\u3000\u3 China Vanke Co.Ltd(000002) 782 Shenzhen Click Technology Co.Ltd(002782) )
The world's well-known suppliers of magnetic components and power supply benefit from the boom in demand and the upgrading of product structure
The demand for magnetic components in the fields of automotive electronics, photovoltaic and charging pile is rising, and the proportion of relevant revenue of the company continues to increase. The acquisition of haiphotoelectron further enhanced the company's competitiveness in the magnetic components industry. In 2021, the company's export revenue accounted for 53.2%. Since 2022q1, the depreciation of RMB has been good for the company's export business under the background of the Federal Reserve's interest rate increase. We expect the net profit attributable to parent company of the company from 2022 to 2024 to be RMB 205 / 324 / 513 million respectively. The current share price corresponds to 26.1 / 16.5 / 10.4 times of PE from 2022 to 2024, and PE from 2022 to 2024 is lower than the average level of comparable companies. For the first time, Shenzhen Click Technology Co.Ltd(002782) "buy" rating is given.
Automotive electronics has the first mover advantage, and Volkswagen MEB supporting products have been mass produced
Shenzhen Click Technology Co.Ltd(002782) was involved in automotive electronics before 2009, earlier than China's main competitors and with first mover advantage. Automotive related products provided by the company include OBC main transformer, EMI inductor, PFC inductor, boost inductor, etc., which are mainly used in the fields of OBC, DC / DC power supply and inverter of new energy vehicles. In 2018, Shenzhen Click Technology Co.Ltd(002782) passed the certification of Kostal, a well-known overseas auto supplier, and thus entered the supply system of Volkswagen. At present, the company's magnetic component products supporting Volkswagen MEB platform have been mass produced and shipped.
The focus of PV sales has shifted to China and introduced mainstream customers
Magnetic element is the core element of photovoltaic inverter, which plays a key role in energy storage, boost, filtering, EMI elimination and so on. In recent years, the company has shifted the focus of photovoltaic market from overseas medium and high-end customers back to China and vigorously explored Chinese customers. At present, Shenzhen Click Technology Co.Ltd(002782) has cooperated with Sungrow Power Supply Co.Ltd(300274) , Ginlong Technologies Co.Ltd(300763) , Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) , guriwat and other manufacturers in the photovoltaic field. In order to comply with the shift of sales focus, the company has built new production capacity in Guangde, Anhui Province to better serve customers in China's Yangtze River Delta.
Acquire haiguang electronics to further strengthen the advantages of new energy
Shenzhen Click Technology Co.Ltd(002782) 2021 acquired 54.25% equity of haiphotoelectron at the end of the year. At present, it is promoting the cash acquisition of another 10% equity. After the transaction is completed, the company will obtain the controlling stake of haiphotoelectron. Hyoptronics has advantages in on-board high-power products and photovoltaic common mode inductors, and has stable large customers such as Huawei, Emerson and WiMAX. The joining of haiphotoelectron will further strengthen the company's advantages in the field of automotive electronics and new energy.
Risk warning: the progress of customer development is lower than expected; Risks such as rising prices of raw materials and appreciation of RMB.
