\u3000\u3 China Vanke Co.Ltd(000002) 851 Shenzhen Megmeet Electrical Co.Ltd(002851) )
The substantial growth of industrial automation and the rise of various costs put some pressure on the growth of performance
By virtue of differentiated positioning and cultivation of emerging industries, the company’s automation multi-point flowering increased significantly in 2021. At the same time, the negative impact of new energy vehicle business in the past 20 years was gradually eliminated, and other businesses achieved steady growth. However, against the background of the rebound of the global epidemic, especially the rise of bulk raw materials and chips and the tension of supply chain still had some negative effects on the company’s revenue confirmation and gross profit margin. The comprehensive gross profit margin was 26.59%, down 1.6pct year-on-year.
The effectiveness of the strategy of “multipolar growth balancing risks” has been reflected
Electronic control of smart appliances: the company’s smart bathroom business continued to grow steadily. Although the frequency conversion air conditioning and OA office automation display business were repeatedly affected by the overseas epidemic, the sector still achieved a revenue of 2.17 billion yuan, a year-on-year increase of 27%. Industrial power supply: the revenue of the sector was 880 million yuan, with a year-on-year increase of 26%. Affected by the extended delivery cycle and 20-year high base, the growth of medical power supply was relatively flat. Driven by the demand of global SG core communication manufacturers, the revenue of communication power products has doubled, and led commercial display and industrial guide rail power supply have increased steadily and expanded to the field of new energy. Industrial automation: thanks to the large expansion of submersible pumps and the smooth introduction of new products such as precision connection of new products, the segment achieved a revenue of 780 million yuan, a year-on-year increase of 45%. New energy vehicles and rail transit: the business of new energy vehicles decreased slightly year-on-year, but the new customer Ningbo Feishi (products applied to car brands such as Nezha) will create new business support. However, due to the impact of shortage of materials and rising raw materials, product delivery became more and more tight, and the revenue of the sector was 300 million yuan, a year-on-year decrease of 14%. Q1 business segments: the newly signed orders of the company increased by SG% year-on-year, but the delivery was affected by factors such as chip shortage and epidemic sealing control. At the same time, the rise of costs had an adverse impact on the performance.
Continuously improve the “big customer incubation + new resources” platform, and accelerate the development of the business department
Based on the three core technology platforms, the company accelerated the expansion of precision connection, hydraulic servo pump, linear motor, magnetic encoder and thermal management of new energy vehicles. At the same time, the company’s early intelligent oil production equipment and industrial microwave volume are obvious, and the growth momentum is strong in the future. The business unit has been continuously strengthened vertically and the horizontal empowerment of the resource platform has been continuously strengthened.
Profit forecast and valuation
From 2022 to 2024, the net profit attributable to the parent company of the company is expected to reach RMB 515 / 735 / 984 million. The company has a clear platform business strategy and multi business development ideas, which makes the company’s business sustainable growth ability strong, so it is given a buy rating.
