\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 93 Beijing Relpow Technology Co.Ltd(300593) )
Special power supply leader, with compound growth rate of 46% and 97% in revenue and net profit attributable to parent company in recent three years
As the leader of China’s special power supply, the company focuses on the R & D and production of power supply products with high efficiency, high reliability and high power density. The products are widely used in various downstream fields such as special power supply, communication and rail transportation. As the core business of the company, special power supply accounts for about 60% of revenue and 80% of gross profit respectively. In 2020, the company was selected into the second batch of specialized and new “little giants” list of the Ministry of industry and information technology.
The special power supply industry has a high boom, with large-scale model + increased consumption + domestic alternative triple drive
According to the data of China Power Supply Association, China’s power supply market continued to grow at a compound growth rate of 11% from 2016 to 2020. Looking forward to the 14th five year plan, the military modernization drive will bring large quantities of weapons and equipment, information construction and promote the consumption of electronic equipment, which will jointly promote the rapid growth of China’s demand for special power supply.
China’s special power supply industry started late, with foreign manufacturers such as VICOR and interpoint taking the lead. After the trade war, the domestic substitution demand for special power supply continued to increase, and the company, as a leader in China, is expected to fully benefit.
The demand for 5g communication and server power supply continues to grow, and the company’s civil products business is expected to open up new space
New infrastructure such as 5g base station and data center construction has continuously promoted the demand growth of the power industry. According to the prediction of China Power Supply Association, the scale of China’s communication power supply market is expected to reach 23.2 billion yuan in 2026, with a compound growth rate of 7%. The company’s communication power business expanded smoothly, with a year-on-year increase of 133% in revenue in 21 years. Its customers cover the world’s leading 5g equipment manufacturers. In the future, it is expected to benefit from the steady progress of China’s 5g construction and the acceleration of overseas 5g construction at the same time.
High R & D investment + high service level to build the company’s core advantages
Special industries have the characteristics of multiple varieties and small batches, and the products are highly customized. As a private enterprise, the company has a flexible system and can take the lead in responding to customer needs. Its market share is expected to increase continuously (currently less than 10%). The company’s R & D personnel account for 1 / 3, and the R & D expense rate reaches 14%. The R & D strength has opened a gap with companies in the same industry. The continuous high R & D investment corresponds to the sufficient research models of the company, and it is expected to increase rapidly after finalization in the future.
It plans to issue 1.6 billion fixed increase fund-raising to expand production, and the company’s capacity expansion is orderly
According to the announcement on January 28, the company plans to raise 1.58 billion yuan through fixed increase for power supply capacity expansion. In recent years, the company’s business has grown rapidly, and the production capacity has become an important factor restricting the further development of the company. After the project is put into operation, it will provide strong support for the growth of various businesses of the company.
Beijing Relpow Technology Co.Ltd(300593) : the compound growth rate of net profit attributable to the parent company is expected to be 46% in the next three years
It is estimated that the company’s net profit attributable to the parent company from 2022 to 2024 will be RMB 410 / 600 / 860 million, with a year-on-year increase of 51% / 46% / 42%, CAGR = 46%, corresponding to pe28 / 19 / 13 times. For the first time, give a “buy” rating.
Risk warning: the sustainability of special business orders is less than expected; The expansion of civil products business was less than expected.
