\u3000\u3 China Vanke Co.Ltd(000002) 801 Hangzhou Weiguang Electronic Co.Ltd(002801) )
The performance in 2021 slightly exceeded expectations
The company released the performance express of 2021. In 2021, the company achieved annual revenue of 1.112 billion yuan, a year-on-year increase of + 39%; The net profit attributable to the parent company was 254 million yuan, a year-on-year increase of + 32%; The net profit attributable to the parent company after deducting non profits was 196 million yuan, a year-on-year increase of + 31%; The operating profit margin was 26.3%, with a year-on-year increase of -1.8pcts; The net interest rate attributable to the parent company was 22.9%, with a year-on-year increase of -1.3pcts. The overall performance slightly exceeded expectations. 21q4 achieved a revenue of 320 million yuan, a year-on-year increase of + 29% and a month on month increase of + 25%; The net profit attributable to the parent company was 85 million yuan, with a year-on-year increase of + 61% and a month on month increase of + 29%; The operating profit margin was 30.3%, year-on-year + 5.1pcts, month on month + 1.8pcts; The net interest rate attributable to the parent company was 26.9%, with a year-on-year increase of + 5.4pcts and a month on month increase of + 2.5pcts.
Revenue growth reached a new high and profitability gradually recovered
The company’s revenue growth in 2021 hit a record high, mainly due to the growth of market demand outside China and the company’s improvement of product competitiveness and market development. From the perspective of profitability, in 2021, despite the sharp increase in the price of upstream raw materials, the appreciation of RMB and other adverse factors, the company actively explored the market and cost control, and the operating profit margin and net interest rate showed an upward trend quarter by quarter. Meanwhile, in October 2021, the company transferred 100% equity of Hangzhou Xianghe, which is mainly engaged in automobile air conditioning, with 36.5 million yuan, focusing more on its main business.
The growth rate of ECM motor accelerated, and the revenue accounted for about 14% in 2021
In 2021, the sales of refrigerator motor, external rotor fan, ECM motor and servo motor of the company were about 374 million yuan, 486 million yuan, 155 million yuan and 50 million yuan respectively, of which 21h2 was 190 million yuan, 266 million yuan, 86 million yuan and 22 million yuan respectively. Among them, the year-on-year growth rate of revenue of high-efficiency and energy-saving motor ECM shows an accelerated trend, with 21h1 and 21h2 accounting for 40% and 62% respectively, and the revenue accounted for 14% in 2021.
Product upgrading and downstream expansion, the company can expect in the future
In the short term, benefiting from the promotion of China’s motor energy efficiency improvement plan, the company’s product structure and profitability are expected to be further optimized. In the medium and long term, the company is the leader of micro motor in HVAC field, and is gradually infiltrating into other application fields such as energy storage, which is expected to open the space for long-term growth.
Profit forecast
According to the performance express, we raised the company’s performance forecast for 2021. At the same time, it is estimated that the company’s revenue in 2022 and 2023 will be 1.46 billion yuan and 1.86 billion yuan respectively, with a year-on-year increase of + 31% and + 28% respectively; The net profit attributable to the parent company was 320 million yuan and 430 million yuan respectively, with a year-on-year increase of + 24% and + 35% respectively. The current share price corresponds to 15 and 11 times of PE in 2022 and 2023 respectively, maintaining the “buy” rating.
Risk tips
The price of raw materials fluctuated, the RMB exchange rate rose, and the market expansion was less than expected
