\u3000\u3000 Ocean'S King Lighting Science & Technology Co.Ltd(002724) (002724)
Matters:
On February 21, the company released the performance express of 2021.
Guoxin building materials view: 1) despite the impact of the epidemic, the annual profit still increased by more than 30%. In 2021, the revenue and net profit attributable to the parent company were 2.109 billion and 396 million respectively, with a year-on-year increase of 23.75% and 31.81% respectively, which mainly benefited from the steady growth of customer demand under the background of "double carbon" energy conservation and consumption reduction. At the same time, the company launched a series of reforms to stimulate the vitality of the enterprise. 2) With the continuous deepening of independent operation, the competitive advantage is expected to continue to highlight: following the establishment of five industry subsidiaries in January last year, three industry subsidiaries were established at the beginning of this year to give employees more autonomy, stimulate employees' enthusiasm, release organizational vitality and expand the company's competitive advantage. 3) The market space of professional lighting is broad, and the competition pattern is expected to be optimized: at present, the LED transformation space of the stock lighting market in the industrial field is about 70 billion, and the market share of leading enterprises is low. With the continuous improvement of the cognitive level and attention of downstream industrial enterprises to professional lighting, high-quality dragon enterprises are expected to benefit more, and the industry competition pattern is expected to be further optimized. 4) Risk warning: market development is not as expected; Industry competition intensifies; Employee turnover risk. 5) Investment suggestion: there is still room for improvement in future performance growth and maintain the "buy" rating: the company's EPS is expected to be 0.51/0.69/0.88 yuan / share in 21-23 years, and the corresponding PE is 28.2/20.7/16.2x, maintaining the "buy" rating.
Comments:
Although affected by the epidemic, the annual profit still increased by more than 30%
On February 21, the company released a performance express. In 2021, the company achieved a revenue of 2.109 billion yuan, a year-on-year increase of 23.75%, a net profit attributable to the parent of 396 million yuan, a year-on-year increase of 31.81%, a net profit attributable to the parent after deduction of Non Profits of 368 million yuan, a year-on-year increase of 35.33%, and a single quarter revenue and net profit attributable to the parent of Q4 were 740 million yuan and 177 million yuan, respectively, a year-on-year increase of 9.6% and 15.0%. The company achieved double growth in revenue and profit in the whole year, which mainly benefited from the stable growth of customer demand under the background of "double carbon" energy conservation and consumption reduction. At the same time, the company launched a series of reforms to stimulate the vitality of the enterprise. The company's performance in the first three quarters maintained a high growth, which confirmed our previous judgment that this year was the first year of the company's performance acceleration. In the fourth quarter, due to the repeated epidemic in some areas, the signing of some contracts and the settlement of order delivery were delayed, which slowed down the growth of revenue and performance, resulting in the annual revenue growth slightly lower than the growth target set at the beginning of last year, The contracts and orders with delayed progress are expected to be reflected in the operation in the first half of this year.
Independent operation continues to deepen, and the competitive advantage is expected to continue to highlight
In recent years, the company has continuously strengthened the deepening of its independent operation mechanism. Following the establishment of five corresponding industry subsidiaries based on the relatively mature railway, ship venues, power grid, oil and military products business departments in January last year, after one year of operation and remarkable results, the company further established the public security fire protection The three holding subsidiaries in the petrochemical and metallurgical industries, while giving employees more autonomy and stimulating employees' enthusiasm and organizational vitality, delegate more power to their subsidiaries, shorten the decision-making chain, speed up the response to customers' needs, and further strive for more market share, which will help to continue to expand the original competitive advantage, Accelerate the realization of the company's development strategic objectives.
The market space of professional lighting is broad, and the competition pattern is expected to be optimized
In recent years, the importance of "double carbon" energy conservation and consumption reduction has increased significantly. Under the background of dual control of energy consumption, enterprises put forward more urgent needs for energy conservation and efficiency, and professional lighting solutions are expected to be more favored. In addition, the continuous improvement of safety production and industrial environmental operation standards is expected to promote enterprises to replace traditional lighting lamps with professional LED lamps. We estimate that the LED transformation space of the existing lighting market in the industrial field is about 70 billion. If we consider the upgrading of "lighting +" related products and services in the future, the market space is expected to be further improved. At present, the competition pattern of China's professional lighting market is still relatively scattered, the market share of leading enterprises is low, and the market share of China's major well-known brand enterprises is mostly 0-3%. We believe that with the promotion of policies and the continuous cultivation of excellent professional lighting enterprises, the cognitive level and attention of downstream industrial enterprises to professional lighting are expected to continue to improve, high-quality leading enterprises are expected to benefit more, and the industrial competition pattern is expected to be further optimized.
Investment suggestion: there is still room for improvement in future performance growth and maintain the "buy" rating
As a leading professional lighting enterprise, the company has been deeply engaged in the industry for more than 20 years, has achieved full coverage of the industry, and has accumulated long-term competitive advantages in product quality, customer reputation, service, technology R & D and innovation investment. In the current context of energy conservation and consumption reduction, safe production and intelligent manufacturing, the market demand for professional lighting solutions is expected to continue to increase. The company has increased the breadth and depth of the market and strengthened the promotion of service products. At the same time, it has actively improved the construction of internal management system and promoted the release of organizational vitality. There is still room for improvement in future performance growth. It is estimated that the net profit attributable to the parent company in 21-23 years will be 396 / 539 / 689 million yuan, EPS will be 0.51/0.69/0.88 yuan / share, and the corresponding PE will be 28.2/20.7/16.2x, maintaining the "buy" rating.
