\u3000\u3 Bohai Water Industry Co.Ltd(000605) 117 Ningbo Deye Technology Co.Ltd(605117) )
The inverter business continues to grow rapidly, and the heat exchanger business is under pressure in the short term
The revenue of inverter business doubled, and the heat exchanger business was under pressure in the short term. In 2021, the company achieved an operating revenue of 4.168 billion yuan, a year-on-year increase of 37.85%, and a net profit attributable to the parent company of 579 million yuan, a year-on-year increase of 51.28%. In 2022, Q1 company realized an operating revenue of 841 million yuan, a year-on-year decrease of 2.72%, and the net profit attributable to the parent company was 132 million yuan, a year-on-year increase of 31.81%. The company fully benefited from the rapid growth of photovoltaic installed capacity and household energy storage market. In 2021, the company’s inverter business achieved an operating revenue of 1.197 billion yuan, a year-on-year increase of 262.34%, the sales volume reached 388300 units, a year-on-year increase of 250.75%, and the operating revenue of Q1 inverter business doubled in 2022. Due to the decline in the prosperity of the downstream air conditioning industry and the rise in the price of raw materials, the profitability of the company’s heat exchanger business has decreased, and it is expected to gradually stabilize and recover in the future. We adjusted the profit forecast for 2022 / 2023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 is expected to reach 866 (- 0.53) / 1187 (- 1.84) / 1668 million yuan, EPS is 5.08/6.96/9.77 yuan / share respectively, and the corresponding P / E ratio of the current stock price is 43.5/31.8/22.6 times respectively, maintaining the “buy” rating.
Energy storage and micro reverse products continued to take the lead, and the localization of electronic components consolidated the safety of the supply chain
The company’s energy storage and micro inverter products continue to take the lead, and the localization of electronic components consolidates the safety of the supply chain. In terms of energy storage inverter, the company launched 8kw / 10kW / 12KW three-phase low-voltage household energy storage inverter, and the off grid automatic switching time is significantly ahead in the industry. At the same time, it launched high-power 16kw energy storage products for European and American markets. In terms of micro inverter, the company launched a new generation of micro inverter suitable for high-power 210 components. It is expected to launch one to eight products in the industry in 2022. In addition, the company actively promotes the localization and substitution of electronic components and effectively consolidates the safety of chip supply chain.
Vertically integrated layout of environmental electrical products and steady growth of dehumidifier business
The company vertically integrated the layout of environmental electrical products, and the dehumidifier business grew steadily. Based on heat exchangers and frequency conversion control chips, the company has expanded downstream and developed environmental electrical products such as dehumidifiers. The dehumidifier business of the company has increased steadily. In 2021, the dehumidifier business achieved an operating revenue of 562 million yuan, with a year-on-year increase of 23.75%. In 2022, the operating revenue of Q1 dehumidifier business increased by 37.96% year-on-year, which is expected to continue to maintain a leading position.
Risk warning: the installed capacity of the industry is less than expected; Intensified competition in overseas markets; New market development is less than expected
