\u3000\u3 Bohai Water Industry Co.Ltd(000605) 305 Ficont Industry (Beijing) Co.Ltd(605305) )
Financial Highlights: the company released its annual report for 2021, realizing an operating revenue of 883 million yuan, a year-on-year increase of 29.64%; The net profit attributable to the parent company was 232 million yuan, a year-on-year increase of 25.17%, which was in line with the previous market consensus expectation.
High altitude lifting equipment contributed the main increment, the comprehensive gross profit margin declined, and the R & D investment increased significantly. In terms of revenue growth, the company's high-altitude lifting equipment achieved a revenue of 639 million yuan, a year-on-year increase of 40.62%, and high-altitude operation services achieved a revenue of 25.27 million yuan, a year-on-year increase of 103.33%. In terms of cost, the company's direct material cost accounts for more than 70% of the product cost. In 2021, due to the rapid rise in the price of raw materials, the comprehensive gross profit margin of the company's main business decreased by 2.71 PCT in the same period. If the price of raw materials can fall in the future, the gross profit margin will gradually return to the original level. In terms of R & D investment, the R & D cost in 2021 was 56.65 million, with a year-on-year increase of 68.84%. The company focused on R & D and design, and effectively reduced and controlled the production cost of products through the optimization and improvement of product structure, process and materials.
The trend of large-scale fan has been determined, and the penetration rate of the company's high gross profit tower elevator products has increased rapidly. Tower elevator is the core product of the company. Since the large-scale wind turbine is a necessary means to realize the parity of wind power on the Internet, with the continuous increase of the height of the tower of the wind turbine, the risk of high-altitude operation also increases. The market share of tower elevator in the newly installed Market has increased from less than 30% to nearly 50% at present. As a leading company of high-altitude safety equipment, the company complies with the industry trend, and its high gross profit tower elevator is expected to further improve its contribution to revenue.
Overseas market and application scenario development work together to drive the company to open the long-term ceiling. The company accelerated its entry into the overseas market and achieved a revenue of 149 million yuan in 2021, accounting for 17.01% of the main business revenue, with a year-on-year increase of 5.42pct. The subsequent company will continue to make efforts in qualification certification, product quality and after-sales service, and actively expand overseas customers. The company's non wind power industry achieved a revenue of 1.69 million, with a year-on-year increase of 353.94%. Its products have been expanded to the application of power grid, communication, animal husbandry, construction and other fields. Although this part of the revenue contribution is small at present, the company is actively establishing R & D, marketing and sales personnel to explore in other related fields, further expand the application scope of the company's products and open up new markets for the company's sustainable development in the future.
Profit forecast and investment rating of the company: Based on our optimistic outlook for the development of the company's overseas market and terminal application scenarios, we maintain the "recommended" rating. We estimate that the net profit of the company from 2022 to 2024 will be 304, 391 and 500 million yuan respectively, and the corresponding EPS will be 277, 356 and 454 yuan respectively. The current share price corresponds to the PE value from 2022 to 2024, which is 19, 15 and 12 times respectively.
Risk tip: the development of wind power industry is less than expected, the development of downstream applications of products is less than expected, the company's overseas business expansion is less than expected, the relationship between China and the United States has deteriorated, and the market competition has intensified
