\u3000\u3 China Vanke Co.Ltd(000002) 960 Jade Bird Fire Co.Ltd(002960) )
In 2022, the non net profit deducted from Q1 increased by 39.4% year-on-year, and the high growth trend continued
The company released a report of 6.47 billion yuan in the first quarter of 2027, with a year-on-year increase of 4.62%; The net profit attributable to the parent company was 67 million yuan, a year-on-year increase of 30.6%; Deduction of non net profit was 63 million yuan, with a year-on-year increase of 39.4%, and the high growth trend continued. Considering the rapid growth of business orders of the company, we keep the profit forecast for 20222024 unchanged. It is estimated that the net profit attributable to the parent company in 20222024 will be 683 million yuan, 882 million yuan and 1097 million yuan respectively, and the EPS in 20222024 will be 1.96/2.53/3.14 yuan / share respectively. The current share price corresponding to PE is 15.9/12.3/9.9 times respectively, maintaining the "buy" rating.
The three main businesses grow with high quality and drive into the fast lane with high-speed development
The company's Q1 revenue in 2022 increased by 64.7% year-on-year, mainly due to the rapid year-on-year growth of various indicators of the company's general fire alarm (including overseas), emergency evacuation, industrial fire business order, delivery and payment collection, and the increase in the scope of consolidated statements; The gross profit margin of Q1 sales in 2022 was 39.19%, which was a new step higher than 37.14% in 2021; In 2022, Q1 sales expenses increased by 66.5% year-on-year, mainly due to the increase in the scale of the company's direct sales business, the increase in the number of salespeople and personnel expenses. The direct sales mode helps the company to continue to explore the fire business market. The company's general fire alarm business has a long history and its brand is growing rapidly. The emergency lighting and intelligent evacuation business has formed a matrix of multi brand products such as " Jade Bird Fire Co.Ltd(002960) ," left lighting "," Zhongke Zhichuang "and so on. The synergy advantage has gradually become apparent. The image fire detector, inspiratory smoke fire detector and other products in the field of large industrial fire protection have been developed and obtained the corresponding inspection report / 3C certificate, iron and steel, petrochemical Automobile and other industries achieved a breakthrough of "0 to 1", and won the bid for many projects, including the relocation project of Hebei Tianzhu iron and steel group. After officially entering the first year of industrial fire protection, the development of the company further accelerated.
Energy storage and fire fighting star sea, self-developed chip technology is leading
As of 2021, the company is the only self-developed chip enterprise among all fire alarm enterprises in the world. The second generation Crested Ibis chip has begun mass production, successfully reducing cost and increasing efficiency. At the same time, the company has vigorously promoted the development and expansion of pre detection of energy storage and fire protection, and has won the bid for many projects such as the American broad reach power independent power generator project and the multi specification energy storage container gas fire extinguishing system project. In the future, through the continuous iteration of "Crested Ibis" chip, the development and expansion of the company's energy storage and fire safety solutions is expected to be further accelerated.
Risk warning: the promotion of new products is less than expected, and the impact of the epidemic is intensified
