\u3000\u3 Bohai Water Industry Co.Ltd(000605) 117 Ningbo Deye Technology Co.Ltd(605117) )
Announcement:
The company released the annual report of 2021, and the annual revenue was 4.168 billion yuan, an increase of 38% at the same time; The net profit attributable to the parent company was 579 million yuan, an increase of 51% at the same time; Deduct the non net profit of 533 million yuan, an increase of 54% at the same time.
The company achieved a revenue of 1.139 billion yuan in 21q4, an increase of 44% in the same period and 3% in the ring; The net profit attributable to the parent company was 178 million yuan, with an increase of 73% and a ring increase of 1%; Deduct the non net profit of 157 million yuan, an increase of 73% and a decrease of 3%.
Comments:
1. The company's inverter business has strong profitability. It is estimated that the company will ship 16500021q4 inverters, with an average price of 3100 yuan / set, a gross profit margin of 36%, and a single net profit of about 10000 yuan / set; PCs shipments accounted for about 13%. The net profit was about 140 million yuan, an increase of 32%.
2. The "home appliance pedigree" supports the excellent supply chain control ability, which is expected to help the large-scale production in the future. In the first half of 2021, the company prepared the main electronic components in advance to control the cost. In the second half of 2021, the company invested heavily in research and development, tested and put into production the domestic substitution of electronic components that depend on imports, so as to effectively ensure the business development. Since the beginning of the year, there is still a shortage of electronic components. The company's excellent guarantee and supply capacity will continue to give full play to its comparative advantages and contribute to the high growth of Deye's performance.
3. Russia Ukraine crisis catalyzes PCs and micro reverse demand. Under the conflict between Russia and Ukraine and the energy crisis, many regions in the world are accelerating the promotion of energy independence and energy security. The willingness of residents to install photovoltaic is also expected to increase, enhancing the global demand for inverters. Considering that the European and American residential departments are more suitable for the installation of micro reverse + PCs, it is expected to promote the high growth of shipments of these two types of products in Deye in 22 years.
4. Business transformation. The proportion of household appliance business in the company's revenue is expected to decline. 21q4 estimates that the business income of heat exchanger is 580 million yuan and the net profit is about 40 million yuan. Q4 is often the off-season of the household appliance industry, and the revenue and profit are under pressure month on month. In addition, as the company gradually switches its business focus to inverter related businesses, it is expected that the proportion of the company's home appliance business in the company's revenue will continue to decline.
Investment suggestion: Although there is still a shortage of key electronic components in the industry and the home appliance business is under pressure due to multiple factors such as the epidemic, we expect the company to gain a comparative advantage with its excellent supply chain management ability, and we are optimistic that the inverter business of the company will continue to grow at a high speed this year. It is estimated that the operating revenue of Ningbo Deye Technology Co.Ltd(605117) 22, 23 and 24 years will be RMB 6.1 billion, 7.0 billion and 8 billion respectively, and the net profit attributable to the parent company will be RMB 0.9 billion, 1.2 billion and 1.5 billion respectively, with the growth rate of net profit attributable to the parent company being 58.9%, 32.3% and 19.2%. Maintain a "recommended" rating.
Risk warning: the downstream demand is lower than the expected risk, and the company's production capacity is lower than the expected risk.
