\u3000\u3 Bohai Water Industry Co.Ltd(000605) 117 Ningbo Deye Technology Co.Ltd(605117) )
The company issued the annual report of 2021
The company released its annual report for 2021, achieving a revenue of 4.168 billion yuan, a year-on-year increase of 38%; The net profit attributable to the parent company was 579 million yuan, a year-on-year increase of 51%; Net profit deducted from non parent company was 533 million yuan, with a year-on-year increase of 54%. Among them, Q4 company achieved a revenue of 1.139 billion yuan, a year-on-year increase of 44% and a month on month increase of 3%; The net profit attributable to the parent company was 178 million yuan, with a year-on-year increase of 73% and a month on month increase of 1%.
The traditional business of the company is relatively stable. The inverter of the company continues to maintain high growth, and the gross profit has reached 46.50%. The traditional business of the company is relatively stable, in which the heat exchanger has increased by 12% year-on-year, but considering the sharp rise in the price of raw materials, the gross profit and net profit have decreased year-on-year; Dehumidifier business benefited from the rising demand of overseas European market, with a year-on-year increase of 24%.
In 2021, the inverter business realized a revenue of 1.198 billion yuan, with a year-on-year increase of 262%. The proportion of revenue increased to 28.92% and the proportion of gross profit reached 46.50%. The proportion of energy storage / string / micro reverse revenue is 44.41% / 44.99% / 8.92%; The shipment volume is 70300 sets / 215000 sets / 102900 sets, accounting for 18.36% / 55.37% / 26.50%. With the increasing willingness of European energy independence, superposition company plans to promote micro reverse products in multiple markets, and the proportion of micro reverse revenue is expected to continue to increase in the future.
Gross profit margin of inverter business increased by 2.37pct to 37.19%
The gross profit margin of the company’s inverter business increased by 2.37 PCT to 37.19% in 2021, mainly considering the increase in the proportion of energy storage products benefiting from higher gross profit margin in product structure. In terms of core raw material IGBT, the company is accelerating the introduction of localization, and the release of the company’s production capacity is not hindered. With the further improvement of IGBT localization rate in 2022, there is still room for further cost reduction of products.
Investment advice
The company’s new products are promoted in an orderly manner, the global optical storage landscape is high, and we are optimistic about the continuous and large-scale inverter business in the future. However, considering that the traditional main business is affected by the prosperity of downstream air conditioning, we adjust the net profit forecast, and it is estimated that the company’s net profit attributable to the parent company in 22-24 years will be RMB 887 / 12.33 / 1.706 billion. Maintain the “buy” rating.
Risk tips
The PV demand is lower than expected, the gross profit margin is lower than expected, the risk of key customers, the risk of aggravating the epidemic, etc.
