\u3000\u3 China Vanke Co.Ltd(000002) 158 Shanghai Hanbell Precise Machinery Co.Ltd(002158) )
Core view
In 2021, the revenue increased by 31.20% year-on-year, and the net profit attributable to the parent company increased by 34.11% year-on-year. The company achieved a revenue of 2.981 billion yuan in 2021, a year-on-year increase of 31.20%; The net profit attributable to the parent company was 487 million yuan, with a year-on-year increase of 34.11%. The rapid growth of performance was mainly due to the steady growth of the company's traditional main business and the continuous rapid growth of vacuum pump business. In 2021, the gross profit margin / net profit margin was 34.83% / 16.36%, with a year-on-year change of -1.19 / + 0.32 PCT. The decline in gross profit margin was mainly due to the rise in the price of raw materials. In 2021, the company's sales / management / R & D / financial expense ratio was 5.06% / 4.68% / 6.21% / 1.02%, with a year-on-year change of + 0.24 / - 0.36 / - 1.38 / + 0.30 PCT, and the company's expenses were well controlled during the period. The net operating cash flow of the company was 635 million yuan, with a year-on-year increase of 75.56%, and the payment collection was in good condition. In 2022q1, the revenue was 595 million yuan, a year-on-year increase of 2.67%; The net profit attributable to the parent company was 91 million yuan, a year-on-year increase of 22.67%.
The strong development of vacuum pump business drives the growth of the company's performance. In terms of business, the revenue of compressor / vacuum products / parts and maintenance / casting products was RMB 16.97/10.43/176/58 million respectively, with a year-on-year change of + 17.45% / + 59.71% / + 34.36% / 50.77%, and the gross profit margin was 30.14% / 43.14/40.82% / 3.26% respectively, of which the vacuum pump was the main driving force driving the growth of the company's revenue.
The company has been deeply cultivating vacuum pumps for more than 20 years, and its products have gradually increased in volume from easy to difficult. In 2011, it entered the photovoltaic field, occupied the main market share in the photovoltaic single crystal crystal crystal pulling link from 2018 to 19, made a significant breakthrough in the volume of photovoltaic cells in 2020, and continued to increase its market share in 2021. At the same time, the company's semiconductor vacuum pump has been supplied to semiconductor companies in Taiwan, China, such as TSMC, lijic, riyueyue, Licheng, etc. in Chinese Mainland, it has successfully passed the verification of many large semiconductor enterprises in China and achieved small batch supply. In the future, with the process of semiconductor equipment localization, the company's products can be expected to be in large quantities. In the short term, the sustained high prosperity of the photovoltaic industry supports the continuous growth of the company's vacuum pump performance, and in the long term, the large volume of semiconductor vacuum pump opens the company's long-term growth space.
The central air conditioning market has warmed up, and there is great room for the development of refrigeration. According to the data monitored by the central air conditioning market, China's central air conditioning market increased by 20.37% in 2021, and the central air conditioning industry has warmed up; In terms of refrigeration and refrigeration, the cold chain is an important carrier of the national internal circulation strategy. Benefiting from the development of e-commerce and the demand for vaccine transportation, the end consumption demand is gradually opened, and there is a broad space for development in the future. The company is in a leading position in China in commercial refrigeration compressors. In 2021, Shanghai Hanbell Precise Machinery Co.Ltd(002158) semi closed screw compressors increased by more than 30%. It is expected to deeply benefit from the development of the cold chain market.
Risk warning: the overall economy is down; Vacuum pump business is less than expected; The price of raw materials fluctuates.
Investment suggestion: the company's operation is improving steadily and its profitability is rising steadily. Considering the impact of the epidemic on the manufacturing industry, we lowered the company's net profit attributable to the parent company in 202224 to 594 / 7.26 / 8.72 (607 / 742 million yuan before 202223), which corresponds to 14 / 11 / 9 times of PE and maintains the "buy" rating.
