\u3000\u3 China Vanke Co.Ltd(000002) 801 Hangzhou Weiguang Electronic Co.Ltd(002801) )
The performance in 21 years is in line with expectations
The company released its annual report for 2021. In 2021, the company realized an operating 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%; Deduct the net profit not attributable to the parent company of 196 million yuan, a year-on-year increase of + 31%. Consistent with the data disclosed in the performance express and in line with expectations.
The performance of 21q4 reached a quarterly high, and the profitability recovered quarter by quarter
The downstream market recovered, and the performance of 21q4 company reached a quarterly high, with an operating revenue of 317 million yuan, a year-on-year / month on month + 29% / + 17%, and a net profit attributable to the parent company of 85 million yuan, a year-on-year / month on month + 60% / + 29%. The company's business toughness is prominent, and its profitability has recovered rapidly. The gross profit margin of 21q4 company rebounded to 31.1%, with a year-on-year increase of + 1.5 PCT, due to: 1) the company adjusted the product price in response to the rise in the price of raw materials; 2) The proportion of revenue from external rotor fans and ECM motors with high gross profit margin has increased, and the product structure has been continuously optimized. The net interest rate of 21q4 company was 26.9%, with a year-on-year increase of + 5.3 PCT.
Benefiting from the trend of high efficiency and energy saving, profitability will continue to be optimized
At the end of 2021, the inventory was 161 million yuan, with a year-on-year increase of + 37%, mainly due to the increase of market demand. The company increased the stock of external rotor fans and ECM motors. It is expected that the revenue will continue to grow at a high speed in 22 years. Structurally, with the promotion of China's motor energy efficiency improvement plan, the renewal demand of in-service motors increases. At the same time, foreign electricity prices soared in 2021, and the full life cycle economy of high-efficiency and energy-saving motors was significant. In 2022, affected by the conflict between Russia and Ukraine, we expect that the energy shortage in European countries will remain serious, and the overseas demand for energy-efficient motors will show strong growth. The increasing demand for high-efficiency motors outside China will promote the rapid and large-scale production of ECM motors and continuously optimize the product structure.
Broaden downstream application fields and open up new growth space
It is expected to open up 27 new energy and cooling industry segments, such as power breeding, HVAC and other new data centers.
Profit forecast and investment suggestions
The company is the leader in the field of micro motors in HVAC. Benefiting from the trend of high efficiency and energy saving, we slightly raised the company's performance forecast. It is estimated that the company's revenue from 2022 to 2024 will be 1.49 billion yuan, 1.94 billion yuan and 2.5 billion yuan respectively, with a year-on-year increase of + 34%, + 30% and + 29% respectively; The net profit attributable to the parent company was 340 million yuan, 490 million yuan and 620 million yuan respectively, with a year-on-year increase of + 35%, + 42% and + 26% respectively. The current share price corresponds to 14, 10 and 8 times of PE from 2022 to 2024 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
