Dongguan Yiheda Automation Co.Ltd(301029) (301029)
Domestic leader in one-stop supply of factory automation parts
The company provides domestic leaders in one-stop supply of parts for industrial automation equipment enterprises. Through standard setting, product development, supply chain management and platform operation, driven by information and digitization, the company provides automation parts products with high quality, low cost and short delivery time for the automation equipment industry. Benefiting from the rapid development of China's non-standard automation industry, the company's revenue increased from 376 million yuan to 1.21 billion yuan in 2017-2020, with a compound growth rate of 47.6%; The net profit attributable to the parent company increased from 64 million yuan to 271 million yuan, with a compound growth rate of 61.8%, showing a rapid growth trend.
Automation rate is the general trend, and emerging industries rise with the trend
With the decrease of the number of school-age labor force and the rising labor cost in China, it has become an industry consensus that industrial automation will promote industrial transformation and upgrading, and industrial automation will usher in the rapid growth of demand. The company's main downstream industries are emerging industries such as 3C, automobile, lithium battery and photovoltaic, which will benefit from the rapid development of emerging industries and the industrial upgrading of China's position as a global manufacturing center for a long time. The company is expected to maintain a sustained and rapid growth trend.
Solve industry pain points and build core competitiveness
The company standardized the parts of non-standard products and formulated the product manual, transformed the traditional procurement mode of "single supply + multiple suppliers" of automatic parts into the mode of "simple selection of parts + one-stop procurement" to meet the needs of customers, and solved the industry pain points such as difficult design, high cost, difficult quality control and long delivery cycle; At the same time, with the downstream customer engineer as the core, we can more accurately grasp the customer procurement needs, supplemented by supporting selection tools to further improve the customer stickiness and brand awareness; In addition, the company has strengthened the development of online channel cooperative customers, and the growth rate of online sales is much higher than that of offline sales. On the one hand, the improvement of online sales reflects the continuous improvement of the company's enterprise information management. On the other hand, it will significantly improve the operation efficiency, customer procurement experience and model selection procurement efficiency.
Benchmarking overseas leader Mismi, the business model has great prospects
The company's main competitor in the industry is Japan Mismi. Founded in 1963, Mismi is a global one-stop supply platform for industrial parts, with first mover advantage and global market scale. In contrast, the company has a certain gap with Mismi in category richness, supply chain management ability and customer resources. In the future, the company may continue to maintain the improvement trend of China's market share under the environment of the upgrading of China's manufacturing industry and the rise of emerging industries by virtue of the advantages of localized services, the applicability of various automation equipment in local industries and the supporting advantages of China's manufacturing system.
Profit forecast
It is estimated that the company's operating revenue from 2021 to 2023 will be 1.82 billion yuan, 2.59 billion yuan and 3.61 billion yuan respectively; The net profit attributable to the parent company is RMB 433 million, RMB 626 million and RMB 905 million respectively, corresponding to the current dynamic P / E ratio of 94 times, 65 times and 45 times respectively. Considering that the company has an obvious domestic leading position in the FA parts market and will benefit from the rapid development of China's emerging industries for a long time, the company is given a "recommended" rating.
Risk statement
Boom fluctuation risk of downstream industrial automation industry; The proportion of online customers increased less than expected; Intensified market competition and risk of declining profitability; The risk that the construction progress of the raised investment project is less than expected; The business of the company is not completely consistent with that of Mismi, and the relevant comparison is for reference only.
