\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 99 Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) )
Event:
The company released the annual report of 2021 and the report of the first quarter of 2022. In 2021, the company achieved a revenue of 1.679 billion yuan, a year-on-year increase of 36.72%; The net profit attributable to the parent company was 65 million yuan, a year-on-year decrease of 20.29%. In 2022q1, the company achieved a revenue of 423 million yuan, a year-on-year increase of 47.35%; The net profit attributable to the parent company was 8.2898 million yuan, a year-on-year increase of 80.27%.
Key points of the report:
The revenue increased steadily, and Dongguan Sixiang new energy vehicle business contributed to the performance increment
In 2021, the orders of the new energy vehicle related business of Dongguan Sixiang, the holding subsidiary, increased significantly, realizing a revenue of 834 million yuan and a net profit of 74 million yuan, contributing to significant performance increment. Affected by the epidemic situation, rising prices of raw materials, intensified market competition and other factors, the profit of the company's water-cooling business is under pressure and the project is greatly blocked. In 2021, the company's gross profit margin was 26.39%, down 6.04 PCT year-on-year. The company actively optimized cost control. In 2021, the ratio of sales, management, R & D and financial expenses decreased by 3.35, 0.66, 0.09 and 0.93 PCT year-on-year (the amortization and accrued interest of interest adjustment items of convertible bonds totaled about 17 million yuan). The net interest rate in 2021 was 5.86%, down 2.31 PCT year-on-year. In 2022q1, the company actively optimized its business layout, reversed the downward trend of profit, and realized an increase of 80.27% of the net profit attributable to the parent company.
The electric water cooling business is expected to benefit from the growth of downstream demand and drive the improvement of the company's performance
In 2022, the State Grid plans to start 13 UHV projects of "10 AC and 3 DC". It is expected that the high prosperity UHV project construction will drive the growth of the company's water-cooling equipment business. With the continuous improvement of fan power, the number of new energy water-cooling equipment required increases. The company is in a leading position in the new energy water cooling industry, and the downstream demand growth will continue to improve the company's performance in the future.
Actively expand energy storage thermal management and IDC thermal management business to create the second growth curve
The development of energy storage is expected to accelerate in 2022. Thermal management is very important for lithium battery energy storage. Liquid cooling scheme is an important development direction in the field of energy storage and thermal management. The company has technical reserves and solutions based on lithium battery single cabinet energy storage liquid cooling products, large-scale energy storage power station liquid cooling system, prefabricated cabin energy storage liquid cooling products, and has signed some prototype contracts. In 2022, the "counting from the east to the west" project was officially launched, accelerating the green and intensive layout of IDC and reducing pue is the development trend of IDC industry, and the liquid cooling scheme is expected to become the mainstream choice in the future. The ICT thermal management products developed by the company basically cover the product demand of the whole chain of server liquid cooling. At present, the samples and small batch supply of relevant products have been realized. In the future, the company will continue to promote market expansion. It is expected that energy storage and IDC thermal management business will bring new growth space to the company.
Investment advice and profit forecast
We expect the company's revenue from 2022 to 2024 to be RMB 2.569/3.626/4.912 billion respectively, with a year-on-year increase of 52.95% / 41.15% / 35.48%; The net profit attributable to the parent company is expected to be 158 / 233 / 350 million yuan respectively, with a year-on-year increase of 145.49% / 47.20% / 50.21%, and the corresponding EPS is 0.57/0.84/1.25 respectively. The current share price corresponding to PE is 15.7 / 10.7 / 7.1 times respectively, maintaining the "buy" rating.
Risk tips
Price fluctuation risk of raw materials; The investment of UHV and wind power is less than the expected risk; Market competition intensifies risks; M & A integration and goodwill impairment risk; Risk of customer expansion and order acquisition falling short of expectations
