\u3000\u3000 Jade Bird Fire Co.Ltd(002960) (002960)
The revenue in 2021 is expected to increase by 46.56% – 66.36% year-on-year, and the performance is in line with expectations
The company released the annual performance forecast for 2021. It is expected to achieve an operating revenue of 3.7-4.2 billion yuan in 2021, with a year-on-year increase of 46.56% – 66.36%, and a net profit of 485-555 million yuan, with a year-on-year increase of 12.78% ~ 29.06%. Based on this calculation, the company’s 2021q4 is expected to achieve a revenue of 1.125-1.625 billion yuan, a year-on-year increase of 32.98% – 92.08%, and a net profit of 101-171 million yuan. If the median value is 136 million yuan, the net profit of 2021q4 will increase by 23.64% year-on-year, and the performance is in line with expectations. We keep the profit forecast for 2021-2023 unchanged. It is estimated that the net profit attributable to the parent company in 2021-2023 will be 521 million yuan, 643 million yuan and 792 million yuan respectively, corresponding to EPS of 1.49/1.85/2.27 yuan / share in 2021-2023, and the current share price corresponding to PE of 19.3/15.6/12.7 times respectively, maintaining the “buy” rating.
The overseas integration of general fire control grew smoothly and steadily, and the emergency evacuation business continued to increase
In 2021, the company’s general fire business is expected to maintain a growth rate of about 30%, the revenue growth of Bluebird brand and Jiuyuan brand is stable, the integration of French finsecur company is smooth, and the sales are growing rapidly; The emergency lighting and intelligent evacuation business company has formed a multi brand product matrix such as ” Jade Bird Fire Co.Ltd(002960) “, “left lighting” and “zhongkezhichuang”. At the same time, following the year-on-year increase of 177% in 2020, it is expected that the high growth rate of more than 200% will be maintained in 2021, and the orders and shipments will continue to increase significantly. According to the third quarter data of the company, the emergency evacuation order of Q4 company in 2021 is about 240 million yuan, a year-on-year increase of about 240% compared with 71 million yuan of Q4 in 2020. In 2021, the emergency management department issued the regulations on fire safety management of high-rise civil buildings, which proposed that high-rise civil buildings should implement more strict fire safety management, drive the further opening of market space, and raise the requirements for fire products again. In the future, the company is expected to benefit from market expansion and leading technical strength and continue to expand market share.
The second generation Crested Ibis chip is mass produced, firmly embracing the energy storage and fire fighting star sea
By 2021, the company is the only self-developed chip among all fire alarm enterprises in the world. The second generation Crested Ibis chip has started mass production and has been widely used in emergency evacuation products, successfully reducing cost and increasing efficiency. At the same time, the company also plans to vigorously promote the development and expansion of pre detection of energy storage and fire protection through the underlying technical advantages of “Crested Ibis” chip. The company has won many energy storage substation projects this year. On December 28, 2021, Beijing Municipal Bureau of market supervision and Administration officially issued the code for construction and operation of electric energy storage system. In the future, with the rapid development of energy storage industry, the company firmly embraces the choice of energy storage and fire protection, and will usher in value bloom.
Risk warning: the promotion of new products is less than expected, and the impact of the epidemic situation is intensified
