\u3000\u30003 Zhejiang Jinfei Kaida Wheel Co.Ltd(002863) 00286)
The rapid growth of revenue performance is in line with expectations, and the growth potential of microgrid is sufficient. In 2021, the company achieved a revenue of 1.02 billion yuan, an increase of 41.5% at the same time; The net profit attributable to the parent company was 170 million yuan, an increase of 40% at the same time, and the profit growth was strong. The net profit attributable to the parent company after deducting non-profit increased by 44% at the same time, which was in line with the expectation. Excluding the share payment expense of RMB 2.134 billion in the same period of last year, the net profit of the parent company is about 2.012 billion, excluding the share payment expense of RMB 2.021 billion in the same period of last year. In 2021q4, the revenue / net profit attributable to the parent company were RMB 280 million / 34 million respectively, with a same increase of 42% / 275%, significantly faster than Q3. In terms of sections, the company adjusted the product classification in the annual report and divided it into three categories: enterprise microgrid products and systems / power sensors / others. In 2021, the company achieved revenue of RMB 920 / 0.9/0.1 billion respectively, an increase of 44% / 18% / 55% at the same time; Among them, the enterprise microgrid products and systems are further subdivided into four categories: power monitoring and substation integrated monitoring products and systems / energy efficiency management products and systems / fire and power safety products and systems / others. In 2021, the revenue will be 4.2/2.9/1.7/0.4 billion yuan respectively, with a simultaneous increase of 34% / 28% / 111% / 126%. The growth of fire products is more prominent. The company plans to pay 2 yuan out of 10, with an annual cumulative dividend of 92.73 million yuan, accounting for 55% of the net profit attributable to the parent company, a significant increase of 20 PCT over the previous year. At present, the market-oriented reform of electricity price continues to advance, and the price tends to rise, which continuously improves the dynamic power of fine utilization of enterprises. At the same time, under the background of the rapid development of distributed new energy, the demand of enterprise microgrid that can uniformly coordinate distributed power generation, energy storage, conversion, load, monitoring and protection continues to increase, helping the company continue its rapid growth trend.
The gross profit margin was basically stable, cash flow recovered significantly, and the improvement of turnover rate promoted the continuous improvement of roe. In 2021, the company's gross profit margin was 45.7%, yoy-1.0 PCT, which decreased mainly because the company implemented the new accounting standards, and the transportation expenses (9.55 million yuan) were calculated in the operating cost. If this factor was restored, the corresponding gross profit margin was 46.7%, which was the same as that of the previous year. During the period, the expense rate was 30.3%, yoy-1.84 PCT, of which the sales / management / R & D / financial expense rate was yoy-1.55 / - 0.87 / + 0.54 / + 0.04 PCT. the decline in the sales / management expense rate was mainly due to the continuous performance of the company's economies of scale, in which the decline in the sales expense also had the impact of the transportation expense being transferred to the cost accounting (the reduced sales expense rate was yoy-0.61 PCT); The increase of R & D expense rate is mainly due to the company's continuous emphasis on product R & D and the increase of relevant investment. The asset impairment loss decreased by about 2 million yuan year-on-year. The income tax rate is 10.5%, yoy + 4.0 PCT. The net interest rate attributable to the parent company is 16.7%, yoy-0.2 PCT. The net cash inflow from operating activities was 110 million yuan, compared with the net outflow of 40 million yuan last year. The obvious recovery of cash flow is mainly due to the company's adoption of a more strict payment collection mechanism (the hardware part implements payment to delivery, and the software pays according to nodes according to the contract). The effect continues to show. The cash to cash ratio and cash to pay ratio are 87% and 78% respectively, yoy + 6 / - 15 PCT. The inventory turnover rate / accounts receivable turnover rate are 2.64/8.91 times and yoy + 0.15 / + 1.64 times respectively. The improvement of turnover rate drives the company's roe to rise by 3.5 PCT to 18.9% in 2021.
Product R & D and sales optimization work simultaneously to continuously consolidate competitive advantages. In terms of R & D, by the end of 2021, the company had 403 R & D personnel, accounting for 51%, an increase of 17 PCT over the previous year, and the R & D expense rate increased from 8.7% in 2019 to 11.1% in 2021. The R & D strength continued to increase. At present, the company has 27 product lines, including 21 functional modules, and has formed 23 industry solutions. The product categories of subsequent companies are expected to continue to enrich and constantly create a new engine for growth. In terms of sales, the company continued to optimize the sales model: 1) the direct sales team increased the contact opportunities between the general contractor and the design institute by setting up offices in many cities in China, and continued to expand the sales network; 2) Dealers can increase orders and customer resources by introducing excellent dealers with the advantage of self provided resources, and there is no need to prepare goods in advance. Generally, there is no pressure on the warehouse at the end of the period, so they can collect money in time and reduce the risk of bad debts; 3) Online channels, the sales center has established an e-commerce department to promote products and applications online and promote the formation of orders. Under the epidemic environment, the company's new sales model continues to show the effect of market risk resistance, ensuring the company's sustained and rapid growth.
Investment suggestion: we expect the company to realize net profit attributable to parent company of RMB 240 / 32 / 430 million respectively from 2022 to 2024, with a year-on-year increase of 40% / 35% / 34%, EPS of RMB 1.11/1.50/2.02 respectively (CAGR of 37% from 2021 to 2024), PE corresponding to current stock price of 25 / 19 / 14 times respectively, maintaining the "buy" rating.
Risk tips: risk of declining profitability, bad debt risk of receivables, depreciation risk of fixed assets, etc.
