Jingye Intelligent Technology Co., Ltd. successfully landed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, becoming the first "nuclear industrial robot" stock.

The performance continued to decline in the middle of the year, with the highest decline of 228% and a loss of 13 million

According to the company's public financial report information, Jingye Intelligent achieved operating income of 51.98 million in the first quarter of 2023, and a net profit of 5.81 million, a year-on-year increase of more than 157%; non-net profit exceeded 4.8 million, a year-on-year increase of 149.24%, achieving a good start in 2023.

However, in the subsequent 2023H1 semi-annual financial report, the company's net profit and non-net profit decreased by 70.44% and 97.23% year-on-year respectively. In the first half of 2023, Jingye Intelligent's total operating revenue was 93 million yuan, and its net profit attributable to shareholders was 10 million yuan, and its net profit attributable to shareholders after deducting non-recurring items was 10 million yuan.

The third quarter financial report of 2023 shows that in the first three quarters of 2023, the company achieved a total operating income of 129 million yuan, a year-on-year decrease of 42.29%; the net profit attributable to the parent was 1.98 million yuan, a year-on-year decrease of 95.99%; the net profit attributable to the parent after deducting non-recurring items was negative, at -12.52 million yuan.

Among them, in the third quarter, the company's net loss reached 8.5 million, a year-on-year decrease of 160%; the net loss after deducting non-recurring items was 13.2 million, a year-on-year decrease of 228%.

The delay in project delivery is the main reason, and the nuclear industry will continue to benefit from intelligentization in the future

As for the reasons for the decline in performance in Q2 and Q3, Zhongtai Securities and others believed in their individual stock analysis reports that due to the small number of planning and acceptance nodes for major projects, the company's revenue and profits both fell sharply year-on-year.

On the morning of September 15, 2023 and November 2, 2023, Jingye Intelligent held the 2023 semi-annual performance briefing and the 2023 third quarter performance briefing in the form of online text interaction at the Shanghai Stock Exchange Roadshow Center to exchange views on issues of concern to investors. Chairman Mr. Lai Jianliang, General Manager Mr. Zhang Yifeng, Financial Director Ms. Zhu Yanqiu and other corporate executives attended the briefing.

Chairman Lai Jianliang introduced at the semi-annual performance briefing that in the first half of this year, the company continued to focus on the research and development, production and sales of special robots and intelligent equipment. The main products include special robots, nuclear industry intelligent equipment systems, non-nuclear special intelligent equipment systems, etc.

In terms of special robot products, the company continues to develop and research for different application scenarios based on the original electric follower manipulator products, and has formed a spectrum of radiation-resistant articulated robot products with radiation resistance, corrosion resistance, intelligence, and high reliability.

In the first half of the year, Jingye Intelligent acquired Tianjin Jiazi Robot Technology Co., Ltd., adding explosion-proof AGV products to the company's special robot products. The products have the characteristics of radiation resistance, corrosion resistance, explosion-proof, high precision, and heavy load, and are mainly used in special environments such as nuclear industry and military industry.

In terms of nuclear industry intelligent equipment systems, the company focuses on the research and development of chamber intelligent equipment for the preparation of medical isotopes and nuclear chemical intelligent systems based on the needs of business development in the field of nuclear technology applications; in terms of non-nuclear special intelligent equipment systems, the company follows development strategic planning; in terms of military special equipment, the company focuses on the research and development of intelligent support systems, which are mainly used for the production, transportation, storage, and logistics support of materials.

At the third quarter performance briefing, Chairman Lai Jianliang stated that from January to September 2023, the company's R&D investment totaled 34.8417 million yuan, an increase of 21.07% over the same period last year. At the same time, in order to meet future production capacity needs, the company has added a high-end nuclear technology equipment manufacturing base project in Haiyan, Zhejiang, based on the Hangzhou Binjiang fundraising and investment expansion project and the Hangzhou Fuyang Binfu Cooperation Zone expansion investment and construction project, and is expected to add approximately 1.14 billion yuan in production capacity.

It is understood that the Haiyan high-end nuclear technology equipment manufacturing base is expected to complete the completion acceptance in the first quarter of 2025. It is an important part of Jingye Intelligent's "135 Strategic Plan". The project will provide equipment automation solutions for isotope preparation production lines and nuclear medicine preparation production lines, expand the full production line automation equipment of device-produced and reactor-produced isotopes, and provide basic conditions for the production of isotopes and nuclear medicines.

The company is reducing risk for major customers and has no plans for humanoid robots

On the Shanghai Stock Exchange e-interactive platform, an investor questioned the performance decline caused by delayed acceptance and delivery by major customers. The investor believed that it was too risky to always leave the fate of the company to major customers, and asked Jingye Intelligent whether it had any countermeasures.

In response to investors, Jingye Intelligent stated that the company's project delivery is proceeding as planned. In response to the risk of performance fluctuations brought about by the concentration of large customers, the company has always been focusing on and analyzing and researching relevant countermeasures. By deepening the entire industrial chain of the nuclear industry and actively deploying new business areas such as military industry and nuclear technology applications, the company will reduce the risks brought about by the concentration of large customers by expanding its customer base and business scope.

When asked whether the company is involved in the research and development of humanoid robot complete machines and other related projects, Jingye Intelligent said that it currently has no plans to develop humanoid robot complete machines and other related projects, and has not cooperated with Tesla, iRobot, SoftBank Robotics, Boston Dynamics and other companies on related robot projects.