Hefei Kewell Power System Co.Ltd(688551) (688551)
1、 Event overview
Recently, Hefei Kewell Power System Co.Ltd(688551) signed a cooperation agreement with Tsinghua University and Guohong hydrogen energy to complete the technical development of the development and application project of high-power fuel cell stack rapid activation process and activation equipment under the scenario of mass production.
2、 Analysis and judgment
Track drive + localization substitution, vertical and horizontal development of the three business divisions
Since this year, the company has adjusted its product line to three categories: test power supply product line, fuel cell test equipment product line, power semiconductor and intelligent manufacturing equipment product line. In terms of power supply division, at present, the popularity of new energy vehicles and photovoltaic energy storage landscape continues to be high. While focusing on new energy vehicles, photovoltaic and other industries, the company accelerates the testing of the coverage of a full range of power supply products, extends horizontally and adds, and explores opportunities in other fields; In terms of the fuel cell business unit, the company accelerated the layout of the full stack test capability and continuously expanded the product line; In terms of power semiconductor business unit, the company provides corresponding automation solutions in combination with the needs of downstream large-scale production. In addition, while providing overall solutions for testing parts around core customers, the company accelerates the layout of other major process equipment on the module packaging production line through research and development and epitaxial acquisition.
R & D + talents as the line, string a bright pearl necklace
The test equipment has high technology and talent barriers. At present, the company has the key core technology of the test equipment through independent research and development. This year, the company pays attention to R & D investment, and the R & D personnel have expanded rapidly. By the middle of 2021, the company has 158 R & D personnel, a year-on-year increase of 88.10%, and the R & D personnel account for more than 40%. In terms of R & D investment, in the first three quarters of 2021, the company’s R & D investment accounted for 14.91% of its operating revenue, with a year-on-year increase of 5.36 PCTs, ranking at the leading level in the industry; Since this year, the company has set up a research institute to be responsible for the research on the cutting-edge technology and future direction of test equipment. With the development logic of “stringing the small pearls of each subdivided industry and field into a dazzling pearl necklace”, the company focuses on key industries and extends other industries in the form of business division, industry incubation or investment and M & A, The ultimate goal is to grow into a comprehensive testing equipment company.
3、 Investment advice
We expect the company’s revenue from 2021 to 2023 to be 247 million yuan, 372 million yuan and 559 million yuan respectively, with growth rates of 52%, 50% and 51% respectively; The net profit attributable to the parent company was RMB 0.60, 100 and 150 million respectively, with growth rates of 14%, 56% and 59% respectively, and EPS was RMB 0.77, 1.19 and 1.90 respectively, corresponding to 95, 61 and 38 times PE respectively. The company is in a period of rapid performance growth. Driven by high growth in key industries and superimposed with localization substitution, the growth rate is significantly higher than the industry average. It is covered for the first time and given a “recommended” rating.
4、 Risk tips:
The downstream demand is less than expected, the market competition is intensified, the risk of technology platform upgrading iteration, and the R & D of new products is less than expected.
