Peace view:
The company is a leader in the domestic metal forming machine tool segment and actively lays out the new energy equipment business. Ningbo Jingda was founded in 2002 and listed on the main board of the Shanghai Stock Exchange in November 2014. The company's main products are stamping equipment, which are widely used in air conditioning, motors and automotive industries. The company's products include three categories of heat exchanger equipment, precision presses and microchannel equipment, accounting for about 5:3: 2 of revenue. In the first three quarters of 2021, the company achieved cumulative operating income of 381 million yuan, an increase of 38% over the previous year, and achieved net profit of 61 million yuan, an increase of 44% over the previous year.
Driven by the explosion of new energy equipment, the company's precision press performance is growing rapidly. Precision presses are the main driving force for the company's performance growth in the next few years. With the explosion of new energy vehicles, the company's demand for precision press equipment for new energy battery components and motor cores is booming, and orders have surged.
1) Battery structural equipment: including stretching equipment for square and cylindrical battery cases and stamping equipment for top cover parts. We estimate that the global battery structural equipment market space will exceed 10 billion yuan from 2021-2025. The company leverages cost performance and service advantages to accelerate domestic replacement. In the emerging 4680 battery field, the company's “one-off” equipment is highly competitive and is expected to overtake cars at every turn.
2) Motor core equipment: The explosion of new energy vehicles and the promotion of energy-saving motors have brought definite growth in demand for motor core equipment. We estimate that the global equipment market space will exceed 11 billion yuan in the next 5 years, and the company's performance is expected to follow the industry explosion and achieve high growth.
The company's heat exchangers and microchannel equipment have steady performance and strong profitability. Heat exchanger equipment is used in the field of air conditioning, and microchannel equipment is used in the production of automobile heat exchangers. The company has been deeply involved in these two industry segments for many years. It has advanced technology, high-quality customers, and maintained good profitability, and has become the company's stable cash dairy business.
Investment suggestions: The company is expected to achieve net profit of 0.9/13/200 million yuan in 2021-2023, and the corresponding PE is 34/23/15 times, respectively. The company is the leader in many track segments for special presses, and the performance of new energy equipment has exploded. We covered it for the first time and gave it a “recommended” rating.
Risk warning: (1) The expansion of production by lithium battery structural component manufacturers falls short of the expected risk. In recent years, investment in the global lithium battery industry has been booming. If production capacity expansion in the downstream market falls short of expectations, it will affect the company's lithium batteries