Wangbian electric (603191)
A total of one company made an inquiry in this period. On March 21 (next Tuesday), the main board listed company “wangbian electric” will make an inquiry.
Wangbian electric (603191): the company has been deeply engaged in the transmission, distribution and control equipment industry for nearly 30 years, and has been committed to the R & D, production and sales of transmission, distribution and control equipment and oriented silicon steel. From 2019 to 2021, the company achieved operating revenue of 1.11 billion yuan / 1.3 billion yuan / 1.93 billion yuan respectively, yoy was 23.9% / 17.1% / 49.1%, and the compound annual growth rate of operating revenue in the three years was 29.3%; The net profit attributable to the parent company was 109 million yuan / 143 million yuan / 178 million yuan, which was 104.2% / 30.64% / 25.01% in yoy, and the compound annual growth rate of the net profit attributable to the parent company in three years was 49.4%. According to the company’s preliminary forecast, the net profit attributable to the parent company in 2022q1 increased by 4.15% to 13.62% year-on-year.
Investment highlights: 1. The company is one of the few production enterprises with a production capacity of 100000 tons of oriented silicon steel in China. Under the background of good overall competition pattern of oriented silicon steel and potential application space expansion of oriented silicon steel brought about by motor technology reform, the development of oriented silicon steel business of the company is expected to be better. In 2019, the total output of the top five oriented silicon steel manufacturers accounted for 78.84% of the national total output. The competition in China’s oriented silicon steel industry is relatively concentrated and the competition pattern is relatively good; From 2020 to 2021, the company’s oriented silicon steel products ranked among the top five in China. In October 2020, the company became one of the scarce producers of oriented silicon steel with a capacity of 100000 tons in China. With the support of national industrial policies, the increasing demand for oriented silicon steel in China’s transformer and large motor market, the expansion of overseas market of oriented silicon steel and the domestic substitution of imported silicon steel, the demand of China’s oriented silicon steel industry is expected to improve; At the same time, the transformation of motor technology is bringing new development opportunities, including that China’s large motors (thermal power and wind power) are trying to make motors with non bottom oriented silicon steel as raw materials, and the stator and rotor in the drive motor of new energy vehicles can start to use oriented silicon steel and non oriented silicon steel together. 2. Compared with single transmission and distribution and control equipment manufacturers and single oriented silicon steel manufacturers, the company has formed an integrated industrial chain of “from oriented silicon steel to transformer” and built the company’s relative competitive advantage. 1) Oriented silicon steel is the core raw material for transformer production, and its supply is relatively unsaturated. The company’s integrated industrial chain not only makes the purchase price of raw materials relatively controllable, but also reduces the demand for safety inventory of raw materials. 2) The transformer production department of the company is relatively familiar with the quality characteristics of self-produced oriented silicon steel, which improves the production efficiency of transformer. 3) Carrying out transformer production can promote the production, R & D and Realization of oriented silicon steel and provide application technology services for silicon steel customers.
Comparison of Listed Companies in the same industry: wangbian Electric’s main business is divided into two parts. Among them, the listed companies in the same industry of transmission, transformation and distribution business mainly include Hainan Jinpan Smart Technology Co.Ltd(688676) , Shijiazhuang Kelin Electric Co.Ltd(603050) , Ceepower Co.Ltd(300062) , Guangdong Shunna Electric Co.Ltd(000533) , Sunfly Intelligent Technology Co.Ltd(300423) , etc; The listed companies of oriented silicon steel business in the same industry mainly include Baoshan Iron & Steel Co.Ltd(600019) , Beijing Shougang Co.Ltd(000959) , etc. Firstly, according to the above listed companies in the transmission, transformation and distribution industry, the average revenue scale (the first three quarters) is 1.4 billion, and the average pe-ttm (arithmetic average / excluding Ceepower Co.Ltd(300062) ) is 28.2x; In comparison, the company’s revenue volume is lower than that of Listed Companies in the same industry. Secondly, from the perspective of Listed Companies in the silicon steel industry with the above orientation, the average pe-ttm of the same industry is 5.23x; However, as oriented silicon steel is only a small part of Baoshan Iron & Steel Co.Ltd(600019) and Beijing Shougang Co.Ltd(000959) business, the company is relatively incomparable with the above companies in the same industry.
Risk tips: companies that have started the inquiry process may still be unable to be listed for special reasons, the company’s content is mainly based on the contents of the prospectus and other public materials, there is a risk that the selection of Listed Companies in the same industry is not accurate, there may be interpretation deviation in the selection of content data, and the risks of specific listed companies are displayed in the text, etc.
