\u3000\u3000 Ficont Industry (Beijing) Co.Ltd(605305) (605305)
The company is the leader of special high-altitude safety operation equipment for wind power, with strong profitability
The company is the leader of wind power high-altitude safety operation equipment. It is a national single champion demonstration enterprise in manufacturing industry and a national "specialized and special new" enterprise. The market share of China's wind power field exceeds 60%. The company's 2018-2020 revenue CAGR is about 39%, the net profit attributable to the parent CAGR is about 41%, the gross profit margin remains above 50% for a long time, and the profitability is strong.
The wind power industry continues to develop. From 2022 to 2025, China's new installed capacity CAGR is about 16%
Under the three major trends of wind turbine going to the countryside, large-scale and offshore wind power, the wind power industry is expected to maintain a rapid development speed and improve the safety awareness of the main engine plant. As a leader in the field of wind power high-altitude safe operation equipment, the company is expected to continue to benefit. According to the data of the national energy administration, the new grid connected capacity of wind power in China will reach 71.67gw in 2020, and the CAGR will be about 18% in 2011-2020. It is estimated that the new installed capacity of wind power in the world and China will reach 112gw and 78gw in 2025, and the CAGR will be about 11% and 16% in 2022-2025.
Brand and technology advantages are obvious, and the continuous expansion of overseas markets is expected to drive the growth of the company's profitability
1) deep barriers to customer resources: the main customers are well-known wind power manufacturers outside China, realizing the full coverage of all wind turbine manufacturers with new installed capacity in China in 2019 and China's five major power groups, providing a basis for product expansion; 2) Master a number of core patented technologies and continuously deepen them: the CAGR of the company's R & D expenses from 2016 to 2020 is 22%; 3) The overseas stock market has broad replacement space: the company's products account for about 67% of China's new fan Market in 2019. It is estimated that the average annual stock technical transformation market scale of the U.S. market from 2022 to 2025 will be about 900 million yuan. At present, the company accounts for less than 2% of the potential market in the United States. The replacement of overseas stock market is expected to drive the growth of the company's profitability.
It has developed for more than ten years, has rich experience, and is expected to build a platform company in many fields
In terms of safety, the demand for professional high-altitude safety equipment is increasing in the process of high-altitude construction such as power grid and communication. With years of technology and customer resource accumulation in the field of wind power, the company is expected to expand to other fields of wind power. At present, the company's products have been applied in more than 10 industries outside the field of wind power and more than 40 countries and regions around the world. With the further improvement of the company's capital, technology and management capabilities, it is expected to build a platform company.
Profit forecast and valuation
It is estimated that the company's revenue from 2021 to 2023 will be RMB 890 / 116 / 1.44 billion respectively, with a year-on-year increase of 30% / 30% / 25%, and the net profit attributable to the parent company will be RMB 250 / 3.3 / 410 million respectively, with a year-on-year increase of 34% / 33% / 23%, corresponding to pe34 / 26 / 21x. As the leader in the field of high-altitude safe operation, the company has the first market share and sales in the industry, and is rated as "buy" for the first time.
Risk tips
1) the development of wind power industry is less than expected; 2) The expansion of other fields of wind power is less than expected: 3) the epidemic affects the overseas market
