\u3000\u3 Shengda Resources Co.Ltd(000603) 915 Jiangsu Guomao Reducer Co.Ltd(603915) )
Core conclusion
Industry demand continues to drive the company’s reducer sales. We expect that high boom industries such as new energy and building materials will continue to drive the company’s reducer sales in 2022. Some traditional equipment manufacturing industries have generated new demand in the reducer market due to the demand for upgrading and iteration. The company used 650 million yuan of listed fund-raising to build a production line with an annual output of 350000 reducers. By the end of 2020, the company has initially reached the production capacity of about 110000 reducers. With the continuous introduction and installation of new equipment, the company’s gear reducer capacity continues to be released to ensure the supply of products on the market demand side.
Optimize product structure, broaden categories and meet different market needs. In addition to the traditional general reducer products, the company vigorously develops the high-end reducer Market. The company launched a new brand “gnord”. Its high-end reducer products are used in new energy and other fields. The orders of lithium battery related mixing reducer continue to break through new highs, and the demand for products is tight. In addition, Jiangsu Guomao Reducer Co.Ltd(603915) is actively supporting relevant products to meet the production expansion needs of Malaysian Manufacturers, Vietnam Hefa steel and other related enterprises.
Construction machinery business is the long-term development of the enterprise in the future Jiangsu Guomao Reducer Co.Ltd(603915) in addition to the business of tower crane reducer, it has actively developed relevant new varieties in the field of other construction machinery, and some prepared samples have been successfully delivered to customers and preliminarily recognized by the market. Reducer products applied in related fields such as excavators, electric forklifts, engineering cement mixers and aerial work platforms are also continuously promoting research and development, laying a solid foundation for the second growth curve of the enterprise and helping the profitability of the company for a long time.
Investment suggestion: considering the market demand and the company’s own business layout, we expect the company’s net profit attributable to the parent company from 2021 to 2023 to be 490 / 631 / 815 million yuan, yoy + 36.40% / + 28.80% / + 29.20%, and the corresponding EPS is 1.04/1.33/1.72 yuan. Maintain buy rating.
Risk tip: the macro economy is less than expected, the company’s production capacity is less than expected, and the market competition is intensified.
