\u3000\u3 Guocheng Mining Co.Ltd(000688) 071 Shanghai W-Ibeda High Tech.Group Co.Ltd(688071) )
Core view
Focus on the automotive powertrain testing industry, with products and services leading in China. The company's main products are automobile powertrain off-line test equipment and test services. The test equipment can cover fuel engine, gearbox, turbocharger, water pump and new energy powertrain, with a gross profit margin of about 40%; The testing service is carried out in the company's own laboratory, with a gross profit margin of about 50%.
The company's core competitiveness: high cost performance of equipment and strong service growth. On the equipment side, technically, the company successfully developed the engine cold test equipment, broke the foreign monopoly and drafted the national cold test industry standard. The parameters of the company's products have reached the international level, and the price advantage is obvious, which is easy to realize import substitution. In terms of test service, the company has many years of cooperation experience with the main engine factory, and the company's years of deep cultivation in the field of equipment makes the company fully understand the needs of test service, superimpose its own equipment, and can obtain excess profits in the test service provider. We believe that with the rapid launch of new energy models and the acceleration of the pace of vehicle enterprises in promoting new products, test services will become one of the core highlights driving the growth of the company's scale in the future.
Start the development of inertial test unit and grasp the opportunity of intelligent driving. In the context of the gradual improvement of intelligent driving level, the system composed of inertial test unit IMU, satellite positioning and visual positioning will fill the blind spot of satellite and vision in acceleration, angular velocity and displacement measurement. The industry is expected to usher in vigorous development from 2022. The company started the research and development of inertial measurement unit in 2019, which is one of the companies that started IMU research and development earlier in China. IMU module is expected to become a new starting point of the company from 2022.
"Buy" rating for the first coverage: it is estimated that the net profit of the company from 2021 to 2023 will be 67 million yuan, 106 million yuan and 153 million yuan respectively, corresponding to the current market value PE of 47x, 30x and 21x respectively, and the compound growth rate of the net profit attributable to the parent company from 21 to 23 years will be 54%. We believe that the reasonable market value of the company corresponds to the peg of 0.7-0.75x in the next three years, and it is reasonable to give 38-40.5xpe in 2022, with the market value between 4.034-4.29 billion yuan, which has a premium of 26.8-35.1% compared with the current stock price of the company. "Buy" rating is given for the first time.
Risk tip: the growth rate of automobile industry is lower than expected; Profit margin is affected by market competition; Capacity expansion is less than expected; The R & D and production progress of inertial navigation components is slower than expected.
