Clyde (831689)
Event: the annual report of the company in 2021 was released. During this period, the company realized an operating revenue of 392 million yuan, with a year-on-year increase of 37.43%; The net profit attributable to the parent company was 45.77 million yuan, a year-on-year increase of 80.24%; The net profit deducted from non parent company was 40.69 million yuan, with a year-on-year increase of 58.35%.
The company is a high-tech enterprise specializing in the design, R & D, production and manufacturing of traction power system ventilator, ventilation and cooling system and other equipment and accessories. It is a national specialized and new “little giant” enterprise. Among them, the traction power system cooling ventilator is mainly used for generating traction motors, generators, converters Ventilation and cooling of power units such as transformers. Downstream fields include rail transit, energy ventilation and cooling equipment, marine engineering and ships, cooling towers and air coolers, refrigeration fans, etc. The company’s customers include well-known enterprises at home and abroad, including Crrc Corporation Limited(601766) , General Electric (GE), Bombardier, Siemens, Alstom, SPX, Ming Yang Smart Energy Group Limited(601615) , Yantai ice wheel, Westinghouse brake, Haiying Hopman, China Cssc Holdings Limited(600150) , etc. In 2021, the company achieved a revenue of 392 million yuan, an increase of 37.43% and a gross profit margin of 29.66%, a year-on-year decrease of 1.91 PCT. Among the revenues of various downstream fields, rail transit, offshore engineering, cooling tower air coolers, energy ventilation and cooling equipment, special industrial fans and refrigeration fans achieved 11337 / 2636 / 8047 / 9283 / 1232 / 58.7 million yuan respectively, with a year-on-year increase of 12% / 44% / 68% / 59% / – 27% / 59%. The net profit attributable to the parent company was 45.77 million yuan, a year-on-year increase of 80.24%.
Continuously improve R & D strength, obtain nuclear safety related qualifications and lay a foundation for growth: the company continued to increase R & D and innovation in 2021, with 22 new patents reaching 79 patents, including 5 invention patents. At the same time, the company was approved as Weihai Key Laboratory of fan fluid technology, which is expected to further enhance the company’s R & D strength and lay the foundation for the company to provide customized solutions. In 2021, the company’s R & D cost was 14.98 million yuan, with a year-on-year increase of 5.61%, and the R & D cost rate was 3.82%, with a year-on-year decrease of 1.16pct, mainly due to the large increase in revenue. In addition, in April 2021, the company obtained the design and manufacturing license of civil nuclear safety equipment issued by the national nuclear safety administration, which provided an opportunity for the company to further open the high threshold ventilation and cooling market of nuclear power units.
The trend of large-scale wind power and Ge suppliers supporting gas turbines: at present, wind power has officially entered the era of parity, and the demand for cost reduction has increased. As one of the key ways of cost reduction, large-scale wind power will further increase the demand for wind power ventilation and cooling system under the megawatt trend. At the same time, in the context of double carbon, China will become the world’s largest potential market for gas turbines. By 2020, the installed capacity of gas turbine combined cycle will reach 55 million KW, and the installed capacity of new gas turbines in China will be about 16 million kW in the next five years., China’s gas turbine market is monopolized by GE, Mitsubishi and Siemens. The prospectus discloses that the company is the only supplier of GE’s gas turbine supporting fans in China, or will benefit from this trend.
Investment suggestion: we expect the revenue growth rate of the company from 2022 to 2024 to be 28%, 23% and 19% respectively, and the net profit growth rate to be 15%, 28% and 26% respectively, with good growth; The investment rating of overweight-a is given for the first time. The six-month target price is 13 yuan, which is equivalent to the dynamic P / E ratio of 18x in 2022.
Risk tip: business competition intensifies and the development of downstream industries is less than expected
