\u3000\u3 China Vanke Co.Ltd(000002) 837 Shenzhen Envicool Technology Co.Ltd(002837) )
Event: on May 17, Shenzhen Envicool Technology Co.Ltd(002837) disclosed the 2022 stock option incentive plan (Draft). The total number of stock options to be granted to incentive objects in this incentive plan is 8.35 million, involving RMB A-share ordinary shares, and the corresponding number of underlying shares is 8.35 million, accounting for about 2.50% of the total share capital of the company on the announcement date of the draft plan.
The stock option incentive plan highlights the future value of the company and is optimistic about the company’s performance development for a long time: Shenzhen Envicool Technology Co.Ltd(002837) the incentive objects granted in this plan are the company’s core management personnel and core technical (business) personnel, with a total of 267 people; The exercise price of stock options is 19.27 yuan per share. Among them, the average trading price of the company’s shares in the first trading day before the announcement of the incentive plan was 25.68 yuan per share, and the average trading price in the first 20 trading days was 23.52 yuan per share. We believe that this incentive plan will promote the continuous improvement of the company’s overall R & D ability and management ability, strengthen the company’s industry position as a leading enterprise of system temperature control solutions, and reflect the company’s high confidence in the rapid development of performance in the next few years.
As a leading manufacturer of computer room temperature control platform solutions in many downstream industries, it is expected to benefit from carbon neutrality: at present, driven by the explosion of data traffic and new infrastructure policies, China’s IDC industry is developing rapidly. China Academy of communications and communications predicts that China’s IDC market will reach 595.2 billion yuan in 2025 and 24.7% CAGR in five years. As an important upstream of IDC industry, data center temperature control is expected to benefit significantly. The company actively promoted advanced refrigeration schemes such as indirect evaporative cooling and liquid cooling, provided them to IDC operators and large Internet companies through direct or system integration, reached in-depth cooperation with large data centers such as Tencent, Alibaba and Wanguo data, and won the large share projects of the three operators for many times. The winning and subsequent delivery of these projects provided a solid foundation for the subsequent operating income of the computer room temperature control business.
As the main provider of outdoor cabinet temperature control of energy storage system, with the construction of 5g base station, dual carbon and photovoltaic and other new energy, it may become the main incremental part in the future: at present, the company’s outdoor cabinet refrigeration equipment is mainly used in the field of communication base station temperature control and energy storage temperature control, and the products are mainly supplied to Chinese communication giants such as Huawei and ZTE. With the construction of 5g base station, while the performance density and power density of electronic equipment are improved, new requirements are put forward for the heat dissipation of equipment. However, at present, the market scale of outdoor cabinet temperature control for energy storage is small. Benefiting from the development of “double carbon” and the explosive growth of overseas energy storage industry, it is expected to become the main incremental part of the company in the future.
Profit forecast and investment rating: taking into account the intensification of market competition and the rise of raw materials, we lowered Shenzhen Envicool Technology Co.Ltd(002837) profit forecast. The net profit attributable to the parent company in 20222023 was lowered from 334 / 415 million yuan to 251 / 315 million yuan. The net profit attributable to the parent company in 2024 is expected to be 408 million yuan. The EPS in 20222024 is expected to be 0.75/0.94/1.22 yuan respectively, and the corresponding PE valuation is 30.62/24.42/18.85x respectively. Considering the company’s continuous deep cultivation in the field of environmental temperature control, Maintain the “buy” rating.
Tips: increased risk of industry competition; Risks of changes in relevant national industrial policies.
