\u3000\u3 China Vanke Co.Ltd(000002) 801 Hangzhou Weiguang Electronic Co.Ltd(002801) )
Recommendation logic: 1) the policy orientation is superimposed with the dual drive of market demand, and the integrated business advantage of the company is obvious. Benefiting from the development drive of the cold chain industry, the company focuses on the production of micro motors. The integrated production advantages from raw materials to finished products are obvious, with a higher gross profit margin. 2) The policy orientation of energy enhancement and efficiency increase is obvious, and the replacement direction of ECM motor is clear: the motor energy efficiency improvement plan (20212023) requires that the proportion of high-efficiency motors in service in China will reach 20% in 2023, and the gross profit margin of ECM motor of the company will be 39%, with strong profitability. It is expected to be stimulated by the policy and the product structure of the company will be re optimized. 3) With the great development of industrial automation, the development prospect of servo motor is broad: benefiting from the promotion of industrial automation upgrading and domestic substitution, the company’s servo motor is expected to increase in large quantities, opening up new growth space for the company.
The development prospect of cold chain logistics is broad, which drives the market demand of micro motor. The scale of China’s cold chain logistics market has maintained rapid growth. According to the prediction of the prospective industry research institute, the scale of China’s cold chain logistics market will reach 21.5% CAGR from 2021 to 2025; According to statista, the global cold chain market scale will reach 11.5% CAGR from 2021 to 2025. The company has been deeply engaged in the field of micro motors for cold chain equipment for a long time, and the sales of refrigeration motors and fan supporting equipment account for more than 70%. Compared with its peers, the company relies on the integration advantages of raw material procurement, manufacturing, assembly and testing, and superimposes stable and high-quality customer resources outside China. The business of refrigerator motors and external rotor fans will benefit from the development dividend of the industry for a long time.
The policy orientation of energy and efficiency enhancement is obvious, and the replacement direction of ECM motor is clear. In the short term, the proportion of high-efficiency and energy-saving motors will reach more than 20% in 2023, and the annual penetration growth rate of high-efficiency and energy-saving motors will be at least 10% from 2022 to 2023; In the long run, after the proportion of high-efficiency and energy-saving motors in China has increased to 20%, it is still far lower than the proportion of 40% in European and American developed countries in 2015. Based on the advantages of low heating, low energy consumption and long service life of the company’s ECM motor, which can effectively reduce the power consumption of industrial motor, and the strong profitability of this business, the company’s ECM motor is expected to further expand the growth rate and become the main force of the company’s performance increment.
The company actively distributes high-end fields, and the development prospect of servo motor is broad. With the continuous advancement of intelligent manufacturing, China’s servo motor market is expected to reach 18.1 billion yuan in 2022, with a broad market space. The company has successively developed five series of Wa / WB / WD / we / WF products covering general / high-end market; In the face of the high growth of market demand, we should actively prepare goods in advance, and it is expected to maintain high performance growth in 2022.
Profit forecast and investment suggestions Hangzhou Weiguang Electronic Co.Ltd(002801) is a leading enterprise in the cold chain motor industry. It has the advantages of technology and industrial integration, subsequent product iterative upgrading and application field expansion, so as to ensure the continuous and steady growth of the company’s performance. It is estimated that the compound growth rate of the company’s net profit attributable to the parent company from 2022 to 2024 will be 31%. The company is the leader in the micro motor segment and should enjoy the valuation premium. The company will be given 25 times PE in 2022, the corresponding peg is 0.80 and the target price is 36.50 yuan. It will be covered for the first time and given a “buy” rating.
