\u3000\u30003 Zhejiang Jinfei Kaida Wheel Co.Ltd(002863) 00286)
Event: in 2021, the company achieved an operating revenue of 1.017 billion yuan, a year-on-year increase of 41.49%; The net profit attributable to the parent company was 170 million yuan, a year-on-year increase of 40.04%; The net profit deducted from non parent company was 156 million yuan, with a year-on-year increase of 44.21%.
Comments:
The goal of "double carbon" and the policy of "double control of energy consumption" were promoted, and the demand for energy efficiency management was released to drive performance growth. The promotion of the "double carbon" target policy and the strong implementation of the "double control of energy consumption" system forced enterprises to accelerate energy conservation and consumption reduction. At the same time, the policy will accelerate the market-oriented reform of electricity price and return electricity to the commodity attribute. The rise of electricity price will increase the demand for fine control of enterprise energy consumption and drive the market development of enterprise energy efficiency management system. In addition, the installed capacity of distributed new energy is growing rapidly, and the enterprise microgrid that can coordinate distributed power generation, energy storage, energy conversion, load, monitoring and protection ushers in a period of development opportunities. The microgrid needs a perfect operation and maintenance monitoring system to comprehensively manage it, bringing long-term demand for the enterprise energy efficiency management system. Benefiting from the promotion of the "double carbon" target policy, the enterprise's demand for energy conservation and consumption reduction and energy efficiency management continued to increase, and the income of the company's enterprise microgrid products and systems, power sensors and other products increased significantly. According to the company's announcement, in 2021, the company's revenue from power monitoring and substation integrated monitoring products and systems was 419 million yuan, a year-on-year increase of 34.12%; The revenue of energy efficiency management system products was 293 million yuan, a year-on-year increase of 28.37%.
Profitability remained at a high level and cash flow improved significantly. The gross profit rate of the company is 72.45%, which remains high in 2021. The company optimized the product production process, increased the per capita output of salespeople, reduced costs and increased efficiency, and further improved the profitability of the company's assets. In 2021, the company's sales expense ratio and management expense ratio were 11.90% and 7.28% respectively, down 1.59 and 0.93 PCT respectively compared with 2020; The roe of the company was 19.10%, an increase of 3.22pct compared with 15.88% in 2020, reflecting the positive trend of the company's profit. In addition, the company increased sales collection efforts and significantly improved the level of operating cash flow. In 2021, the company's net operating cash flow was 112 million yuan, with a significant year-on-year increase of 353.34%.
R & D investment continued to increase and strengthen the company's product and technical advantages. The company has always attached importance to technology and product innovation, continuously increased R & D investment, and promoted the continuous improvement of product market competitiveness. In 2021, the company invested 112 million yuan in R & D, with a year-on-year increase of 47.37%, accounting for 11.06% of operating revenue. With the continuous increase of R & D investment of the company, the number of patents and technical level of the company have been continuously improved, and the product system has been continuously enriched. By 2021, the company has 27 product lines, including 21 functional modules, forming 23 industry solutions (such as commercial buildings, schools, hospitals, highways, industrial enterprises, new energy, etc.).
The energy Internet industry continues to be booming. The company actively develops sales channels and continues to promote product innovation, contributing to the rapid growth of performance. With the further improvement of the "double carbon" goal and the dual control policy of energy consumption, the burden of enterprise energy efficiency management has further increased, and the demand for energy efficiency management has further increased. It is expected to benefit from the rapid growth of power infrastructure, Internet and other key factors, such as the rapid growth of power consumption, Internet and other key industries, and the integration of power infrastructure, digital energy and environmental protection. After years of development, the company has accumulated a large number of customer resources and profound technical reserves in the field of energy Internet, is familiar with the needs of users and business models in the industry, has continuously improved its technological innovation and service capacity, and has steadily enhanced its large-scale and customized production capacity. In recent years, the company has comprehensively improved its R & D direction, sales channels and product promotion, continued to carry out product transformation and upgrading, provided services to users with Internet tools and cloud platforms, launched more segmentation solutions in combination with market demand, increased overseas market development and accelerated the further development of the company's business.
Layout microgrid business and promote future performance growth. With the rapid development of distributed new energy, enterprises with the unified management idea of "source network load storage" will be promoted to carry out microgrid construction, which will increase the long-term demand for enterprise energy efficiency management. Enterprise microgrid puts forward higher requirements for the coordination and flexibility of power system. Energy efficiency management system will gradually become a necessity for enterprises to comprehensively manage microgrid. The company's microgrid business can be combined with photovoltaic, energy storage, charging pile and other systems to build a complete microgrid platform to help enterprises realize the integration of source network, load and storage. The company complies with the objectives of "double carbon" and "double control of energy consumption" and actively transforms to provide integrated solutions for enterprise microgrid. At present, the company has accumulated rich experience, high user stickiness and gradually improved brand influence. In the future, the company will continue to increase R & D investment in the field of microgrid, gradually improve solutions and further improve market share.
Maintain the "buy" rating: as a solution supplier of enterprise microgrid energy efficiency management system scarce in the current market, the company has gradually improved its product layout, continuously increased R & D investment, improved its innovation ability, actively explored sales channels, continuously improved its brand influence and the competitiveness of products and services. At the same time, with the layout of microgrid business, the company's performance is expected to grow rapidly. The operating income of the parent company is expected to be RMB 3.24 billion and RMB 3.42 billion respectively, with a year-on-year growth of 3.24 billion and 4.42 billion respectively, and the net profit of the parent company is expected to be RMB 3.24 billion and 4.42 billion respectively, with a year-on-year growth of 3.24 billion and 4.42 billion respectively. It is estimated that the EPS from 2022 to 2024 will be 1.12, 1.56 and 2.14 yuan respectively, and the corresponding PE will be 24.04, 17.31 and 12.61 times respectively.
Risk tips: the policy promotion is less than expected, the macro-economy is more than expected, the market competition is intensified, and the project promotion progress is less than expected.
