\u3000\u3 China Vanke Co.Ltd(000002) 960 Jade Bird Fire Co.Ltd(002960) )
Event:
The company released the first quarterly report of 2022, realizing a revenue of 746 million yuan, a year-on-year increase of 64.71%; The net profit attributable to the parent company was 666213 million yuan, a year-on-year increase of 30.64%; The net profit deducted from non parent company was 626583 million yuan, with a year-on-year increase of 39.40%.
The main business was steadily promoted, and the emergency evacuation business maintained a high growth trend
In 2022q1, aiming at the repeated epidemic situation in China, the company actively promoted the continuous development of business through dynamic strategies such as strengthening safety inventory, increasing logistics and freight tracking, and linkage of multiple production capacity bases, and the overall performance reached expectations. From the perspective of splitting the company’s business, the general fire alarm business of 2022q1 company has grown steadily, among which the bluebird brand and overseas business are relatively stable, and the long-term brand has continued to grow by more than 40%; Emergency lighting and intelligent evacuation business maintained a rapid growth trend, with a year-on-year increase of more than 200%; Gas fire extinguishing and gas detection businesses maintained steady and rapid growth. In the field of intelligent fire protection, the company carried out the construction of Huangshi fire safety management, Nanjing Logistics Center, Guangxi Vocational and technical college and other projects. The number of online units of ” Jade Bird Fire Co.Ltd(002960) cloud” currently exceeds 22000, and the number of online points exceeds 1.5 million.
Continue to develop and build channels, brands and new business teams to improve comprehensive competitiveness
The company’s 2022q1 management expenses, R & D expenses and sales expenses were 56 / 54 / 105 million yuan respectively, with a year-on-year increase of 40.40%, 53.35% and 66.53%, basically matching the growth rate of the company’s revenue side. High cost investment will help further improve the company’s competitiveness and brand strength. In view of the repeated epidemic situation and the obvious rise of raw material costs, the company implemented a number of treatment measures such as mining and research linkage, cost reduction and efficiency increase, and used the self-developed “Crested Ibis” chip. The raw material supply side of the product was relatively stable as a whole, and the overall gross profit margin of Q1 in 2022 was 39.19%. The company also attached great importance to the collection management of accounts receivable, further strengthened the collection efforts, and achieved good results as a whole.
The pan industrial fire protection sector was promoted in an orderly manner, and continued to promote the landing and multi-dimensional cooperation of energy storage and fire protection projects
The company actively and orderly promoted the layout of the pan industrial fire protection sector, with a delivery of more than 10 million yuan, and successively won the bid, including Wanhua Chemical Group Co.Ltd(600309) Fujian Industrial Park, Ningde Fuding times lithium battery plant, AVIC lithium battery and other representative projects. In terms of energy storage and fire fighting, the company continues to enrich and iterate the “detection + fire fighting” energy storage product system, and is expected to launch a systematic energy storage solution in 2022. In addition, the company actively promotes the implementation of energy storage projects and strategic cooperation with battery enterprises. Recently, the company topped the “innovation of energy storage fire safety enterprises” of energy storage application branch of CESA China National Chemical Engineering Co.Ltd(601117) and physical power industry association.
Investment advice and profit forecast
2022q1 company actively responded to the negative impact of the epidemic and the rise of raw material prices, actively and steadily promoted its business, and laid a good beginning for the whole year. We believe that under the resonance of rich product matrix and strong sales channels, the company will continue to realize its performance and increase its market share. At the same time, the continuous promotion of energy storage and fire fighting business will help improve the comprehensive competitiveness of the company. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 713 / 972 / 1272 million yuan respectively. The current share price corresponds to EPS of 2.04/2.79/3.65 and PE of 15.2/11.1/8.5 times respectively, maintaining the “buy” rating.
Risk tips
The growth rate of energy storage and fire fighting is lower than the expected risk, the expansion of emergency evacuation market is lower than the expected risk, and the price of raw materials rises sharply
