Moon Environment Technology Co.Ltd(000811) (000811)
Simultaneous development of cold and hot temperature control, excellent intelligent green energy system service provider: the company started with refrigeration compressor, and now develops simultaneously with cold and hot. The industrial fields cover low-temperature refrigeration, central air conditioning, environmental protection heating, etc. in addition, the company also has extensive participation in energy, chemical equipment, precision casting and other fields. Based on years of technical R & D strength and experience, the company can provide products and supporting services covering the temperature range of – 271 ℃ – 200 ℃ and the pressure range of 0mpa – 45MPa. From 2016 to 2020, the growth rate of the company’s operating revenue was relatively stable, from 3.07 billion yuan to 4.044 billion yuan, with a CAGR of 7.1%, and the net profit attributable to the parent increased from 157 million yuan to 223 million yuan, with a CAGR of 9.1%.
Refrigeration and compression technology is leading in the industry, benefiting from the improvement of cold chain prosperity, and the demand will continue to grow in the future: the company has cold chain system integration technology and can produce a full range of screw compressors. According to the company’s official website, the company took the lead in the application and development of natural working medium CO2 in China and created NH3 / CO2 screw cascade refrigeration system and carrier cooling system. Compared with Freon and other refrigerants, the company has the advantages of safer, more energy-saving and more environmental protection. According to the data of the cold chain Committee of China Federation of things, China’s cold chain logistics market grew steadily from 2016 to 2020. In 2020, the scale of China’s cold chain logistics market reached 383.2 billion, a year-on-year increase of 13%. During the 14th Five Year Plan period, China clearly proposed to “build a modern logistics system, accelerate the development of cold chain logistics, coordinate the construction of logistics hub facilities, backbone lines, regional distribution centers and end distribution nodes, and improve the facilities and conditions of national logistics hub and backbone cold chain logistics base”. According to the prediction of China Academy of commerce industry, the scale of China’s cold chain logistics market will or will reach 897 billion yuan in 2025. The growth of cold chain logistics market drives the continuous growth of refrigeration compressor demand.
Active layout of CCUs and hydrogen energy industry, policy assistance to bring new performance growth: according to the company’s announcement, the number of CCUs projects in hand has increased to 34, involving petrochemical, coal-fired power plants and other industries. In the context of carbon neutralization, CCUs is an important means to reduce carbon dioxide emissions, ensure energy security and achieve sustainable development in the future. The prosperity of the company’s carbon capture core equipment gas booster unit and carbon dioxide liquefaction unit for many years is expected to benefit deeply. At the same time, the company actively carries out research and development in the field of hydrogen energy equipment. According to the company’s announcement, the company’s hydrogen transmission compressor, fuel cell air compressor, fuel cell hydrogen circulating pump and high-pressure hydrogenation compressor products have passed the scientific and technological achievement appraisal of China General Machinery Industry Association. The company has strategic cooperation with East Germany, Guofu, remodeling and other hydrogen energy companies, And the equipment orders have been landed. China’s hydrogen energy industry chain is gradually being established and improved, and the government actively layout and promote the rapid development of hydrogen energy industry. Take Beijing, Tianjin and Hebei as an example, According to the implementation plan for the development of hydrogen energy industry in Beijing (2021-2025) By 2025, the industrial scale of hydrogen energy industry chain in Beijing, Tianjin and Hebei will reach more than 100 billion yuan. Relying on the major demonstration projects of Winter Olympic Games and winter Paralympic Games, Beijing will cultivate 5-8 leading enterprises of hydrogen energy industry chain with international influence and build a hydrogen energy whole industry chain ecosystem by 2023. The company’s hydrogen compressor product system layout is complete, and the business development space is worth looking forward to.
Investment suggestion: the company’s performance will continue to grow thanks to the improvement of cold chain prosperity, the attention paid to CCUs under the background of carbon neutralization and the continuous improvement of hydrogen energy industry chain. We expect that the company’s EPS from 2021 to 2023 will be RMB 0.45, RMB 0.60 and RMB 0.73 respectively, and the corresponding PE will be 33.3x, 25X and 20.4x. The company will be given the overweight-a rating for the first time, and the six-month target price will be RMB 17.12.
Risk tip: the price of raw materials has risen sharply; Cold chain market investment is less than expected; The development progress of CCUs and hydrogen energy is less than expected; Intensified market competition
