Keli Motor Group Co.Ltd(002892) (002892)
China’s shaded pole motor leader, actively layout the second growth curve
Keli Motor Group Co.Ltd(002892) the main products include single-phase shaded pole motor, series excited motor, stepping motor, DC brushless motor and servo motor, of which the production and sales of shaded pole motor, the core product, ranks first in China. The company is committed to becoming the world’s top supplier of motor and intelligent drive and control technology. With excellent R & D and production capacity, the product series gradually extends to the fields of drive and control, from single-phase shaded pole motor and series excited motor to servo motor, DC brushless motor and stepping motor with high technical content and added value, which are widely used in household appliances, security, medical devices Industrial automation and other fields.
Policy support + rising demand are double positive, and domestic substitution promotes the transformation and upgrading of the industry
Since 2015, the concept of “industry 4.0” has led the trend of domestic substitution. Made in China 2025 points out that it is necessary to accelerate the development of intelligent manufacturing equipment and products, research and develop core devices of intelligent manufacturing such as servo motors and drives, and the iteration of industrial automation on traditional industries will force the accelerated development of micro and special motor industry. At the same time, consumption upgrading opens up demand space, and high-tech emerging fields such as smart home, new energy vehicles, Siasun Robot&Automation Co.Ltd(300024) and UAV downstream of micro special motor will lead the industry to open a new round of boom upward cycle.
The traditional business has developed steadily, the new generation of servo system has made a breakthrough in large quantities, and the revenue and profit fly together
The company has been deeply engaged in shaded pole motor and series excitation motor for many years, and the product performance has been comparable to the international level. At the same time, with high cost performance, it has been favored by many well-known customers such as Electrolux, Whirlpool (China) Co.Ltd(600983) , Panasonic and so on. In recent years, the sales have maintained a stable growth. Since 2019, the company has adjusted its organizational structure and set up a new motion control / industrial control / intelligent control / Pump Division to focus on the R & D of new businesses such as servo motor, brushless DC motor and stepping motor. In 2020, the company launched a new generation of high-performance V6 servo system, with product performance comparable to similar products in Japan, realizing import substitution. In June 2021, the company became a supplier of Huawei, and the servo system also made a breakthrough in the apple mobile phone production and testing equipment market.
Investment advice and profit forecast
Huawei, a high-quality customer, is deeply bound, and the growth momentum of the second curve is strong. In the future, relying on the core technology advantages and customer resource advantages accumulated for a long time, the company is expected to consolidate the foundation and expand the new, actively layout new business while based on the traditional main business such as shaded pole motor, and usher in the stage of high-speed performance growth. We estimate that the operating revenue of the company from 2021 to 2023 will be 1.454 billion yuan / 2.211 billion yuan / 2.997 billion yuan respectively, with a year-on-year increase of 46.43% / 52.02% / 35.55%; The net profit attributable to the parent company was 113 million yuan / 251 million yuan / 381 million yuan respectively, with a year-on-year increase of 15.34% / 121.63% / 51.70%. The corresponding EPS from 2021 to 2023 are 0.41/0.90/1.36 respectively, and the corresponding PE of the current stock price are 81.8/36.9/24.3 times respectively. The “buy” rating is given for the first time.
Risk statement
Raw material price fluctuation risk, exchange rate fluctuation risk, micro and special motor market competition risk.
