\u3000\u3000 Jade Bird Fire Co.Ltd(002960) (002960)
Event: the company announced that it plans to invest in the construction of " Jade Bird Fire Co.Ltd(002960) Safety Industrial Park" in Maanshan economic and Technological Development Zone. The phase I project is expected to invest 1.3 billion yuan, including 1 billion yuan in fixed assets, covering an area of about 140 mu. It mainly carries out the R & D, production and operation of the company's automatic fire alarm system products, fire emergency lighting and intelligent evacuation products, gas detection products, etc.
Investment in new production capacity: the phase I project is expected to invest 1.3 billion yuan, including 1 billion yuan in fixed assets, covering an area of about 140 mu. According to the company's announcement, the next 5-10 years will be an important window period for the upgrading and development of China's fire safety industry. The company firmly adheres to this critical period and is committed to becoming a world leading fire safety electronic enterprise through a number of measures such as technology driven, track blocking, market squeeze, capacity base and channel linkage. The industrial park project is located in Ma'anshan economic and Technological Development Zone, which has a good industrial foundation and supporting facilities. At present, it has formed industrial agglomeration of high-end equipment manufacturing industry, electronic information (semiconductor), rail transit, new energy (new energy vehicles) and other industries, with regional advantages. After the completion of the industrial park, with its superior geographical location, it can help the company's products quickly radiate to the "Yangtze River Delta" region, and will form the company's four production capacity bases together with Beijing Tianjin Hebei base (Zhuolu, Hebei), southwest base (Mianyang, Sichuan) and Pearl River delta base (Zhongshan, Guangdong), which can be beneficial interaction and good supplement, and jointly radiate the national market, It will lay a solid foundation for the company's capacity supply and security.
Appointment of new deputy general manager: the deputy general manager who is 40 years old and has rich experience in market development, industry application and management in the fire industry joins in, with full energy. On January 8, 2022, the company announced the appointment of Mr. Hu Xiaohui as the deputy general manager of the company. Hu Xiaohui once served as the Deputy Sales Director of LG Electronics (China) Co., Ltd., the fire business director of building products division of Siemens (China) Co., Ltd., and the sales director of Tyco Fire China of Johnson Controls (China) Investment Co., Ltd, Have rich experience in market development, industry application and management of fire industry. We note that Hu Xiaohui was born in 1982 and is in his prime of life. He is full of power and energy. After joining the company, he will be responsible for formulating and organizing the implementation of the company's overall marketing strategy, coordinating the sales team of the company and its subsidiaries, comprehensively integrating channels, industries and other resources, and promoting brand upgrading and business model innovation. At the same time, according to the public information of the company's investor relations interactive platform, the former person in charge of production and manufacturing standards of Honeywell Greater China also joined the company, with sufficient reserves of core business management and technical personnel.
Vigorously expand the recruitment of employees: in 2021, the number of employees increased by more than 30% in a single year, and the characteristics of cost preponderance in the high growth stage are obvious. According to the company's performance forecast announcement and the public information of the investor relations interactive platform, the total number of employees of the company in 2020 was less than 3000. By the beginning of 2022, the total number of employees was about 4500, with an increase of more than 1000 in 2021. The staffing is mainly concentrated in: 1) new track, industrial fire fighting, intelligent fire fighting and household fire fighting; 2) Channel, Zhongke, long-standing direct selling team; 3) Research and development, reaching between 270-300 people. Looking ahead to this year, we expect that the overall growth rate of the company's personnel will not increase significantly. In terms of stock, the future personnel structure adjustment will mainly focus on the industrial end; In terms of increment, it focuses on long-term and other channels, but it will not be too large; Improving per capita energy efficiency is an important proposition for the company in the next 2-3 years.
Profit forecast and investment rating: we expect the company's EPS to be 1.59, 2.08 and 2.69 yuan respectively from 2021 to 2023, and PE to be 26, 20 and 15 times respectively, maintaining the "buy" rating.
Risk tip: the decline of industry demand and the intensification of competition lead to the continuous decline of product price and gross profit margin.
