\u3000\u3 China Vanke Co.Ltd(000002) 801 Hangzhou Weiguang Electronic Co.Ltd(002801) )
22q1 performance exceeded expectations
The company released the performance forecast of Q1 in 2022, and the net profit attributable to the parent company was about 70 ~ 80 million yuan, a year-on-year increase of + 74.5% ~ + 99.5%; The net profit attributable to the parent company after deducting non profits was about 62 ~ 72 million yuan, with a year-on-year increase of + 81% ~ + 110.2%. Performance exceeded expectations.
Continuous optimization of product structure
The company's high profit growth in 22q1 is mainly due to 1) high growth in demand at the revenue end and continuous optimization of product structure. The company's energy-saving and efficient motor ECM motor revenue increased by more than 100%. Other products also maintained a high growth rate, and the revenue growth of refrigerator motor, external rotor fan and servo motor exceeded 20%. From a regional perspective, overseas demand was strong, and overseas revenue increased by more than 70%. 2) On the profit side, although the prices of 22q1 steel, copper, aluminum alloy and other raw materials are still high, the company has strong market adaptability and cost control ability. We expect the gross profit margin of 22q1 to be at a normal level, about 30%.
Escorted by China's cold chain logistics policy, the company is expected to benefit in the long term
On April 11, the Ministry of transport and other five departments jointly issued the implementation opinions on accelerating the high-quality development of cold chain logistics transportation, focusing on accelerating the improvement of infrastructure network and promoting the innovation and upgrading of technical equipment. China's cold chain logistics is still in the development stage. The cold chain circulation rate of fruits and vegetables, meat and aquatic products is 35% ~ 69%, which is far lower than the level of more than 95% in Europe and America. It has a strong driving force for long-term growth. The company is the leader of cold chain logistics micro motor, which is expected to benefit for a long time.
The upgrading of product structure and the expansion of application fields provide a strong driving force for growth
Under the general trend of improving energy efficiency in the motor industry, the company actively launched efficient and energy-saving motors. In 2020, the company's ECM motor revenue has reached 13%, and the proportion is expected to continue to increase in the future. At the same time, the company is actively expanding seven major industries related to new energy and power communication, and 27 subdivided industries such as animal husbandry, power cooling device, base station and data center, which are expected to open up new growth space.
Profit forecast and investment suggestions
We are optimistic about the company's future development. 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 15, 11 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
