\u3000\u3000 Jdm Jingda Machine(Ningbo)Co.Ltd(603088) (603088)
Ping An View:
The company is a leader in the subdivision of metal forming machine tools in China and actively distributes the business of new energy equipment. Jdm Jingda Machine(Ningbo)Co.Ltd(603088) was established in 2002 and listed on the main board of Shanghai Stock Exchange in November 2014. The company's main products are stamping equipment, which are widely used in air conditioning, motor and automobile industries. The company's products include heat exchanger equipment, precision press and microchannel equipment, and the revenue accounts for about 5:3:2. In the first three quarters of 2021, the company achieved a total operating revenue of 381 million yuan, a year-on-year increase of 38%; The net profit attributable to the parent company was 61 million yuan, a year-on-year increase of 44%.
Driven by the explosion of new energy equipment, the performance of the company's precision press has grown rapidly. Precision press is the main driving force for the company's performance growth in the next few years. With the outbreak of new energy vehicles, the company's demand for precision press equipment for new energy battery structural parts and motor iron core is booming, and orders surge.
1) battery structure equipment: including stretching equipment for square and cylindrical battery shells and stamping equipment for top cover parts. We estimate that the global battery structure equipment market space will exceed 10 billion yuan from 2021 to 2025. The company accelerates domestic substitution by virtue of cost performance and service advantages. In the emerging 4680 battery field, the company's "one out more" equipment is highly competitive and is expected to overtake in the corner.
2) motor core equipment: the explosion of new energy vehicles and the promotion of energy-saving motors have brought deterministic growth demand for motor core equipment. We estimate that the global equipment market space will exceed 11 billion yuan in the next five years, and the company's performance is expected to achieve high growth with the outbreak of the industry.
The company's performance of heat exchanger and microchannel equipment is stable and has strong profitability. Heat exchanger equipment is used in the field of air conditioning, and microchannel equipment is used in the production of automobile heat exchanger. The company has been deeply engaged in these two subdivided industries for many years, with leading technology, high-quality customers, and maintained good profitability. It has become the company's stable cash cow business.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 0.9/1.3/200 million respectively, and the corresponding PE will be 34 / 23 / 15 times respectively. As the leader of several track segments of special punch, the performance of new energy equipment ushered in an explosion. We covered it for the first time and gave it a "recommended" rating.
Risk tips: (1) the expansion of lithium battery structural parts manufacturers is less than the expected risk. In recent years, investment in the global lithium battery industry has been hot. If the downstream market capacity expansion is less than expected, the company's lithium battery structure equipment business revenue will be affected. (2) Risk of decline in gross profit margin. The fluctuation of raw material price, the increase of human resource cost, the increase of depreciation caused by project construction and operation may lead to the further increase of product cost and affect the company's gross profit margin. (3) Inventory falling price risk. Due to the long production cycle of products, there may be the risk of price decline of inventory raw materials and finished products. In addition, the decline of exchange rate will also lead to the risk of inventory price decline.
