\u3000\u3 China Vanke Co.Ltd(000002) 960 Jade Bird Fire Co.Ltd(002960) )
In 2021, the revenue increased by 53% year-on-year, and the overall performance maintained rapid growth
The company released its annual report for 2021, and achieved a revenue of 3.86 billion yuan in 2021, an increase of 53.0%; The net profit was 530 million yuan, an increase of 23.2%; Deduct non net profit of 510 million yuan, an increase of 36.6%. In 2021q4, the company achieved a revenue of 1.2 billion yuan, a year-on-year increase of 52.2%; The net profit was 160 million yuan, a year-on-year increase of 54.1%, and the high growth trend continued. Considering the rapid growth of business orders of the company, we raised the profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 6.83 (+ 6.2%), 8.83 (+ 11.5%) and 1.098 billion yuan respectively, and the EPS in 20222024 will be 1.96 (+ 5.9%) / 2.53 (+ 11.5%) / 3.15 yuan / share respectively. The current share price corresponding to PE is 21.2/16.4/13.2 times respectively, maintaining the “buy” rating.
The three main industries have grown with high quality, and the first year of industrial fire fighting has been opened
In 2021, the company’s Troika grew strongly: the revenue of general fire alarm business in 2021 was 2.471 billion yuan, with a year-on-year increase of 30.88% and a gross profit margin of 39.81%. The revenue increased rapidly while maintaining a high profit level. Among them, the “Jiuyuan” brand increased by more than 50% year-on-year, the integration of French finsecur company was smooth, and the sales increased rapidly; Emergency lighting and intelligent evacuation business continued to develop at a high speed. In 2021, the revenue reached 660 million yuan, with a year-on-year increase of 266%. After achieving a year-on-year increase of 177% in 2020, the company has formed a matrix of multi brand products such as ” Jade Bird Fire Co.Ltd(002960) ,” left lighting “and” Zhongke Zhichuang “, and the synergy advantage is gradually highlighted; The company’s products in the field of large industrial fire protection, such as image fire detector and inspiratory smoke fire detector, have been developed and obtained the corresponding inspection report / 3C certificate. Many industries such as steel, petrochemical and automobile have achieved “0-1” breakthrough, and won the bid for many projects, including the relocation project of Hebei Tianzhu iron and steel group. In 2021, the company’s revenue of industrial fire alarm products was 356328 million yuan, an increase of 225.67% year-on-year, Open the first year of industrial fire fighting.
The second-generation Crested Ibis chip is produced in batch, firmly embracing the energy storage and fire fighting star sea
As of 2021, the company is the only self-developed chip enterprise among all fire alarm enterprises in the world. The second generation Crested Ibis chip has begun mass production, successfully reducing cost and increasing efficiency. At the same time, the company has vigorously promoted the development and expansion of pre detection of energy storage and fire protection. In 2021, the company has won the bid of American broad reach power independent power generator project, multi specification energy storage container gas fire extinguishing system project and other projects. In the future, through the underlying technical advantages of “Crested Ibis” chip, the development and expansion of energy storage and fire safety solutions of the company is expected to be further accelerated.
Risk warning: the promotion of new products is less than expected, and the impact of the epidemic is intensified
