\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 93 Beijing Relpow Technology Co.Ltd(300593) )
Core view
Event: Recently, the company issued the announcement on the acceptance of the application for issuing shares to specific objects by Shenzhen Stock Exchange. The company plans to issue no more than 70 million A-Shares to non-specific objects and raise no more than 1.581 billion yuan to invest in the expansion of special power supply, the industrialization of high reliability SIP power microsystem products, the expansion of 5g communication and server power supply, the construction of R & D center and the replenishment of working capital.
During the 14th Five Year Plan period, the informatization and localization of equipment accelerated, and the demand for special power supply of the company was strong. At present, several core products of the company’s special power supply are in full load production, and fund-raising and production expansion will help to alleviate the current tension of production capacity. The company is expected to invest 949 million yuan in special power projects and plans to use the raised funds of 785 million yuan. The project is planned to be completed within 2 years. When it is completed, it can produce 500000 special power supplies per year, which will contribute an average annual operating revenue of 850 million yuan and an average annual net profit of 197 million yuan to the company.
SIP power microsystem product project is mainly to meet the requirements of lightweight and localization of China’s aerospace equipment. SIP power microsystem is the core device to realize miniaturization and miniaturization in the field of integrated circuits. However, at present, the product is mainly applied to imported brands such as the United States and Japan, and the coverage of domestic alternative models is low. The construction of this project can solve the problem of low localization rate of SIP in China’s aerospace field and meet the demand for domestic electronic systems in this field. The project is expected to invest 167 million yuan and plans to use the raised funds of 145 million yuan. The project is planned to be completed within 2 years. When it is completed, it can produce 125000 power modules per year, which will contribute an average annual operating revenue of 170 million yuan and an average annual net profit of 31 million yuan to the company.
Benefiting from the proposal of China’s new infrastructure policy and the commercialization of 5g, the demand for power supply for communication and servers has increased rapidly. Power supply is the basic component of 5g communication, server and data center. In recent years, the downstream communication field has a strong demand for the company’s power supply. The company’s existing production equipment and production efficiency can no longer meet the expansion needs of future business in this field. The project is expected to invest 113 million yuan, and the raised fund is planned to use 94 million yuan. The project is planned to be completed in one year. When it is completed, it will contribute an average annual operating revenue of 249 million yuan and an average annual net profit of 17 million yuan to the company.
After the completion of the raised investment project, the company’s performance will be greatly improved. In 2021, the company achieved an operating revenue of 1.478 billion yuan and a net profit of 274 million yuan. The annual operating revenue contributed by all the above projects after reaching production capacity accounted for 85.86% of the operating revenue in 2021 and 89.42% of the net profit in 2021, which will greatly increase the performance of the company.
Investment advice for aerospace companies and telecommunications companies. During the 14th Five Year Plan period, the aerospace equipment industry maintained a high outlook, and the improvement of equipment electrification level increased the demand for power products; In the field of 5g communication, the construction scale of 5g base station is expanding, and there is a strong demand for power products. The company has strong technical strength, stable product quality, high reliability and high localization rate, meets the strict requirements of downstream customers, and new customers and new orders are increasing. We predict that the net profit of the company from 2022 to 2024 will be 408 million yuan, 623 million yuan and 887 million yuan respectively, and the corresponding PE will be 32.4, 21.2 and 14.9 respectively. Maintain the “overweight” rating.
Risk tip: the delivery rhythm of aerospace equipment slows down, and the construction progress of 5g base station is less than expected.
