\u3000\u3 China Vanke Co.Ltd(000002) 960 Jade Bird Fire Co.Ltd(002960) )
Event: Recently, the company released the fixed growth plan for 2022.
Comments:
The company issued a fixed increase plan, and the total amount of funds to be raised is no more than RMB 2.206 billion. Except that RMB 660 million is used to supplement working capital, other plans are used for:
1) Jade Bird Fire Co.Ltd(002960) safety industrial park project (with a total investment of 1.291 billion, improving the national layout), Ma’anshan new production capacity base, building four bases: Yangtze River Delta base (Ma’anshan, Anhui), Beijing Tianjin Hebei base (Zhuolu, Hebei), southwest base (Mianyang, Sichuan) and Pearl River Delta base (Zhongshan, Guangdong), improving the national regional layout, improving the production capacity of general alarm, intelligent evacuation and gas detection products, and consolidating the leading position, Increase market share.
2) the upgrading and expansion project of Mianyang industrial base (with a total investment of 484 million, strengthening regional brands), the location of Jiuyuan brand, which is an effective supplement to Qingniao brand, adopts positive market strategy, the revenue growth rate will exceed 50% in 2021, and the market share will increase rapidly. This reconstruction and expansion project will ensure the future production capacity supply, improve the intelligent level of production line, consolidate the cost advantage and improve the market position of southwest and South regions.
3) the intelligent fire fighting platform construction project (with a total investment of 106 million yuan to expand the new track) will stop in the field of intelligent fire fighting and fire safety integration in advance, enhance the software development ability for the current company’s fire cloud platform and fire safety integration platform, and further improve the comprehensive competitiveness of intelligent fire fighting and fire safety integration solutions. The intelligent fire fighting industry is in the early stage of development. With the rapid development of Internet of things and other technologies, the industry has a large development space.
4) the construction project of overseas R & D and Testing Center (with a total investment of 114 million yuan to expand the overseas market), improve the R & D and certification ability of products in the international market, expand the product categories in the international market and strengthen the international competitiveness. The company acquired French company F and established Canadian Meian company (the main body of the project), which has initially formed the layout of European and American markets. Through the establishment of overseas R & D center, realize localized R & D and accelerate the expansion of overseas market.
Profit forecast and investment rating: we expect the company to achieve net profits of 726 million yuan, 923 million yuan and 1198 million yuan from 2022 to 2024, with corresponding EPS of 2.08 yuan / share, 2.64 yuan / share and 3.43 yuan / share respectively, and corresponding PE of current stock price of 19 times, 15 times and 12 times respectively. Considering that the company’s multi brand strategy expands the national regional layout, blocks emerging tracks in advance, and actively expands overseas markets, there is a large long-term growth space, so the “buy” rating is maintained.
Risk factors: the risk of changes in industrial policies, the risk of intensified industrial competition, the risk of fluctuations in the price of raw materials, the risk that new business expansion does not meet expectations, etc.
